QHR Technologies - News

QHR Third Quarter Profitable Results

2007-11-27T10:12:00.000-08:00

(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 longterm plan of developing annual recurring revenue from new and existing clientele through acquisitions and sales initiatives.

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QHR Completes Private Placement of $1,050,000

2007-11-26T17:47:00.001-08:00

(QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, announced that the Company has completed the brokered private placement of 3,500,000 units at $0.30 per unit as previously announced on August 31, 2007 and November 16, 2007. The Company engaged Global Maxfin Capital Inc. ("Global") as its Agent in connection with a brokered private placement of 3,500,000 units of the Company at a price of $0.30 per unit for total gross proceeds of $1,050,000.

Each unit will consist of one common share of the Company and one-half warrant entitling the holder to acquire one additional common share for a period of nine months at the exercise price of $0.40 per share.

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QHR Engages Global MaxFin for Private Placement

2007-11-16T17:34:00.000-08:00

(QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, announced that the Company is proceeding with the brokered private placement of 3,500,000 units at $0.30 per unit as announced on August 31, 2007. The Company has engaged Global Maxfin Capital Inc. ("Global") as its Agent in connection with a brokered private placement of 3,500,000 units of the Company at a price of $0.30 per unit for total gross proceeds of $1,050,000.

Each unit will consist of one common share of the Company and one-half warrant entitling the holder to acquire one additional common share for a period of nine months at the exercise price of $0.40 per share.

The Company will pay Global on closing a cash commission of 6.5% of the gross proceeds of the offering. In addition, the Company will issue to Global warrants equal to 8% of the number of units sold having the same terms as the warrants included in the units.

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QHR Announces $550,000 Of New Business

2007-11-07T16:59:00.000-08:00

(QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to report that the Company's wholly owned subsidiary, QHR Software Inc. has recently received new contract business from new and existing healthcare clients in excess of $550,000.

These new contracts combined with a backlog of approximately $2,000,000; annual recurring customer revenue from our EMR technologies; and annual services revenue from QHR Software Inc. currently has the Company on target to meet its budget expectations for 2007.

QHR has built good momentum with its technology products and has been running profitably since the third quarter of 2006. Over the last four quarters, the Company has recorded earnings of $282,297 or $0.015 per share.

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QHR Engages Global Maxfin To Raise $1,050,000

2007-08-31T10:48:00.000-07:00

(QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to announce that the Company has engaged Global Maxfin Capital Inc. ("Global") as its Agent in connection with a brokered private placement of 3,500,000 units of the Company at a price of $0.30 per unit for total gross proceeds of $1,050,000.

Each unit will consist of one common share of the Company and one-half warrant entitling the holder to acquire one additional common share for a period of nine months at the exercise price of $0.40 per share.

View full News Release here.

QHR Announces Fourth Consecutive Profitable Quarter

2007-08-17T16:30:00.000-07:00

(QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, announces that the Company has released its interim inancial statements for the six months ended June 30, 2007.

The Company reports that revenues reached $2,611,764 for the six months ended June 30, 2007 with earnings $38,796 compared to revenues of $1,876,557 and a loss of $764,147 for the same period in 2006. This is the fourth consecutive quarter commencing in the third quarter of 2006 that earnings have been achieved. This can be directly attributed to the Company's long-term plan of developing reliable annual recurring revenue from new and existing clientele through acquisitions and sales initiatives.

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QHR Acquires 100% Of National Medical Solutions Inc.

2007-08-16T17:00:00.000-07:00

Mr. Al Hildebrandt, President and CEO of the Company, is pleased to report that the Company has completed the purchase of 100% of the outstanding common stock of National Medical Solutions Inc. ("NMS") as previously reported on July 9, 2007.

Consideration for the purchase is 2,000,000 common shares of QHR and on August 14, 2007 the TSX Venture Exchange accepted the transaction on an expedited basis.

QHR is an innovative software business developer in western Canada. The addition of NMS as a wholly owned subsidiary will add approximately 500 doctors in Alberta to the clientele of the Company. Further, the Company gains experienced executive management and ASP data management capability.

