QHR Technologies Inc. ("QHR" or the "Company") (TSX VENTURE: QHR) is pleased to announce that it has completed a $750,000 non-brokered private placement on December 1, 2009 with Pender Growth Fund (VCC) Inc. ("Pender").
"Securing this financing, along with the revenue growth we have experienced in the healthcare and medical markets during 2009, further demonstrates the opportunity that exists for both our Enterprise Management Software ("EMS") division and our Electronic Medical Records ("EMR") division," stated Al Hildebrandt, President and CEO of QHR. "With this financing, QHR is better positioned for the next stage of growth."
"The ongoing adoption of QHR's software solutions by healthcare clients has been impressive," said David Barr, President and CEO of Pender. "We are optimistic about the promising strategic opportunities for the Company in the future and look forward to working with management to realize its potential."
On December 1, 2009, the Company issued 1,250,000 units of the Company at a price of $0.60 per unit. Each unit consists of one common share and one-half of one share purchase warrant. One whole warrant will entitle the holder to purchase one additional common share of the Company exercisable at a price of $0.75 until November 30, 2011. All the securities issued in connection with this private placement are subject to a four-month hold period expiring March 31, 2010.
The Company proposes to use the proceeds of the private financing for general working capital purposes.
QHR operates two business units in two distinct markets:
The Enterprise Management Software division specializes in workforce management software and consists of integrated payroll, employee self service, 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 and social services environments.
The Electronic Medical Records division offers a suite of medical software modules that provides computer-based medical records for physicians, medical specialists and surgeons, as well as an electronic patient record that is a key component of the move throughout Canada to provide electronic health records for all Canadians. The EMR division provides on-site and off-site hosting capabilities.
About Pender Growth Fund (VCC) Inc.
Pender Growth Fund (VCC) Inc. ("PGF") is a later stage, diversified, venture capital corporation, focused on undervalued public companies. B.C. investors in PGF are eligible to receive a cash-back tax credit of 30% from the B.C. government for investments up to $200,000. The Fund was established in 2003 and has approximately $25 million of assets under management. It is managed by PenderFund Capital Management Ltd.
On behalf of the Board of Directors
Al Hildebrandt, President and CEO
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 be able to agree on terms of closing the proposed acquisition. It is our policy not to update forward looking statements. Further information on the Company is available at www.sedar.com (http://www.sedar.com) .
For a more complete business and financial profile of the Company, management encourages interested parties to visit the Company's website, www.QHRtechnologies.com (http://www.QHRtechnologies.com) .