Director Debenture Options
June 4, 2002 (QHR – TSX) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to announce that the Company has arranged a non-brokered private placement with a Director of the Company of an unsecured convertible debenture totalling $100,000, subject to regulatory approval.
This convertible debenture is due on March 4, 2004, pays interest of 7% per annum and is convertible into common shares of the company at a conversion price of $0.25 in the first 180 days after issuance, $0.75 in the remainder of the first year and $1.00 in the second year.
The Company also announces that it has granted 25,000 stock options to each of 2 independent directors for a period of 5 years, exercisable at a price of $0.35 per share.
QHR Technologies Inc. is engaged in the business of developing and implementing Human Resource and Payroll software solutions and technology business acquisitions. The Company’s mission is to become a global leader in human resource software designed for complex payroll environments. The Company is developing software solutions designed to handle all elements of human resource management including human resources, payroll and employee relations.
On behalf of the Board of Directors
Al Hildebrandt President & Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.