Medworxx Solutions Inc. Files Year End Financial Statements and Management Discussion and Analysis
April 27 2011 - 5:13PM
Marketwired
Medworxx Solutions Inc. (the "Company") (TSX VENTURE: MWX)
announced today it has filed with the Canadian securities
authorities its year end consolidated financial statements and
management discussion & analysis report for year ended December
31, 2010. These documents may be viewed under the Company's profile
at www.sedar.com.
"2010 was a relatively flat year for Medworxx, as healthcare
software purchases across Canada have been changing from hospital
driven to regional and provincial driven transactions," said Dan
Matlow, President & CEO, Medworxx. "This has delayed some
decisions but we look forward to provincial and regional
opportunities as we go forward. We are also excited about the
opportunity in the UK, following our initial entry into that market
in 2010."
Subsequent to its year end, the Company, with the agreement of
all convertible debenture holders, has extended the convertible
debenture repayment terms for 2 years. The interest rate remains
the same at 14% per annum. The exercise price of warrants
associated with the convertible debenture will now be $0.48 and
their expiry date shall be extended to the earlier of 24 months
from the date of signing the agreement and the maturity date of the
debenture. The conversion right has been changed to reflect the
following; if converted between February 20, 2011 to June 20, 2011,
$0.25 per unit; if converted between June 21 and February 20, 2012,
$0.32 per unit and; if converted between February 21, 2012 and
February 20, 2013, at a rate of $0.35.
ABOUT MEDWORXX
Medworxx is a Toronto-based software company focused exclusively
on solutions for the North American healthcare marketplace.
Medworxx provides healthcare solutions for patient flow, compliance
and education. Its software comprises an integrated suite of
solutions, including content management, learning management,
policies and procedures, utilization management, bed optimization,
single sign on, portal, and emergency readiness solutions.
Medworxx started business in May 2004 in Ontario with 3
employees and has since grown to over 30 employees. Medworxx'
executive team consists of experienced sales, marketing, software
development, healthcare, and finance personnel. Medworxx currently
has a customer base of approximately 100 healthcare organizations
representing more than 300 hospitals and 500,000 end users who are
distributed approximately 70% in Canada and 30% in the United
States. Medworxx' customers use its software platform to increase
competency, reduce redundancy, reduce costs, and simplify
distribution of knowledge to staff and patients, creating a net
effect of increased efficiency and improved patient safety and
care.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, such as competition, technological
changes, the changing needs of hospitals, the financial condition
of the Company's current and potential customers, foreign currency
exchange rates, as well as general economic conditions, which may
cause the actual results, performance or achievements of the
Corporation and Medworxx to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Actual results and developments are
likely to differ, and may differ materially, from those expressed
or implied by the forward-looking statements contained in this
press release. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Medworxx Solutions Inc. Dan Matlow President &
Chief Executive Officer (416) 642-1278 dmatlow@medworxx.com
Medworxx Solutions Inc. Domenic Crudo Chief Financial Officer (416)
642-1278 dcrudo@medworxx.com
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