QHR ANNOUNCES COMPLETION OF MOMENTUM ACQUISITION
Kelowna, BC, February 4, 2009 – Al Hildebrandt, President and CEO of QHR Technologies Inc. (“QHR” or the “Company”) (TSX-Venture: QHR) announced today that the Company has completed the acquisition of the financial software division of Momentum Healthware, Inc. (see Company’s press release dated January 19, 2009), and has completed the initial funding round to finance the acquisition.
The merger of the financial software division with QHR’s payroll, scheduling and human resource software division has created one of Canada’s leading software providers to the healthcare market. The merger has been completed with retention of all staff of the financial division, and QHR has successfully established its new office in Manitoba.
It is expected that the acquisition will add approximately $3,500,000 to QHR’s 2009 consolidated revenue and approximately $1,500,000 of annual recurring revenue.
In announcing the completion Mr. Hildebrandt said, “QHR and Momentum customers have reacted very positively to this merger and we already have indications of increased sales opportunities as a result of the merger.”
On behalf of the Board of Directors
Al Hildebrandt, President and CEO
Legal Notice Regarding Forward Looking Statements
This news release may contain “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 it is expected that the acquisition will add approximately $3,500,000 to QHR’s 2009 consolidated revenue and approximately $1,500,000 of annual recurring revenue and that the merger may result in increased sales opportunities for the Company. Factors which may result in changes include that our competitors may provide more competitive products or that the needs of our customers change. Results from operations in any given period are not necessarily indicative of results to be expected in future periods. 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 forward looking statements are based on assumptions that current plans for the financial software division can be realized. It is not our policy to update 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.
