Open EC Technologies, Inc. Shareholders Approve Plan of Arrangement with QHR Technologies Inc.
September 06 2012 - 7:05PM
Marketwired Canada
Open EC Technologies Inc. (TSX VENTURE:OCE) ("Open EC") is pleased to announce
that the shareholders of Open EC have approved the proposed plan of arrangement
(the "Arrangement") with QHR Technologies Inc. ("QHR"), whereby QHR proposes to
acquire all of the issued and outstanding common shares, options, and warrants
of Open EC. At the Open EC shareholders' meeting, the Arrangement was approved
by 99.9% of the common shareholders of Open EC that were present in person or by
proxy.
The Arrangement continues to be subject to the receipt of regulatory approvals,
including the approval of the TSX Venture Exchange and the Supreme Court of
British Columbia. The hearing in respect of the final order (the "Final Order")
to approve the Arrangement is currently anticipated to take place on September
7, 2012 at 10:00 a.m. (Vancouver Time). If the Final Order is obtained on
September 7, 2012, and all other conditions to completion of the Arrangement are
satisfied or waived, it is expected that the Arrangement will be completed in
early October, but no later than October 31, 2012.
For further details regarding the Arrangement, please refer to the management
information circular dated July 25, 2012, a copy of which is available under the
corporate profile of Open EC on the System for Electronic Document Analysis and
Retrieval at www.sedar.com.
Martyn Armstrong, CEO States, "We are pleased to see the strong support from our
shareholders for the Plan of Arrangement with QHR. Open EC is looking forward to
becoming a part of QHR and to aggressively execute our joint business plan in
the US HealthCare market. Our company's products, services and sales marketing
is expected to strengthen with the added support and improved balance sheet as
we are consolidated with the QHR"
About Open EC Technologies, Inc.
Open EC 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. Open EC has software development and data center
hosting operations in Maine, with Sales and Executive Management staff in
Atlanta Georgia. Open EC'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.openec.com.
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
Additional product and solution information for QHR is available on the web at
www.QHRtechnologies.com. QHR's common shares trade on the TSX Venture Exchange
under the symbol: "QHR"
ON BEHALF OF THE BOARD
Martyn A. Armstrong, 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 statements.
Forward looking statements in this news release may include those concerning the
anticipated court date. Risks that may prevent, delay or frustrate our
objectives expressed in any of these forward looking statements include the
risks inherent in transactions of this nature, including the risks that the
British Columbia Supreme Court does not approve the Arrangement when asked to do
so and the risk that the transaction does not complete for other reasons,
including failure of a condition, lack of capital and similar risks. It is our
policy not to update forward looking statements except to the extent required
under applicable securities laws. Further information on Open EC is available at
www.sedar.com or at its website, www.openec.com.
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