The focus of the Company's business model is to secure annually recurring revenue from clients that provide a reliable source of cash flow each year for the operations of the Company. The combination of annual recurring revenue from HR software and Electronic Medical Records software now exceeds $3,500,000 annually – approximately 60% of annual forecasted expenditures.

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 Company will continue to receive approximately $3,500,000 of annual recurring cash flow. 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. These risks include that current clients do not continue receiving services from us. In addition the recurring revenue may not be adequate enough to eliminate the potential need to raise additional new equity capital should business levels in 2007 not actually reach projected requirements. 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.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

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Accuro EMR Connects To Alberta Health Record

2007-07-31T14:58:00.000-07:00

July 31, 2007 (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 received confirmation from Alberta Health that its AccuroTM EMR software received level one and level two recertification under Alberta's Physician Office System Program ("POSP") under the Vendor Conformance Usability Requirements ("VCUR") for interoperability.

Compliance with these new standards maintains Optimed on the approved Alberta VCUR vendor list. Physicians in Alberta qualify for POSP financing for office system software only when adopting and utilizing products on the POSP approved vendor list.

To reach this new level of VCUR standards Optimed had to successfully complete a live clinic implementation of the Alberta's Electronic Health Record interface with Accuro EMR. This interface allows Accuro EMR to download a patient's medications and allergies information directly from the government health records server with one click accessing medication dispensing dates and locations of pharmacies. In addition to download information the creation of new prescriptions provides clinicians with drug-to-drug interaction checks, dosage warnings and drug to allergy checks. The benefits of this new level of functionality include administration time savings and patient safety benefits.

Optimed has built its Accuro™ EMR product solutions to meet the specific needs of individual doctors in Canada and their business practices. Doctors take advantage of the quick implementation, easy to use and comprehensive flexibility of Accuro™ EMR technology with the ability to configure their own personal preferences to streamline their workflow. Optimed now services over 1,000 doctors with technology management.

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 Accuro EMR has been built to meet the specific needs of individual doctors and that financial assistance from the Alberta government may improve the adoption rates of Accuro EMR by physicians. 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. 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.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF

Mr. Douglas H. Blakeway to Join the QHR Board of Directors

2007-07-16T11:16:00.000-07:00

July 16, 2007 (QHR - TSX Venture Exchange) The Hon. Jake Epp, Chairman of the Board of Directors of QHR Technologies ("QHR"), is very pleased to announce that Mr. Douglas H. Blakeway has consented to act as a director of QHR as at the Company's Annual General Meeting on August 10, 2007.

Mr. Blakeway is a seasoned and highly regarded business professional with 40 years of executive management experience in technology business development. He currently serves as the Chairman and CEO of Wireless2 Technologies Inc., a publicly traded international wireless RFID eEnterprise that he founded in 1985. As an entrepreneur and investor, over the past 40 years, he has founded and operated a number of successful endeavours from service-oriented companies to high technology electronic manufacturing.

Mr. Blakeway has extensive connections in the security and policing sectors and has security clearances from Canadian and U.S. Government law enforcement agencies. Mr. Blakeway is a proven inventor with a variety of diverse patents for such things as a rotary engine; a portable diamond drill feed, a fluid management system and an infrared night viewing system. As a helicopter pilot, his vision and tenacity resulted in the founding of WM Aviation Inc. - the parent company of Helijet Airways, the first regional helicopter service in B.C.

Since 1982, Mr. Blakeway has been a director of a number of public companies on the TSX & Venture Exchange. He is currently a member of the board of directors of G4S Justice Services (Canada) Inc, Cantest Ltd, Legend Power Systems Inc, Tactical Technologies Inc, Wireless Industry Partnership Connector Inc, and Texas Gas & Oil Inc. Mr. Blakeway serves on audit, compensation and corporate governance committees and with his knowledge of the policies and procedures for listing Capital Pool Companies (CPC's) has facilitated the successful qualification of a CPC to a Tier 2 issuer on the TSX Venture Exchange.

