Accuro SW Purchase
August 16, 2004 (QHR – TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to announce that its wholly owned subsidiary, Optimed Software Corporation (“Optimed”), has reached an agreement to purchase all the commercial software, intellectual properties and proprietary rights collectively known and marketed as AccuroTM from Optimedirect Corporation (“OMED”).
Under the terms of the Purchase Agreement, Optimed will pay OMED CDN$300,000 for the outright purchase of AccuroTM. All the terms and conditions of the Exclusive Worldwide Marketing and Licensing Rights Agreement executed and announced in March 2004 will be cancelled.
In March 2004, Optimed began to take a lead role in the emerging Electronic Health Records (“EHR”) market when it completed development and testing of Version 1.2 of AccuroTM. Subsequently, this product has been approved for conformance under the stringent guidelines of the Vendor Conformance and Usability Requirements (“VCUR”) in the Province of Alberta. Hence, the outright purchase of AccuroTM secures a key control position for the Company and sets the stage for further investment and the full development of EHR software products. The new enhanced Version 2.0 of AccuroTM is nearly complete and is scheduled for full release in September 2004.
AccuroTM is listed in the Physician Office System Program (“POSP”) conformed product list in Alberta. This qualifying list identifies, for potential customers, all software systems designed for medical office use that have been thoroughly tested by POSP for security, functionality, information privacy and EHR integration. Under a technology initiative covered in a master agreement between the Alberta Medical Association, Alberta Health and Wellness organization and Alberta’s Regional Health Authorities, POSP provides $65 million in financial assistance to physicians to offset the cost of technological improvements that will improve healthcare efficiency and delivery. Physicians may only receive the funding for systems listed with POSP.
This milestone for AccuroTM combined with the financial assistance from POSP to prospective clients provides Optimed with a solid marketing platform from which to sell and deliver AccuroTM products that feature powerful medical software modules usingthelatesttechnologicaltools. Itisspecificallydesignedtoimprovethequalityoftheoperationalworkenvironmentof Physicians, Medical Specialists and Surgeons while delivering administrative productivity gains and cost savings through computer automation. The products deliver uniquely configured functional tools for billings and general administrative functions; patient scheduling; EHR; clinical research data management; and private operating room administration.
The market opportunity for AccuroTM extends to over 60,000 prospective Physician clients in Canada and over 700,000 in the United States. Approximately 50% of these are Medical Specialists, which is the initial focus of the marketing and developmentplan. Governmentsinmanycountriesarededicatingsubstantialresourcestothecreationofelectronichealthcare systems. In Canada, Canada Health Infoway will be funding a $1.2 billion investment to support regional, provincial and national EHR initiatives. EHR products represent a very large business opportunity for the Company.
For a complete business and financial profile of the Company, management encourages interested parties to visit the Company’s website, www.QHRtechnologies.com.
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.
