QHR ANNOUNCES CONTINUED GROWTH AND PROFITABILITY
November 27, 2007 (QHR – TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, announces that the Company has released its interim financial statements for the nine months ended September 30, 2007. The Company reports that revenues reached $4,121,580 for the nine months ended September 30, 2007 with earnings of $99,684 compared to revenues of $3,380,536 and a loss of $537,080 for the same period in 2006.
This is the fifth consecutive quarter that earnings have been achieved and is the result of the Company’s long- term plan of developing annual recurring revenue from new and existing clientele through acquisitions and sales initiatives.
Financial Highlights for the First Nine Months of 2007
- Revenues were up by 22% compared to last year.
- EBITDA reached $376,558 for the nine month period, an improvement of $597,661 from last year.
- Net earnings were $99,684 compared to a net loss of $537,080 for last year
- Revenues for the quarter ended September 30, 2007 were $1,509,816, the highest quarterly revenues in the company’s history.
- The Company’s operations have been profitable since the third quarter of 2006.
- Annual recurring revenue reached $3.5M per year or 56% of overall anticipated annual expenditures.
During the quarter the Company acquired National Medical Solutions, a private, Alberta based Electronic Medical Records (“EMR”) software firm. This acquisition will enable the Company to become a market leader in Alberta. The acquisition will add approximately $600,000 in recurring revenue.
The company significantly strengthened its Balance Sheet during the quarter and shareholders’ equity reached $358,830 at September 30, 2007 compared to a deficit of $260,854 at December 31, 2006.
Subsequent to the end of the quarter the company successfully completed a brokered private placement for 3,500,000 units of the Company at a price of $0.30 per unit for total gross proceeds of $1,050,000. The private placement was fully subscribed and TSX approval of the transaction was received on November 23, 2007. These additional funds position the Company to continue its acquisition strategy in the EMR space and to accelerate revenue and earnings growth.
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 the additional funds position the Company to continue its acquisition strategy and to accelerate revenue and earnings growth.. Results from operations in any given period are not necessarily indicative of results to be expected in future periods. QHR is a technology business development enterprise where investment; various trends and factors in the marketplace; and product enhancements must be carefully managed to achieve long-term revenue growth and profitability. 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 statements. 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.