Mr. Blakeway is a member of Simon Fraser University Surrey - Business Advisory Council, BC Securities Policy Advisory Committee (SPAC), Canadian Listed Company Association, Wireless Innovation Network of BC and TEC (The Executive Committee), an international organization for CEOs.

Mr. Blakeway's reputation, experience, network and involvement will further strengthen the management foundation of the Company to deal the business challenges ahead. QHR will gain additional business expertise focused on the advancement and profitability of our unique human resource and electronic medical record brands with the goal of enhancing the performance of our business model.

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

Hon. Jake Epp
Chairman of the Board

Legal Notice Regarding Forward Looking Statements

This news release contains "forward looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include that Mr. Blakeway will join our board as of August 10, 2007. There can be no assurance that Mr. Blakeway will join our board, and if he does, that his involvement will actually affect the results of business operations or the future value of the Company. Investors are cautioned against placing undue reliance on forward-looking statements. Further risk information on the Company is available in the Company's regulatory filings that can be accesses at www.sedar.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF

QHR to Acquire 100% of National Medical Services

2007-07-09T11:39:00.000-07:00

July 9, 2007 (QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to report that the Company has entered into a Letter of Intent ("LOI") with the shareholders of National Medical Software ("National") to purchase 100% of the outstanding common stock of National.

In consideration for the purchase QHR proposes to issue 2,000,000 common shares of QHR. The transaction is subject to a complete due diligence review including legal opinions, formal share purchase agreements, financial review, valuation and the approval of the Shareholders of National, the Board of Directors of QHR and the TSX Venture Exchange. There are also other conditions to closing the transaction.

QHR is an emerging player in western Canada in the development of Electronic Medical Records ("EMR") software and services. National has a substantial foothold in the Alberta EMR market, servicing approximately 500 doctors in the province. Further, National's EMR and ASP hosting experience are areas that the Company would like to seamlessly integrate into its operations.

The backbone of the Company's business model is recurring revenue from clients that provides a reliable cash flow for the Company operations. The combination of annual recurring revenue from HR software and Electronic Medical Records software now exceeds $2,850,000 annually. The National transaction if completed will add approximately $600,000 to this figure. This is a strong financial foundation from which to build a growing and prospering organization.

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 include that Mr. Blakeway will join our board as of August 10, 2007. There can be no assurance that Mr. Blakeway will join our board, and if he does, that his involvement will actually affect the results of business operations or the future value of the Company. Investors are cautioned against placing undue reliance on forward-looking statements. Further risk information on the Company is available in the Company's regulatory filings that can be accesses at www.sedar.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF

Mr. Terry Sexton, C.A. Joins QHR as Chief Financial Officer

2007-06-11T12:19:00.000-07:00

June 11, 2007 (QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to announce that Mr. Terry Saxton, C.A. has become the Chief Financial Officer of QHR effective June 11, 2007.

Mr. Saxton is a business professional with twenty years of executive financial management experience in manufacturing, forest products, biotechnology business development and healthcare. His diverse experience with start-up ventures,international commerce, multi-divisional corporations and public sector organizations complements the Company's requirements for corporate governance, TSX Venture Exchange and securities commissions regulations and sound financial reporting on behalf of the Company.

His involvement will enhance our executive management foundation to deal with the business challenges of a growing organization. QHR will be better equipped to focus on the advancement of our unique human resource and electronic medical record brands with the goal of improving the financial performance of our business model.

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 include that Mr. Blakeway will join our board as of August 10, 2007. There can be no assurance that Mr. Blakeway will join our board, and if he does, that his involvement will actually affect the results of business operations or the future value of the Company. Investors are cautioned against placing undue reliance on forward-looking statements. Further risk information on the Company is available in the Company's regulatory filings that can be accesses at www.sedar.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Al Hildebrandt - CEO at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF

QHR Announces $600,000 of New Contract Business

2007-06-04T12:24:00.000-07:00

June 4, 2007 (QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to report that the Company's wholly owned subsidiary, QHR Software Inc. has recently contracted new business in excess of $600,000 from new and existing healthcare clients.

