KELOWNA, BC, July 2, 2015 – (TSX-V: QHR) QHR Corporation (“QHR” or the “Company”), a leader in the Canadian Healthcare Information Technology sector, is pleased to announce that its wholly-owned subsidiary, QHR Technologies Inc., has completed its acquisition of the healthcare assets of Jonoke Software Development Inc. (“Jonoke”), including its proprietary Electronic Medical Record (“EMR”) software and its clients.
As previously announced the all-cash purchase price is tied to an earn-out paid over a period of time during which QHR and Jonoke will be working together to transition Jonoke’s clients to QHR’s Accuro®EMR system. The earn-out is estimated to be under $500,000 over a three year period.
Jonoke is a privately owned company based in Edmonton, Alberta, with a current client base of over 750 physicians located in Alberta, Manitoba and Ontario which currently generates approximately $1 million in annual support revenues for the Jonoke products. QHR intends to transition these clients to its Accuro platform.
The Company expects that with the existing Jonoke revenue, this acquisition will be accretive to QHR’s earnings in the third quarter of this year.
On behalf of the Board of Directors
Mike Checkley, President & CEO
About QHR Corporation
QHR is a leader in Healthcare Technology, empowering providers and connecting patients. With an 11-year track record offering what is now the single leading Electronic Medical Records platform in Canada, QHR has a suite of complementary offerings that empower health professionals and drive the Company’s growth. The Company’s technologies and services enable secure medical records management for clinical environments, empower health providers with tools for virtual care including secure video and messaging, and tools for clinic management including scheduling, billing, and patient management, Health providers choose QHR to drive efficiencies within their practice and improve the quality of care delivered to patients.
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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. Forward-looking statements in this news release include those concerning the Company’s intent to transition the Jonoke clients to its Accuro Platform during the earn-out period, its anticipation that those transitions will be smooth and seamless.
Risks that may prevent or delay the forward looking statements from coming to fruition include that Jonoke clients might choose not to transition to the Accuro platform, industry regulation; competition; the availability of capital and key personnel, obsolescence, workflow and market factors that may increase costs. 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 the Company’s 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:
Mike Checkley, President & CEO Jerry Diener, CFO & VP Finance