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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 -

QHR and Open EC Announce the Completion of the Plan of Arrangement

25/10/2012 11:11pm

Marketwired Canada


QHR Technologies Inc. (TSX VENTURE:QHR) ("QHR" or the "Company") and Open EC
Technologies, Inc. (TSX VENTURE:OCE) ("Open EC") are pleased to announce that
they have completed the previously announced Plan of Arrangement (the
"Arrangement") between QHR and Open EC. 


The Arrangement was approved by the affirmative vote of Open EC's shareholders
at a special meeting held September 6, 2012 and by the Supreme Court of British
Columbia in a Final Order dated September 7, 2012. Trading in the common shares
of Open EC on the TSX Venture Exchange was halted on September 7, 2012. 


As a result of the Arrangement, QHR acquired all of the issued and outstanding
securities of Open EC at 12:01 a.m. (Vancouver time) on October 25, 2012 (the
"Effective Date"), and Open EC is now a wholly-owned subsidiary of QHR. For
further details regarding the Plan of Arrangement, please refer to the Open EC
management information circular dated July 25, 2012, a copy of which is
available under the corporate profile of Open EC at www.SEDAR.com. 


Open EC's common shares will be delisted from the TSX Venture Exchange. QHR
shares issued to Open EC security holders pursuant to the Plan of Arrangement
trade on the TSX Venture Exchange under the symbol "QHR", but QHR shares issued
to Open EC shareholders in exchange for Open EC shares are subject to a resale
restriction for twelve months from the Effective Date, while QHR shares issued
in exchange for Open EC options and warrants are subject to a resale restriction
for eighteen months from the Effective Date. 


Commenting on the completion of the arrangement, Mr. Al Hildebrandt, President
and Chief Executive Officer of QHR said; "We are excited to capitalize on the
growth opportunities ahead for QHR as we expand our focus to include the United
States. We expect Open EC's market penetration and recurring revenue model
derived from a growing customer base of over 5,000 US physicians to deliver
exceptional value to our customers and shareholders". 


Martyn Armstrong, CEO of Open EC comments; "We are pleased to join the QHR group
in building a world class Healthcare Information Technology company and are
looking forward to accelerating our growth in the US for our Physician Billing
Solutions, Insurance Claims Processing, Health Record Exchange and HIPAA EDI
Software Integration solutions."


About QHR Technologies Inc.

QHR operates two 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.


For a more complete business and financial profile of the Company, management
encourages interested parties to visit the Company's website:
www.QHRtechnologies.com.


About Open EC 

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.


Legal Notice Regarding Forward Looking Statements

This news release may contain "forward looking statements" within the meaning of
applicable Canadian securities legislation. 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. Risks
that may prevent or delay the forward looking statements from coming to fruition
include that we may not offer products that are acceptable to industry
regulators or customers; competitors may offer better or cheaper products; we
may not be able to raise sufficient capital to improve products to remain
competitive; changing regulatory requirements may prevent our products from
being sold as expected; we may not be able to attract or retain key personnel;
our technology may become obsolete; orders could be cancelled or delayed and
market factors may increase our costs more than expected. QHR is a technology
business development enterprise where investment and product enhancements must
be carefully managed to achieve long-term revenue growth and profitability. It
is our policy not to update forward looking statements except to the extent
required under applicable securities laws. Further information on the Company is
available at www.sedar.com or at the Company's website, www.QHRtechnologies.com.



FOR FURTHER INFORMATION PLEASE CONTACT: 
QHR Technologies Inc.
Jerry Diener
VP Finance & CFO
250-979-1722
jdiener@QHRtechnologies.com


QHR Technologies Inc.
Jim Wilson
VP Marketing & Communications
416-220-7484
jwilson@QHRtechnologies.com
www.QHRtechnologies.com

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