These new contracts combined with an approximately $2,600,000 backlog, annual recurring customer revenue from our EMR technologies, and annual services revenue from QHR Software Inc. currently have the Company on target to meet its budget expectations for 2007.

QHR has built good momentum with its technology products and has been running profitably since the third quarter of 2006 where, over the last three quarters, the Company has recorded earnings of $261,064 or $0.016 per share.

The backbone of the Company's business model is annually recurring revenue from clients that provides a reliable source of capital each year for the operations of the Company. The combination of recurring revenue from HR software and Electronic Medical Records software now exceeds $2,850,000 annually. This is a strong
financial foundation from which to build a growing and prospering organization.

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 include that Mr. Blakeway will join our board as of August 10, 2007. There can be no assurance that Mr. Blakeway will join our board, and if he does, that his involvement will actually affect the results of business operations or the future value of the Company. Investors are cautioned against placing undue reliance on forward-looking statements. Further risk information on the Company is available in the Company's regulatory filings that can be accesses at www.sedar.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Al Hildebrandt - CEO at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF

QHR Releases First Quarter 2007 Financial Results

2007-05-28T12:36:00.000-07:00

May 28, 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 three months ended March 31, 2007. The Company reports revenue of $1,289,951 for the three months ended March 31, 2007 and a profit of $17,563 for the first quarter.

Financial Highlights for the First Quarter 2007

The Company grew its revenue to $1,289,951 for the three months ended March 31, 2007 compared with $943,480 for the same period in 2006 - growth of 37 %.
EBITDA recovers to $130,475 for the first quarter of 2007 compared to a loss of $254,104 for the same period in 2006 - a $384,579 turnaround from the prior year.
Profits for the first quarter were $17,563 compared to a loss of $349,048 - a $366,611 turnaround from the prior year.
Total assets recover by 88% from year-end 2006 to $3,425,106 at March 31, 2007.
The Company's operations have been profitable since the third quarter of 2006.
The Company has generated $261,064 of net earnings over the last three reported quarters.
Cash flows from operations were sufficient to maintain financial health during the first quarter of 2007.
Financial health improved dramatically during the first quarter through internal resources.
At March 31, 2007 cash on deposit was $447,892 up from $48,182 at year-end.
At March 31, 2007 accounts receivables to be collected were in the amount of $1,979,877 up from $860,469 at year-end.
New business received and billed in the first three months of 2007 grew to $2,684,192 with a deferred revenue balance to be recognized in subsequent periods in the amount of $2,626,628 at March 31, 2007, up from $250,416 as of year-end.
Annual recurring revenue from operations reached $220,000 per month or 50% of overall anticipated annual expenditures by the end of March 31, 2007.

The Company invested $303,897 in sales and marketing activities for Quadrant HR™ and Accuro™ EMR during the quarter ended March 31, 2007 compared to $260,881 in 2006. The increase is due to the addition of marketing staff, Web Based marketing tools and increases in sales activity. The Company is focused on longterm annual recurring revenue that has a higher front end marketing cost to establish.

Service delivery expenses for the quarter ended March 31, 2007 increased marginally to $387,407 compared to $344,596 for 2006. These expenses include the cost of software implementation, training and support for both Quadrant HR™ and Accuro™ EMR. These costs are variable as this cost centre serviced the increase in revenue during the quarter.

Administrative expenses for the quarter ended March 31, 2007 decreased to $257,039 compared to $310,666 for 2006. Administration costs have stabilized and now fully reflect the regulatory requirements of the corporate governance of a public company.

Product development expenditures for the quarter ended March 31, 2007 decreased to $211,133 compared to $281,441 for 2006. Costs associated with new product development and the maintenance of Quadrant HR™ and Accuro™ EMR are expensed as incurred. Our markets are highly competitive and these expenditures continue to be made for ongoing improvements to Quadrant HR™ and Accuro™ EMR to ensure customer value, acceptance and adoption.

Total assets increased dramatically to $3,425,106 at March 31, 2007 compared to $1,819,943 at December 31, 2006 mainly due to annual recurring product support billings and new customer business. Shareholders' equity stood at a deficit of $243,291 at March 31, 2007 compared to $260,854 at December 31, 2006.

