QHR ANNOUNCES SUPPORT REVENUE OF $4,000,000 FOR 2009
Kelowna, BC, February 2, 2009 – Al Hildebrandt, President and CEO of QHR Technologies Inc. (“QHR” or the “Company”) (TSX-V enture: QHR) announced today that the Company’ s HR/Payroll/Financial Software division has increased its contracted support and recurring revenue for calendar year 2009 to approximately $4,000,000, compared to $2,150,000 in 2008. Of this $1,850,000 increase, approximately $1,500,000 is the result of the recent acquisition of Momentum Healthware Inc.’s financial software division (see press release dated January 19, 2009), and the balance of $350,000 is the result of continuing growth of the Company’s HR/Payroll business.
The following table shows the growth of annual recurring revenues over the past five years.
HR/Payroll/Financial Software Division 2009 2008 2007 2006 2005
Annual support revenue $4,000,000 2,150,000 2,050,000 1,750,000 1,400,000
QHR’s business model is built on annual recurring revenue that assures the Company of a reliable source of cash flow to continue enhancing its products and services.
The Company’s Electronic Medical Record (“EMR”) software division currently contributes approximately $2,000,000 of annual recurring revenue bringing the Company’s total for 2009 to $6,000,000.
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 support revenue assures the Company of a reliable source of cash flow to continue enhancing its products and services. 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. Factors which may prevent these forward looking statements from coming to fruition include that increased cash flow may not be adequate to assure profitability and we may need to raise additional new equity capital should new sales levels in 2009 not reach budgeted requirements. Results from operations in any given period are not necessarily indicative of results to be expected in future periods. 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.
