Healthscreen Solutions Inc.
TSX VENTURE : MDU

Healthscreen Solutions Inc.

September 02, 2011 12:38 ET

Healthscreen Announces That a Receiver has Been Court Appointed to Sell Certain Assets of Healthscreen

TORONTO, ONTARIO--(Marketwire - Sept. 2, 2011) - Healthscreen Solutions Inc. ("Healthscreen") (TSX VENTURE:MDU), announces that it has waived the notice period under the Demand for Payment that was announced August 19, 2011, wherein 2293035 Ontario Limited, ("229"), a wholly owned subsidiary of the QHR Technologies Inc. ("QHR") issued a Demand Notice to Healthscreen pursuant to the debentures under which Healthscreen is indebted to 229, and that as of this morning the court has appointed a receiver to manage the transition and transfer of Healthscreen's assets. QHR has stated it will make an offer for the software assets.

Waiving the notice period accelerates the process of Healthscreen divesting its software and service operations through a court appointed receiver, minimizing the impact on the Healthscreen customer base. Healthscreen will work closely with the receiver to ensure that successful purchasers of both operational units are found and that the transition does not impact day-to-day doctor office productivity.

Stewart Davis resigned effective September 1, 2011 as C.E.O., President and Director. Bruce Rosenberg resigned effective September 1, 2011 as Chief Medical Officer and Director. Both Mr. Davis and Mr. Rosenberg will continue to assist the Receiver and the successful purchasers.

About Healthscreen Solutions Inc.:

Healthscreen Solutions Inc. (www.healthscreen.com) 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 services and software are used by over 5,000 full-time physicians who are responsible for the health care of more than five million Canadians.

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 these 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 Healthscreen 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 2010 Annual Report and Management's Discussion and Analysis for the Fiscal Year ended September 30, 2010 filed on SEDAR at www.sedar.com. 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.

NEITHER THE 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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