Kelowna, BC, October 11, 2011 – QHR Technologies Inc. (“QHR” or the “Company”) (TSX-V: QHR) today announces that Deloittee & Touche Inc., (the “Receiver”), in its capacity as the court appointed receiver of the property and assets of Healthscreen Solutions Incorporated (“Healthscreen”) received approval from the Ontario Superior Court of Justice, for the sale transaction contemplated by an agreement of purchase and sale between the Receiver and 2293035 Ontario Limited, a wholly owned subsidiary of QHR.
The sale includes all assets associated with the software and electronic medical records operation of Healthscreen. Additionally, QHR expects to secure employment agreements with the majority of Healthscreen’s employees directly related to the software business.
Expected closing date of this transaction is Thursday October 13, 2011.
Currently, Healthscreen has approximately 5,200 physicians utilizing its software products. Upon closing of the transaction, QHR through its subsidiaries will be supporting over 9,000 physicians across Canada making it the largest vendor in the Canadian EMR industry.
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On behalf of the Board of Directors
Al Hildebrandt, President and CEO
About QHR Technologies Inc.
QHR now operates three business units in distinct markets:
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 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 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, required by some provincial governments.
For a more complete business and financial profile of the Company management encourages interested parties to visit the Company’s website, www.QHRtechnologies.com and further information on the Company is available at www.sedar.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.
Further risk information on the Company is available at www.sedar.com.
For further information, please contact:
Al Hildebrandt (250) 979-1701
John Gillberry (250) 979-1722
Legal Notice Regarding Forward Looking Statements
This news release may contain “forward looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Results from operations in any given period are not necessarily indicative of results to be expected in future periods. QHR is a technology business development enterprise where investment; various trends and factors in the marketplace; and product enhancements must be carefully managed to achieve long-term revenue growth and profitability. 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. It is our policy not to update forward looking statements.
Forward looking statements in this news release include; that we will complete on the asset acquisition of Healthscreen Software business, that the expected closing date is October 13, 2012, that QHR expects to secure employment agreements with the majority of Healthscreen’s employees directly related to the software business and that we will become the largest vendor in the Canadian EMR industry. Factors that could delay or prevent these forward looking statements from coming to fruition include being unable to completione of for various due diligence objectives or to carry out our intended plans for any one of a variety of reasons, including being unable to obtain court approval or due diligence determining the transaction is unsuitable. Furthermore, our competitors may offer more advanced or cheaper products which may adversely affect our market. Readers should not place too much reliance on forward looking statements and are cautioned to read the risk factors set out in our latest management discussion and analysis filed on SEDAR. It is not our policy to update forward looking statements.