Bridgetech Holdings International, Inc (fka PRNH)

[RULiquid]

(PR NEWSWIRE) Parentech, Inc., Announces Name Change to Bridgetech Holdings Int
rnational, Symbol Change. Bridgetech Announces LOI to
Parentech, Inc., Announces Name Change to Bridgetech Holdings International, Sym
ol Change. Bridgetech Announces LOI to Acquire International Med Link

SOLANA BEACH, Calif., Feb. 11 /PRNewswire-FirstCall/ -- Parentech, Inc.,
(OTC: PRNH) announced today that it has changed its name to Bridgetech
Holdings International, Inc. and will be trading under the new symbol 'BGTH'
immediately. The Company also announced it has signed a Letter of Intent to
acquire a majority interest in International Med Link, the Nashville based
company providing recruiting and placement services of highly qualified
foreign Registered Nurses.
"This is just the next step, in a series of steps to make Bridgetech
Holdings International, a major healthcare player in the U.S. and Asian
markets. International MedLink is a great addition to our companies," said
Herbert Wong, Chairman of Bridgetech.
International MedLink, Inc (IML) of Nashville, Tennessee, is in the
business of providing U.S. hospitals and health-care facilities with highly
qualified nurses from various foreign countries including The Philippines,
China, and Eastern Europe. These highly skilled nurses possess the necessary
credentials to practice their profession in the United States. IML utilizes
the unique educational techniques of its review centers and training partner
to provide maximum value to its customers, the health-care facility. IML
pre-screens each and every nurse candidate prior to presenting them to their
customers. Nurses that are under contract to IML have a B.S. degree in
nursing, certified to practice as an RN in their country of origin, and have
completed all the training requirements necessary for Immigration.
Hospitals and other health-care facilities throughout the U.S. are
confronting a severe shortage of qualified nurses, including RN's and LVN's.
According to a recent Bureau of Labor Statistics report, there is currently a
shortage of almost 150,000 nurses throughout the U.S. This shortage is
expected to continue unabated over the next ten years. In fact, according to
a Bureau of Labor Statistics report entitled "Occupations Employment
Projections to 2008," employment of RN's will grow faster than the average for
all U.S. occupations by almost 22%, with a projected need of 794,000 new RN's
by the end of 2008.
IML provides employment agreements to its customers that are legally
binding arrangements between the nurse and the hospital, clinic, or health
facility. This approach provides security for the hospital in that the
agreements have built-in penalties if the nurse leaves the facility prior to
the termination point of the agreement. Furthermore, IML provides a six-month
guarantee against the fees charged to its customers.
Wong went on to say, "To date, IML's revenue has been derived from the
initial placement fee they receive when they place the nurse in the healthcare
facility. Because of our extensive relationships with Chinese hospitals, we
can increase this to a perpetual revenue stream. First, Hospitals in China
will pay IML to bring their nurses over to the U.S., train and certify them to
U.S. standards and teach them English. Second, once certified, IML will
receive their placement fee when the nurse begins at the hospital. After the
two year contract is completed, the nurses will return to China, bilingual,
U.S. hospital certified, with two years experience in a U.S. healthcare
facility. Most important, the U.S. healthcare facility will be able to get
out of the nurse recruiting business, (which is very expensive and resource
draining). IML will have a new Chinese nurse to trained, certified and ready
to replace the one who has just completed their 2 year contract and is
returning to China. This begins the revenue process all over again for IML,"
said Wong. "This can only enhance our relationships with U.S. and Chinese
healthcare providers."
"Based on contracts signed or already in the pipeline this year, IML
should increase our 2005 revenues by a minimum of $1 million. There is no
limit to demand. We will be helping IML enhance their already existing
infrastructure, to increase the number of nurses they can process and place
each year."
About Bridgetech Holdings International, Inc.
The Company was formed to leverage an extensive network of relationships
throughout Asia and the world for select Emerging Medical Device and
Technology companies, by providing not only the working capital necessary to
bring their products to market, but immediate access to what will become the
largest economy in the World over the next 10 years... China. Through a
history of successful transactions, the management team of Bridgetech had
built a network of reliable resources for research and development;
manufacturing and distribution in China.
For more information on Bridgetech Holdings International, Inc. contact
the company. The new principal executive offices of Bridgetech are located in
the San Diego corridor at 777 S Highway 101, Suite 215, Solana Beach,
California 92075, telephone: [phone]; fax: [phone].
Safe Harbor Disclosure: The statements made in this press release contain
certain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934
that involve a number of risks and uncertainties. Actual events or results
may differ from the company's expectations. In addition to the matters
described in this press release, risk factors listed from time to time in the
company's reports and filings with the Securities and Exchange Commission,
including, but not limited to, its report on Form 10-KSB for the year ended
December 31, 2003, and its report on Form 10-QSB for the period ended
September 31, 2004.
For further information, please contact Scott Landow of Bridgetech
Holdings International, Inc., [phone], or fax, [phone],
[e-mail].
SOURCE Bridgetech Holdings International, Inc.


Contact Information:
Scott Landow of Bridgetech Holdings International, Inc., [phone], or fax
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