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OCE Open EC Technologies

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Last Updated: -
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Share Name Share Symbol Market Type
Open EC Technologies TSXV:OCE TSX Venture Common Stock
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Open EC SoftCare Signs Revenue Development Partner Agreement With FrontStream for Medical Practice Billing Payment Processing

29/04/2011 2:01pm

Marketwired Canada


Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is
pleased to announce its subsidiary SoftCare EC Solutions Inc. ("SoftCare") has
executed a revenue development agreement with FrontStream Payments Inc.
("FrontStream") in Brentwood, TN to offer a recurring revenue based HealthCare
Practice merchant payment solution for the processing of HealthCare
Credit/Debit/ACH payments for medical services and medical insurance co-pay
fees. 


The partnership between SoftCare and FrontStream will address the needs of our
Physician clients by providing solutions that enable the direct processing of
credit, debit, ACH and e-Check transactions thus improving their medical
practice cash flow, decreasing bad debts and lowering the risk on patient
payment plans. In addition FrontStream will provide telemarketing, web marketing
and sales support to accelerate the sign up our targeted HealthCare Provider
customers and prospects.


Martyn Armstrong, CEO of Open EC states: "SoftCare's revenue development
agreement with FrontStream will position our Company to offer medical practice
point of sale financial payment processing services to our customers, strengthen
our recurring transaction services and continue to grow our market share in the
US HealthCare Industry. Our business plan is to aggressively grow our base of
HealthCare Providers subscription services by offering highly beneficial
solutions like FrontStream Payment Processing to our existing 5,500 Physician
customers, Independent Provider Associations/Preferred Provider Associations
Partner Channels and Software Company Partners."


Nina Vellayan, CEO and President of FrontStream states: "The excellent strategic
fit with SoftCare will strengthen both companies' market presence and increase
our combined recurring revenue opportunities in HealthCare Merchant Payment
Processing. Our company will directly benefit from SoftCare`s advanced software
solutions, HealthCare market expertise and innovative marketing plan to grow our
business in the HealthCare merchant payment arena."


HealthCare costs in the United States exceed $2 trillion per year with an
estimated 15% of personal healthcare costs paid out of pocket directly by the
Patient. The physician practices are challenged by increased co-pay amounts on
insurance, uninsured patients and the high cost of billing and collections. As
an addition to our overall HealthCare revenue cycle management solutions, our
current and future customers will benefit by directly processing credit, debit,
ACH and e-Check transactions.


About FrontStream Payments, Inc. 

FrontStream Payments is a leading merchant service provider of integrated
payment products and services to businesses and independent credit card sales
organizations. Offerings include turnkey solutions that enable merchants to
increase revenues through the acceptance of ACH, eChecks, credit and debit
cards. The company is headquartered in Brentwood, TN and has offices in Ft.
Lauderdale, FL and Olympia, WA. (www.frontstreampayments.com) 


About Open EC Technologies, Inc. 

Open EC is a TSX Venture Exchange listed company. Its subsidiary, SoftCare EC
Solutions Inc. is an e-business software, services and solution provider.
SoftCare's OpenEC(R) TradeLink e-business software includes solutions for
Electronic Data Interchange (EDI), Healthcare Interoperability and Business
Process Management. The Company sells the OpenEC(R) products and solutions to
the healthcare, financial services and retail supply chain in North America. The
company has a growing focus on turnkey solutions for US Healthcare Information
Technology Reforms funded by the US Federal Government ARRA programs for
Healthcare IT Interoperable mandates. Additional product and solution
information is available on the web at www.SoftCareHealthcare.com,
www.iPlexus.net and www.softcare.com and additional public company information
is available on the web at www.openec.com. The Company's common shares trade on
the TSX Venture Exchange under the symbol: OCE.


ON BEHALF OF THE BOARD

Martyn A. Armstrong, President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com) or
by contacting Mr. Martyn A. Armstrong, President & CEO of the Company 


This news release may contain forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995. Forward-looking statements
address future events and conditions and therefore, involve inherent risks and
uncertainties. Actual results may differ materially from those currently
anticipated in such statements.


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