Healthscreen Solutions Inc.

Healthscreen Solutions Inc.

July 07, 2008 14:37 ET

Healthscreen Completes Acquisition of BC-Based Regent Healthcare Systems

Accretive acquisition strengthens Western Canadian presence

TORONTO, ONTARIO--(Marketwire - July 7, 2008) - Healthscreen Solutions Inc. (TSX VENTURE:MDU) ("Healthscreen" or the "Company") the premier supplier of physician practice enhancing services and electronic medical record (EMR) software to the Canadian market, is pleased to announce that it has completed the acquisition of New Westminster, BC-based Regent Healthcare Systems ("Regent").

Under terms of the definitive agreement, Healthscreen agreed to pay a total of $1.3 million for Regent. Of the purchase price, $1 million has been paid to Regent's shareholders upon closing and $300,000 is payable on January 4 2009, either in cash or in Healthscreen shares (at the Company's option).

Established in 1988, Regent is a medical software provider with over 1,000 physicians using its SmartSeries Professional software package in BC.

"I would like to thank the vendors, Dennis and Noreen Brox and Regent's staff for their cooperation in completing this acquisition quickly and on schedule," said Justin Belobaba, President and CEO of Healthscreen. "We are very excited to expand our operations into a new province, and begin offering our suite of value added services to Regent's loyal base of over 1,000 medical doctors in BC."

The acquisition of Regent takes Healthscreen's customer base to over 5,300 physicians across the country, and provides the Company with additional local support for its expansion into Western Canada.

About Healthscreen Solutions Inc.

Healthscreen Solutions ( offers a comprehensive suite of practice enhancing products and services designed to increase physician productivity and revenue, while reducing costs and improving patient care. The Company's robust OHIP billing and patient scheduling software is used by thousands of physicians and handles more than $1.5 billion in healthcare transactions a year.

Healthscreen's Electronic Medical Record (EMR) software supports digitalization and network connectivity for community specialists and family physicians plus a growing list of research groups. The Company's broader goal of Continuous Practice Enhancement is being further realized with a growing list of services such as CallerMD, which assists doctors in managing a range of uninsured medical services and PrevCareMD which helps doctors earn supplemental income by achieving government-set preventive care targets.

About Regent Healthcare Systems Inc.

Since 1988, Regent Healthcare Systems has been a leader in providing premium Medical Practice Management software and services to meet the growing demands of busy medical practitioners and their staff.

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 (forward looking statements) 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 the proposed acquisition of Regent by Healthscreen, including the expected timetable for completing the transaction, the receipt of regulatory approvals, benefits and synergies of the transaction, future opportunities for the combined company and products 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 the parties' ability to consummate the transaction, the conditions to the completion of the transaction, including the receipt of regulatory approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule. Additional risks and uncertainties affecting Healthscreen can be found in Healthscreen's Annual Report for the fiscal year ended September 30, 2007 and in its most recent quarterly report 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. Healthscreen assumes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

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

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