Science & Technology
Science and Technology
Science and Technology
Wed, April 27, 2011
Tue, April 26, 2011
KELOWNA, BC, April 26 /CNW/ - QHR Technologies Inc. ("QHR" or the "Company") (TSXV: QHR) today announced that the Company has signed an Asset Purchase Agreement ("APA") to acquire the assets of EMIS Inc. ("EMIS Canada") a 100% subsidiary of Egton Medical Information Systems Limited based in Leeds, UK ("EMIS") and part of EMIS Group plc ("EMIS Group"). The purchase is subject to the completion and delivery of various aspects of the APA definitive agreement and to normal closing conditions which are expected to be completed effective April 30, 2011.
EMIS is the largest EMR vendor in the UK with over 55% of the UK GP market. EMIS Canada launched its entry into the Canadian EMR market in 2005. After careful consideration of their Canadian market results, EMIS determined that its Canadian division no longer met the criteria for its future investment strategies. EMIS has decided to transition the current EMIS Canada client base and staff to QHR for inclusion into QHR's EMR division, Optimed Software Corporation ("Optimed").
EMIS Group, which has been listed for trading on London's AIM exchange since March 2010, formally notified their public market on March 18, 2011 that they were working on a managed Canadian market exit.
QHR has completed similar complex EMR acquisitions, including National Medical Solutions (NMS) of Calgary in 2007 and Clinicare Corporation of Calgary in December 2009. QHR's EMR subsidiary, Optimed Software Corporation is well versed in servicing physician clients, supporting multiple EMR product offerings and providing a cost effective transition path from acquired products, including the transfer of patients' medical data, to Optimed's industry leading product, Accuro®EMR.
A key factor in EMIS's decision is that QHR has its own Hosting division providing similar services as EMIS Canada with respect to hosting medical records in an ASP environment. QHR's Hosting division, Cloudwerx Data Solutions Inc. operates from Calgary, Alberta and Kelowna, BC.
EMIS Canada is one of five qualified Physician Information Technology Office (PITO) vendors in BC. Optimed will continue to support the EMIS Canada product under the terms of the APA and the PITO Master Standing Agreement until Optimed can gain approval to upgrade the EMIS Canada clients to Accuro®EMR under the technology change provisions of the PITO agreement. Optimed completed a similar process in Ontario as of November 29, 2010, replacing the Clinicare approved product with Accuro®EMR on the OntarioMD list of certified offerings.
Optimed recently added a number of physician clients in BC as a result of BC's Alternative Specialist Funding Program for medical specialists. Optimed excels at the development and implementation services of its multiple jurisdictional product offering and in converting patient data from competitive or acquired systems to our Accuro® product.
With this agreement in place and the staff involved with the EMIS Canada product and services delivery on board, transition to Accuro will be made much more easily. We welcome the EMIS Canada clients and staff to the QHR family.
As QHR requires a series of approvals for client specific confidential disclosures, the purchase price and other financial details are not being disclosed at this time. QHR has the financial resources required to complete this transaction in a cost effective manner.
On behalf of the Board of Directors
Al Hildebrandt, President and CEO
About QHR Technologies Inc.
QHR now operates three business units in distinct markets:
The Electronic Medical Records ("EMR") division offers a suite of medical software modules that provides computer-based medical records for family physicians, medical specialists, and surgeons, as well as administrative modules for billing and patient scheduling, that is a key component of the move throughout Canada to provide electronic healthcare records for all Canadians. The EMR division also provides on-site and off-site (ASP) hosting capabilities.
The Enterprise Management Software ("EMS") division specializes in workforce management software, which consists of integrated payroll, staff scheduling and human resource software, and in customized financial management software built on the Microsoft Dynamics GP platform. These products are targeted at complex healthcare, social services and public safety environments.
The Hosting ("Hosting") division specializes in ASP Hosting solutions both on-site and off-site, which consist of custom application hosted solutions, exchange email hosting, office software packages, mobile messaging services, server archiving and many other custom technical and hardware solutions and services. These solutions are targeted at EMR clients looking for an enhanced ASP option as required by some provincial governments.
About EMIS Inc.
EMIS Inc. is the Canadian subsidiary of Egton Medical Information Systems Limited (EMIS) based in Leeds, UK. EMIS Inc. launched its Canadian operations in 2005, expanding on EMIS' success as the number one provider of EMR solutions in the UK. EMIS supports its corporate principles of improving the health of individual patients, and the population as a whole through advanced knowledge garnered by empowering physicians to collaborate.
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. 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 statement. It is our policy not to update forward looking statements.
Forward looking statements in this news release include that we will complete on the asset acquisition of EMIS Canada Asset, that we can successfully transition EMIS clients to our products, and that we expect to have this completed effective April 30, 2011. Factors that could delay or prevent these forward looking statements from coming to fruition include being unable to complete for any one of a variety of reasons, including being unable to agree on a definitive agreement, unable to obtain necessary approvals or due diligence determining the transaction is unsuitable. Furthermore, our competitors may offer more advanced or cheaper products which may adversely affect our market. Readers should not place too much reliance on forward looking statements and are cautioned to read the risk factors set out in our latest management discussion and analysis filed on SEDAR. It is not our policy to update forward looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further risk information on the Company is available at [ www.sedar.com ].
