Healthscreen Solutions Inc.

Healthscreen Solutions Inc.

March 02, 2010 18:00 ET

Healthscreen Amends Financial Agreement with Wellington Financial

TORONTO, ONTARIO--(Marketwire - March 2, 2010) - Healthscreen Solutions Inc. (TSX VENTURE:MDU), Canada's premier provider of physician practice enhancement services and electronic medical record (EMR) software, today announced a revised Agreement with its financial partner, Wellington Financial LP.

Under the terms of the Agreement, which concludes in May 2011, certain financial performance covenants have been amended. While the revenue covenant has not changed, the twelve-month trailing adjusted EBITDA covenant has been modified for the fiscal year ending September 30, 2010. For this consideration, Healthscreen has guaranteed Wellington's monthly interest payments through March 31, 2011 even in the event the debt owing to Wellington is repaid prior to that date.

"This agreement reduces the risk associated with the performance covenants of this financing. As no cash, shares or warrants were provided to Wellington as compensation for these important revisions, I believe that this agreement is very favourable to Healthscreen shareholders. Wellington has once again proven itself to be a strong financial partner, willing and eager to work with the Company towards long-term mutual success," said Mr. Justin Belobaba, President and CEO of Healthscreen.

"We are pleased to continue to support Healthscreen in reaching its business objectives in a tangible way. The company's growth and successes in the marketplace are both equally impressive", said Mark Usher, Partner at Wellington Financial.

About Healthscreen Solutions

Healthscreen Solutions ( provides a comprehensive suite of practice enhancing products and services to increase physician productivity and revenue while reducing costs and improving patient care. The Company's portfolio includes billing and scheduling software, electronic medical records software, CallerMD which assists physicians in managing a range of uninsured medical services, PrevCareMD which helps physicians earn supplemental income by achieving government-set preventive care targets, and HealthAlert which allows physicians to help their patients in managing complex healthcare issues. Healthscreen's and its partners' services and software are used by over 8,000 full-time physicians who are responsible for the health care of more than seven million Canadians.

© 2010 Healthscreen Solutions Inc. All Rights Reserved.

Disclaimer: Forward Looking Statements

This press release contains information that is forward looking information with respect to Healthscreen within the meaning of Section 138.4(9) of the Ontario Securities Act and other applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of theses terms or other similar expressions concerning matters that are not historical facts. In particular, statements about future revenues or profitability, including the estimated timing of profitability, and any other statements regarding Healthscreen's future expectations, beliefs, goals or prospects are or involve forward-looking information.

Forward-looking information is based on certain factors and assumptions. While the company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information, by its nature necessarily involves risks and uncertainties, including risks and uncertainties relating to government regulation and funding in the healthcare industry, financial and capital market risks, technology development and adoption, Healthscreen's ability to maintain its competitive position and effectively implement it's acquisition strategy, liability for software malfunction, management of growth, and length of sales cycles. Additional risks and uncertainties affecting Healthscreen can be found in Healthscreen's 2009 Annual Report and Management's Discussion and Analysis for the Fiscal Year ended September 30, 2009 filed on SEDAR at If any of these risks or uncertainties were to materialize or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Trading in the securities of Healthscreen should be considered highly speculative.

The TSX Venture Exchange has in no way approved nor disapproved the contents of this new release.

Contact Information

  • Healthscreen Solutions Inc.
    Justin Belobaba
    President and CEO
    1-866-534-DOCS ext. 7015