The Company had cash on deposit of $447,892; accounts receivable in the amount of $1,979,877; and $191,110 in prepaid expenses and deposits for a total current asset position of $2,618,879 - a 161% turnaround from December 31, 2006. QHR also has long-term cash commitments from several customers recorded as long-term receivables. The non-current balance of these receivables stood at $186,966 at March 31, 2007.

The Company had a working capital deficiency of $961,552 at March 31, 2007. The working capital deficiency includes a $250,000 shareholder loan and $2,626,628 of deferred revenue that will be satisfied through the delivery of products and services in future periods. No additional corporate resources are required to fulfill the
delivery of these products and services. Management calculates its adjusted working capital for internal operational purposes as current assets less current liabilities before deferred revenue. At March 31, 2007, this adjusted working capital amount was $1,657,327, up from $250,416 at December 31, 2006.

Management believes that the reported financial results are indicative of a developing software company that is using marketing initiatives to educate potential customers to the merits of the Company's products and investing heavily in product development.

Market opportunities and conditions remain favourable. The Company has recorded earnings of $261,064 over the last nine months of operations ending March 31, 2007 and the business momentum appears to be continuing. QHR must still endure the unpredictability of lengthy sales cycles for Quadrant HR™ and slow start-up adoption rate for Accuro™ EMR due to government processes. Management believes that its recurring annual revenue model is making healthy progress toward reliable long-term profitability.

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. Forwardlooking statements are indicated expectations or intentions. Forward-looking statements included in this news release include that "Management believes that its recurring annual revenue model is making healthy progress toward reliable long-term profitability". 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.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF

QHR Technologies Releases 2006 Financial Results

2007-04-27T12:50:00.000-07:00

April 27, 2007 (QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, announces that the Company has released its annual audited financial statements for the year ended December 31, 2006. The Company reports 2006 revenue has increased to $4,721,439 as compared to $4,288,705 in 2005. For the year ended December 31, 2006 the company had a loss of $520,646 ($0.03 per share), an improvement from the loss of $973,213 ($0.06 per share) in 2005.

Financial Highlights for 2006

The Company grew its revenue to $4,721,439 for the year ended December 31 2006 compared to $4,288,705 for 2005 - growth of 10 %.
EBITDA was a loss of $118,670 for the year compared to a loss of $581,793 for 2005, a $463,123 turnaround from the prior year.
Net loss for 2006 was $520,646, which compares to $973,213 - a $452,567 turnaround from the prior year.
Amortization of intangible and capital assets was $385,229 in 2006 and $362,101 in 2005.
The Company's operations turned profitable in the third quarter of 2006.
The Company earned $243,501 over the last six months of 2006.
Cash flows from operations were sufficient to maintain financial health during 2006.
At the end of 2006 cash on deposit was $48,182, accounts receivable stood at $860,469 with another $212,463 in long term accounts receivable.
Annual recurring revenue reached $200,000 per month or 50% of overall anticipated annual expenditures by the end of 2006.

The Company invested $1,098,637 in sales and marketing activities for Quadrant HR™ and Accuro™ EMR during the year ended December 31, 2006 compared to $903,676 in 2005. The increase is due to the addition of marketing staff, Web Based marketing tools and increases in sales activity. The Company is focused on long-term annual recurring revenue that has a higher marketing cost to establish.

Service delivery expenses for the year ended December 31, 2006 increased to $1,472,403 compared to $1,278,396 for 2005. These expenses include the cost of software implementation, training and support for both Quadrant HR™ and Accuro™. These costs are variable as this cost centre serviced the increase in revenue in 2006.

Administrative expenses for the year ended December 31, 2006 decreased to $1,098,341 compared to $1,289,368 for 2005. Administration costs have stabilized and now fully reflect the regulatory requirements of the corporate governance of a public company.

