KELOWNA, BC, August 18, 2011 – (TSX-V: QHR) QHR Technologies Inc. (“QHR” or the “Company”) a leader in the Canadian Healthcare Information Technology sector announces the completion of its acquisition of EMIS Inc.’s assets, marking the 11th acquisition by QHR, consistent with its strategy to consolidate the EMR industry in Canada. The EMIS transaction was announced April 26, 2011, when QHR signed an Agreement with EMIS Group plc. (“EMIS Group”) to purchase the assets of their subsidiary EMIS Inc. The Agreement had a number of conditions precedent by both parties to conclude the transaction which have all now been satisfied.
Under the terms of the Agreement, QHR has purchased all of the physical assets, computers and datacenter, equipment in addition to client contracts and a fully paid perpetual license of the software and other related Intellectual Property of EMIS Inc. In order to provide continuity within the customer base QHR has also purchased Accounts Receivable balances outstanding as of April 30, 2011.
To ensure continuity of care with the former EMIS clients, QHR hired the four remaining EMIS staff who are now fully integrated with Optimed and Cloudwerx’s operations and assisting the company with transition services to the clients plus expanding their roles within the operations.
QHR’s EMR Division Optimed Software Corporation is providing migration to the newer Accuro product line, for those customers who want to upgrade and QHR’s hosting division is providing the continued hosting services to all of the former EMIS clients.
About QHR Technologies Inc.
QHR operates three business units in distinct markets:
The Electronic Medical Records (“EMR”) division offers a suite of medical software modules that provides computer-based medical records for family physicians, medical specialists, and surgeons, as well as administrative modules for billing and patient scheduling, that is a key component of the move throughout Canada to provide electronic healthcare records for all Canadians. The EMR division also provides on-site and off-site (ASP) hosting capabilities.
The Enterprise Management Software (“EMS”) division specializes in workforce management software, which consists of integrated payroll, staff scheduling and human resource software, and in customized financial management software built on the Microsoft Dynamics GP platform. These products are targeted at complex healthcare, social services and public safety environments.
The Hosting division specializes in EMR ASP Hosting solutions both on-site and off-site, which consist of custom application hosted solutions, exchange email hosting, office software packages, mobile messaging services, server archiving and many other custom solutions and services. These solutions are targeted at EMR clients looking for an enhanced ASP option as required by some provincial governments.
For more information on QHR Technologies Inc. please visit www.QHRtechnologies.com
Legal Notice Regarding Forward Looking Statements
This news release may contain “forward looking statements” within the meaning of applicable Canadian securities legislation. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statement. Risks that may prevent or delay the forward looking statements from coming to fruition include that we may not offer products that are acceptable to industry regulators or customers; competitors may offer better or cheaper products; we may not be able to raise sufficient capital to improve products to remain competitive; changing regulatory requirements may prevent our products from being sold as expected; we may not be able to attract or retain key personnel; our technology may become obsolete; orders could be cancelled or delayed and market factors may increase our costs more than expected. QHR is a technology business development enterprise where investment and product enhancements must be carefully managed to achieve long-term revenue growth and profitability. It is our policy not to update forward looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company’s website, www.QHRtechnologies.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Al Hildebrandt, President & CEO, 250-979-1701
John Gillberry, EVO & CFO (250) 979-1722