Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

November 27, 2009 13:27 ET

Open EC Technologies, Inc. Reports First Quarter, Fiscal 2010 Results and Settles $28,000 in Debt

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2009) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) announced today sales revenue for the first fiscal quarter $293,287 with EBITDA from continuing operations of $7,613.

Highlights of the performance during the three months ended September 30, 2009 are as follows:

The revenues for the quarter were $293,257 with an EBITDA from continuing operations of $7,613 as compared with revenues of $209,511 and an EBITDA from continuing operations of ($122,967) during the same period in the last fiscal year. 

The comparative financial statements for the three months ended September 30, 2009, along with other information, may be obtained through the Company's website at www.openec.com or on SEDAR at www.sedar.com

The Company announces that subject to regulatory acceptance it will settle $28,000 in debt by the issuance of 280,000 shares at $0.10 per share.

Subject to TSX Venture Exchange acceptance, a company, controlled by a director, has agreed to settle debt totaling $28,000 by taking common shares. The settlement is made with a company controlled by Michael Chen, CFO and director of the Company.

The Company is settling the debt by issuing shares in order to preserve its cash for working capital and future growth.

About Open EC Technologies Inc.
Open EC is a TSX Venture Exchange listed company. Its subsidiary, SoftCare EC Solutions Inc. is an e-business software, services and solution provider. SoftCare's OpenEC® e-business software includes solutions for Electronic Data Interchange (EDI), Healthcare Interoperability and Business Process Management. The Company sells the OpenEC® products and solutions to the healthcare, financial services and retail supply chain in North America. The company has a growing focus on turnkey solutions for US Healthcare Information Technology Reforms funded by the US Federal Government ARRA programs for Healthcare IT Interoperable mandates. Additional product and solution information is available on the web at www.softcare.com and additional public company information is available on the web at www.openec.com. The Company's common shares trade on the TSX Venture Exchange under the symbol: OCE.

ON BEHALF OF THE BOARD

Martyn A. Armstrong, President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com)

This news release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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