Research and development expenditures for the year ended December 31, 2006 decreased to $1,170,728 compared to $1,399,058 for 2005. Costs associated with new product development and the maintenance of Quadrant HR™ and Accuro™ EMR are expensed as incurred. The Company markets are highly competitive and these expenditures continue to be made for ongoing improvements to Quadrant HR™ and Accuro™ EMR to ensure customer value, acceptance and adoption. Total assets decreased to $1,819,943 at December 31, 2006 compared to $2,541,868 at December 31, 2005 due to the scheduled amortization of intangible and capital assets, recognition of deferred revenue as revenue on the income statement and expensing of R&D. As a result, shareholders' equity was a deficit of $260,854 at December 31, 2006 compared to a surplus of $259,792 at December 31, 2005.

The Company had cash on deposit of $48,182; accounts receivable in the amount of $860,469; and $94,415 in prepaid expenses and deposits for a total current asset position of $1,003,066 at December 31, 2006. QHR also has long-term cash commitments from several customers recorded as long-term receivables. The non-current balance of these receivables stood at $212,463 at December 31, 2006.

The ability of the Company to meet its financial obligations as they come due is largely dependent on its ability to generate profitable revenues as budgeted in its business plans, collect accounts receivable and to attract new equity capital from the investment community to cover product development expenditures and unexpected operational shortfalls. Current liabilities not including deferred revenues total $442,777 at December 31, 2006. Included in this amount is $140,000 of accrued vacation obligations.

The Company had a working capital deficiency of $981,971 at December 31, 2006. The working capital deficiency includes $1,232,387 of deferred revenue that will be satisfied through the delivery of products and services in future periods. No additional corporate resources are required to fulfill the delivery of these products and services. Management calculates its adjusted working capital for internal operational purposes as current assets less current liabilities before deferred revenue. At December 31, 2006, this adjusted working capital amount was $250,416.

Management believes that the reported financial results are indicative of a developing software company that is using marketing initiatives to educate potential customers to the merits of the Company's products and investing heavily in product development. Management believes that its recurring annual revenue model is making healthy progress toward reliable long-term profitability.

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. Forwardlooking statements are indicated expectations or intentions. Forward-looking statements included in this news release include that "Management believes that its recurring annual revenue model is making healthy progress toward reliable long-term profitability". 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.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Toll Free: 1-866-345-0115

Click here to download a PDF

Optimed Agrees to Manage 200 Doctors in British Columbia

2007-02-27T13:05:00.000-08:00

February 27, 2007 (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 Medco Systems Inc. ("Medco"), a private British Columbia company operating a "legacy" medical billing software to acquire and manage the IT needs of their 200 doctor physician client base currently using Medco's Practice Management System ("PMS").

The agreement will take effect as of March 1, 2007. Optimed will manage and support Medco's client base currently using PMS and begin transition strategies to move these client's onto Optimed's proprietary electronic medical records ("EMR") product known as Accuro™ EMR.

In a recent communication with their PMS clients announcing the agreement with Optimed, Mr. Ted Devries, President of Medco stated that, "We have identified Optimed Software Corporation, a QHR Technologies company as having, in our opinion, the best EMR available."

The EMR market is emerging and consolidating in Canada. Numerous small vendors many of whom do not have the resources to build full EMR systems currently service the medical practice market. The transaction with Medco reflects the ongoing consolidation in the EMR market. Optimed now manages the technology needs of over 1,200 doctors in western Canada with 275 doctors utilizing Accuro™ EMR systems.

Optimed has built its Accuro™ product solutions to meet the specific needs of individual doctors and their business practices. Doctors adopting Accuro™ EMR take advantage of quick implementation, ease-of-use, comprehensive flexibility and may configure their personal management preferences to streamline workflow. This is a unique competitive feature differentiating Accuro™ EMR from our competitors in Canada.

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 transaction will add 200 doctors to the client operations of the Company but the transaction does not add enough revenue to assure profitability or the potential need to raise additional new equity capital should new sales levels in 2007 not reach budgeted requirements. 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. 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.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Toll Free: 1-866-345-0115

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QHR Software Receives New Contracts Worth $600,000

2007-02-19T13:11:00.000-08:00

February 19, 2007 (QHR - TSX Venture Exchange) Mr. Hildebrandt, President and CEO of the Company, is pleased to report that the Company's wholly owned subsidiary QHR Software Inc. has been awarded several new contracts from Canadian healthcare clients to supply its full suite of proprietary Quadrant HR™ software.

