Pethealth Inc.
TSX : PTZ

Pethealth Inc.

October 09, 2007 14:03 ET

Pethealth Announces the Launch of its QuickCare Optimum and QuickCare Complete Pet Insurance Programs

OAKVILLE, ONTARIO--(Marketwire - Oct. 9, 2007) - Pethealth Inc. ("Pethealth" or the "Company") (TSX:PTZ) is pleased to announce today that it has launched two new pet health insurance programs to further complement its existing suite of programs currently offered through a variety of distribution channels and partners. The programs, called QuickCare Optimum and QuickCare Complete, provide wellness coverage over and above comprehensive major medical coverage for dogs and cats. The programs are now offered in both Canada and the United States.

"While the addition of wellness coverage to our suite of insurance programs represents a departure from our traditional strategy, we have made this decision on the back of three trends which we believe will accelerate over the next two years," said Mark Warren, President and Chief Executive Officer of Pethealth. "Firstly, we see the recent launch of pet pharmacy services by U.S. mass retailers as a trend which will become more widespread. As the leading provider of pet health insurance through retailers, it is important for us to make sure that the insurance programs we offer will support their plans to provide an expanded range of pet services to their customer base. Secondly, we have seen a trend within the animal welfare community to expand the range of veterinary services offered to the general public and we believe this trend will also continue. Given our strong presence in this channel, it is only logical that we leverage our position by expanding our offerings to the general public. Lastly, and more generally, there has been a significant improvement in the scope and quality of preventive care, particularly as it relates to such issues as pet obesity. By helping to encourage pet owners to take advantage of these advancements in preventive care, we will see a benefit to the underwriting side of our business where we again are an industry leader."

As part of the launch of the two new programs, the Company is modifying its ASP .NET application for claims adjudication, called EVE, so that it can be used at pharmacy counters in retail stores or by consumers on the retailer's pharmacy web sites. Pethealth was the first provider of pet insurance to create an Internet-based application designed in part to adjudicate claims made under its programs. The application is currently used in 436 veterinary clinics in North America.

Pethealth is the second largest provider of pet insurance in North America. The Company currently insures over 170,000 dogs and cats in both Canada and the United states through a variety of channels, including animal welfare organisations, mass and pet specialty retailers, and veterinary clinics and hospitals. Its current partners include PETCO Animal Supplies Inc., H-E-B, MetLife Auto & Home Insurance Agency, Inc., and Union Privilege. Programs are offered in 49 U.S. states and in all 10 provinces in Canada. The Company is also the leading provider of ASP .NET animal management applications and pet health insurance to the animal welfare community and a leading provider of RFID microchip technology to animal welfare organisations and veterinary clinics throughout North America. Over 1.3-million pets are registered in the Company's 24PetWatch database.

John Warden, Vice-President Insurance Operations of Pethealth, added: "We feel that these new pet insurance programs will be well received by pet owners and our insurance partners and will assist in the provision of high quality healthcare for insured domestic cats and dogs throughout their lives. The new programs have been designed to offer maximum flexibility for pet owners to use their annual wellness allowance for their choice of annual exams, vaccination, teeth cleaning, spay/neuter and heartworm testing and prevention."

About Pethealth

Pethealth is a leading provider of pet insurance and pet related data management services to the North American companion animal industry. Pethealth offers a unique range of products and services for veterinarians, shelters and pet owners through a number of wholly owned subsidiaries using a range of brand names including PetCare, ShelterCare, CherryBlue, 24PetWatch and PetPoint.

Pethealth is based in Oakville, Ontario. To find out more about Pethealth, visit the website at www.pethealthinc.com.

The TSX Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Investor Relations Contacts:
    Pethealth Inc.
    Mark Warren
    President and Chief Executive Officer
    (905) 842-2615
    or
    Pethealth Inc.
    John Warden
    Vice President Insurance Operations
    (905) 842-2615
    Website: www.pethealthinc.com