Q3 – 2002 Financial Results

November 7, 2002 (QHR – TSX) Mr. Al Hildebrandt, President and CEO of the Company, announces that the financial results for the third quarter, ending September 30, 2002, have generated a net profit of $367,073 from record revenues of $915,994.

QHR generated a record profit of $413,951 from revenues of $2,026,491 during the first nine months of 2002. The Company’s core product, Quadrant HR, is enjoying a rapid adoption rate by customers.

The Company now services over 40 clients, representing over 60,000 employees, which are serviced by one or more core modules of Quadrant HR software.

Net cash flows from operating activities generated a surplus at September 30, 2002 of $158,575 compared to a deficit of $1,018,907 at December 31, 2001. The working capital deficiency at September 30, 2002 was $547,801, a decrease of $584,806 from December 31, 2001. The deficiency includes advances from a control shareholder in the amount of $105,033 and deferred revenue of $648,988.

Despite the original timing and size of initial customer orders and other adverse market conditions, QHR has been able to right itself using residual cash flows generated by operations. Management is now confident that it can continue to maintain and grow profitable operations at a healthy rate.
Management encourages interested parties to visit the Company’s website, www.qhrsoftware.com, for a more complete profile of the Company, quarterly financial statements and management discussions. The entire quarterly report is also available from www.sedar.com.

QHR Technologies Inc. is engaged in the business of developing and implementing a complete Human Resource, Payroll and Workforce Planning software solution. 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.