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OCE Open EC Technologies

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Share Name Share Symbol Market Type
Open EC Technologies TSXV:OCE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Open EC Technologies, Inc.: SoftCare Subsidary Reaches Milestone With Gen4 for Health Plan Benefits Enrolment Processing Join...

08/02/2012 1:01pm

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
reached new milestones in the previously announced revenue development agreement
with Gen4 Solutions, LLC ("Gen4") of Washington D.C. 


Gen4 has launched the EDI Enrolment subscription solution and has commenced
marketing and generating recurring revenue from the SoftCare EDI Enrolment
solution. To service the Gen4 customers, SoftCare has implemented several EDI
Enrolment Health Plan connections and expects to have more completed over the
coming months. These Health Plan connections include Blue Cross Blue Shield of
Georgia, Guardian Insurance, Blue Cross Blue Shield of Rhode Island, Tufts,
Neighborhood Health, Fallon, United Healthcare, Health New England and Harvard
Pilgrim. As Gen4 continues to add customers, SoftCare will continue to add to
the list of supported Health Plans to the EDI 834 Software as a Service
subscription solution.


Under the agreement Gen4 will exclusively use the SoftCare Electronic Enrolment
Solutions integrated to its Software as a Service (SaaS) based, Gen4 Agency
Management System for the implementation, support and operations of their
Electronic Data Interchange (EDI) HealthCare Benefit Enrolment requirements with
Insurance Carriers, Brokers, Employers and Government Agencies. 


Joshua Cameron, Director of Sales at Gen4 states: "This excellent strategic
solution with SoftCare has strengthened our market position as the leading
Benefit Management Solution company. By adding SoftCare's advanced HIPAA EDI
software technology for Electronic Health Benefit Enrolments, our Broker
customers, their thousands of employers and millions of employees, will benefit
from this joint solution to manage their Health plan enrolments electronically
by reducing the paperwork, errors and additional costs of health plan
management."


In addition, SoftCare will also have the right to market the joint Gen4
Enrollment Solution to Employers, Preferred Provider Organizations, Third Party
Administrators, HMOs and Government Health programs as a general HIPAA EDI
Enrolment solution for the HealthCare Industry under its SoftCare brand.


Martyn Armstrong, CEO of Open EC states: "SoftCare's revenue development
agreement with Gen4 will position our Company to offer HealthCare Plan Benefit
Enrolment processing services to Gen4 customers that will directly strengthen
our recurring subscription services and continue to grow our market share in the
US HealthCare Industry. Our business plan is to aggressively grow our base of
HealthCare processing subscription services by offering highly beneficial
solutions like the combination of our TradeLink HIPAA Compliant EDI Enrolment
solution integrated to the Gen4 Benefit Administration Solutions."


In the United States the majority of the Employer Group Health Plans are
marketed through the Broker Industry. Approximately 69% of US Employers offer
Health Plans to their employees, the average annual premiums for
employer-sponsored health insurance in 2010 were $5,049 for single coverage and
$13,770 for family coverage. 


About Gen4 Solutions, LLC 

Gen4 Systems is the nation's leading provider of web-based management systems
for both the Individual Life and Group Benefits industries. Gen4 delivers
innovative and cost effective agency and broker management systems to companies
of all sizes across the country. Headquartered in the Washington D.C. metro
area, Gen4 has branch locations and distribution partners throughout the United
States. (www.gen4systems.com )


About Open EC Technologies, Inc. 

Open EC Technologies is an e-Business Information Technology company with our
corporate head office, marketing and development in Vancouver, BC, main
HealthCare IT Solutions Operations office in San Antonio, Texas and Medical
Practise Billing Operations office in Spring Hill, Florida. The company has
software development and data center hosting operations in Maine, with Sales and
Executive Management staff in Atlanta, Georgia. 


The Company's focus is to provide software solutions and transaction processing
services to assist Physicians, Hospitals, Health Plans, Insurance Brokers and
State Governments to exchange information for HIPAA EDI Health Plan Enrolment,
Health Insurance Eligibility, Health Insurance Claims, Claim Payments and
HealthCare Provider Collaboration of supporting patient referral and industry
compliance/reporting documentation.


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).

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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