The contracts will provide approximately CDN$600,000 in new revenue for the Company and CDN$50,000 in additional recurring revenue annually. These contracts cover various functionalities from the full suite of Human Resource (HR) applications that constitute Quadrant HR™. This includes integrated payroll, staff scheduling and HR administration. Implementation schedules are being established and are expected to
commence shortly. QHR Software does not require any additional resources or product development to fulfill these contracts.

The Company's overall recurring revenue will move to approximately $2,800,000 annually as a result of these new contracts. This represents over 50% of the Company's annual expenditure budget.

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 transaction will add 200 doctors to the client operations of the Company but the transaction does not add enough revenue to assure profitability or the potential need to raise additional new equity capital should new sales levels in 2007 not reach budgeted requirements. 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. 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.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF

QHR Announces Support-Revenue in Excess of $2,050,000 for 2007

2007-01-30T13:16:00.000-08:00

January 30, 2007 (QHR - TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to report that the Company's wholly owned subsidiary, QHR Software Inc. has increased its recurring support revenue in 2007 to approximately $2,050,000.

Support services revenue for 2007 is up approximately 17% from 2006 and represents the fifth consecutive year with growth in this important revenue area. The growth of annually recurring support service revenue is being fuelled by the addition of new clients and the adoption of additional HR functionality by existing clients. The
progress of the financial contribution of support agreements to the ongoing financial health of QHR can be demonstrated as follows:

	2007	2006	2005	2004	2003
Support Revenue	$2,050,000	$1,750,000	$1,400,000	$1,000,000	$750,000
Growth Rate	17%	25%	40%	33%	50%

Support revenue provides a reliable annual source of capital for the operations of the Company. The combination of recurring revenue from HR software and its Electronic Medical Record software now exceeds $2,750,000 annually.

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 transaction will add 200 doctors to the client operations of the Company but the transaction does not add enough revenue to assure profitability or the potential need to raise additional new equity capital should new sales levels in 2007 not reach budgeted requirements. 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. 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.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF

Optimed Completes Acquisition of 250 Doctor client base in Saskatchewan

2007-01-24T13:24:00.000-08:00

January 24, 2007 (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 completed its agreement with iQMedX as previously announced by press release dated September 21, 2006. Optimed purchased their Electronic Medical Records ("EMR") software including their 250 physician Saskatchewan clients.

CDN$250,000 was paid to acquire the EMR assets. Optimed provides support for their existing client base from its Regina office. Optimed has begun transition strategies to move these clients onto Optimed's proprietary EMR software known as Accuro™ EMR during 2007. The transaction has added over $150,000 in assured annual recurring revenue to the financial assets of Optimed. Additional future revenue increases are expected to come from fee increases for additional EMR functionality from Optimed systems. For information on Optimed products and services visit its new website at
www.optimedsoftware.com.

The EMR market is emerging and consolidating in Canada. Numerous small vendors many of whom do not have the resources to build the full EMR systems being specified by government agencies currently service the medical practice market in Canada. The acquisition of the Medicentre product and client base reflects this consolidation process. Optimed now services approximately 1,000 doctors with technology management of which 260 are on Accuro™ EMR systems.

Optimed has built its Accuro™ product solutions to meet the specific needs of individual doctors in Canada and their business practices. Doctors can take advantage of the quick implementation, easy to use and comprehensive flexibility of
Accuro™ technology and configure their own personal preferences to streamline their workflow. This is a unique feature amongst many of our competitors in the EMR market in Canada.

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 transaction will add 200 doctors to the client operations of the Company but the transaction does not add enough revenue to assure profitability or the potential need to raise additional new equity capital should new sales levels in 2007 not reach budgeted requirements. 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. 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.

For further information, please contact:

Al Hildebrandt at (250) 979-1701
ahildebrandt@QHRtechnologies.com

Investor Relations - Tangent Mgmt. 1-866-345-0115
info@tangentmanagementcorp.com

Click here to download a PDF