OPTIMED TO ADD OVER 200 DOCTORS TO ITS CLIENTELE
September 21, 2006 (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 entered into an agreement with iQmedX Software Development Corporation (“iQmedX”), a private Saskatchewan software development firm, to acquire their medical billing, patient scheduling and electronic medical records (“EMR”) technologies which are currently used by over 200 physician customers.
Under the agreement Optimed will acquire the EMR business and manage the ongoing technical support of the client base of iQmedX. The transaction will add approximately $150,000 in annual recurring revenue to the financial results of Optimed. Revenue is expected to increase as iQmedX clientele transition to Accuro EMR applications.
The transaction with iQmedX was initiated when other business opportunities emerged for iQmedX that would postpone further development to their EMR products. Management of iQmedX stated that a prime consideration in this transaction was their commitment to provide access to the most advanced EMR products and customer services to their existing clientele. An additional incentive was that both companies agreed that future collaborative benefits could be nurtured between the two companies.
The transaction will increase Optimed’s client base to exceed 700 general practice and specialist physicians who are under the technology management of Optimed. Of these, 225 physicians have already adopted Accuro EMR as their EMR system of choice.
The transaction occurs as marketing efforts of Accuro EMR in the Saskatchewan market gain momentum. The EMR market in Canada is emerging and consolidating. Numerous EMR vendors, many of whom do not have the resources to build full EMR systems, currently service the medical practice market. As an integral component of its business model QHR is active in the acquisition of medical and/or EMR vendors across Canada.
The acquisition of iQmedX is subject to definitive agreements being agreed upon and to TSX-V approval. For a more 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
Legal Notice Regarding Forward Looking Statements
This news release contains “forward looking statements” within the meaning of applicable Canadian securities legislation. Forward- looking statements are indicated expectations or intentions. Forward-looking statements included in this news release include that Optimed will acquire the EMR assets of iQmedX; that revenue will grow as iQmedX clientele transition to Accuro EMR applications; and that the EMR market is emerging and consolidating in Canada and QHR is active in the acquisition of EMR vendors across Canada. These statements are subject to risks that may cause the actual results to be materially different from those expressed or implied by such forward looking statements. Risks include, but are not limited to, that Optimed does not acquire the iQmedX assets for any reason, that Optimed is unable to grow revenue or even sustain revenue from the existing clientele of iQmedX because of consumer reluctance to switch EMR or billing providers or any other reason, and that Optimed is unable to acquire additional EMR providers because of competition, price, inability to fund acquisitions, inability to reach agreements or inability to obtain regulatory approval. Readers are cautioned to review the risk factors in our annual filings on SEDAR.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Further risk information on the Company is available at www.sedar.com.
