NexgenRx Announces 2011 Third Quarter Results, Option Grant and New Corporate Secretary
November 24 2011 - 5:19PM
Marketwired
NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG)
is pleased to announce its 2011 third quarter results.
Revenue for the quarter increased by 7% in comparison to Q3
2010, and the year to date revenue growth overall, is up 13%. 2011
has been a year of innovation and strategic IT planning for
NexgenRx and that continued in this quarter. During the first nine
months of 2011, the Corporation executed its strategic information
technology plan in preparation for the next significant phase of
growth.
"The strength of our administration platform, NexAdmin®,
continues to be recognized through a growing customer base and
solid pipeline of prospects. NexAdmin® is another example of the
Corporation's innovation and responsiveness, as the market
recognizes the strength of combining adjudication and
administration capabilities into a seamless service offering"
stated Ron Loucks, President & CEO.
The Corporation also announces the grant to management and
employees of NexgenRx of an aggregate of 1,300,000 options to
acquire common shares in the capital of NexgenRx at a price of
$0.25 for 5 years (vesting in respect of options granted to
officers and employees as to 20% each year for four years,
beginning on the first anniversary of the grant date, and the final
20% on the date that is 90 days prior to the fifth anniversary of
the grant date).
In addition, the Corporation announces a further grant to
Directors of NexgenRx of 1,655,000 options to acquire common shares
in the capital of NexgenRx at a price of $0.25. These options vest
immediately and expire in five years.
The Corporation is also pleased to announce the appointment of
its new corporate secretary, Ms. Christa Plumley, LLB.
About NexgenRx
NexgenRx is a growing health benefits management company engaged
in the design, management and administration of health benefit
plans offered by employers and other plan sponsors for the benefit
of their employees and plan members. More information on NexgenRx
can be found at www.nexgenrx.com.
Caution Regarding Forward-Looking Statements - This news release
contains certain forward looking statements, including statements
regarding the business and anticipated financial performance of the
Corporation. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such
forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
Contacts: NexgenRx Inc. Ronald C. Loucks President and CEO
416.695.3393 x801 NexgenRx Inc. Taba Merrikh Director of Finance
416-695-3393x803
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