QHR Technologies Inc.
TSX VENTURE : QHR

QHR Technologies Inc.

November 24, 2009 09:45 ET

QHR Restructures Cloudwerx and Enters Into Asset Purchase Agreement With SEBO Systems Inc.

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2009) - QHR Technologies Inc. ("QHR") (TSX VENTURE:QHR) provides an update to its news release dated June 22, 2009 announcing its involvement with Cloudwerx Data Solutions Inc. ("Cloudwerx"), a healthcare and medical records hosting and data storage company headquartered in Calgary, Alberta. As originally announced, Cloudwerx was be owned 51% by the QHR and 49% by SEBO Systems Inc. ("SEBO"). In order to enhance the level of service QHR provides to its expanding customer base across the country, and to fully integrate with its own data centre in Kelowna, B.C., QHR has agreed with SEBO to take over the business completely and purchase all the assets used to provide data hosting and data storage services (the "Assets"). QHR is pleased to announce that it has now entered into an asset purchase agreement with SEBO (the "Asset Purchase Agreement"). In addition, the SEBO principals will provide ongoing consulting services to Cloudwerx for its healthcare medical records hosting and data storage business.

In connection with the entry into the Asset Purchase Agreement, QHR will restructure Cloudwerx into a wholly-owned subsidiary of QHR, made effective from the time of Cloudwerx's formation. Pursuant to the Asset Purchase Agreement, SEBO will assign and transfer the Assets to Cloudwerx in consideration for QHR's issuance of 700,000 common shares in the capital of QHR to SEBO's parent company, Cedarbridge Holdings Ltd. The shares issued under the Asset Purchase Agreement will be subject to a restricted hold period in accordance with applicable securities legislation and Exchange rules. The transactions contemplated herein is subject to approval by the TSX Venture Exchange.

About QHR

QHR operates two business units in two distinct markets:

The Enterprise Management Software ("EMS") division specializes in workforce management software and consists of integrated payroll, employee self service, 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 and social services environments.

The Electronic Medical Records ("EMR") division offers a suite of medical software modules that provides computer-based medical records for physicians, medical specialists and surgeons, as well as an electronic patient record that is a key component of the move throughout Canada to provide electronic health records for all Canadians. The EMR division provides on-site and off-site hosting capabilities.

On behalf of the Board of Directors

Al Hildebrandt, President and CEO

Further risk information on the Company is available at www.sedar.com.

For a more complete business and financial profile of the Company, management encourages interested parties to visit the Company's website, www.QHRtechnologies.com.

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 statement. Risks that may prevent or delay the forward looking statements from coming to fruition include that we may not be able to agree on terms of closing the proposed acquisition. It is our policy not to update 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 this release

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