Healthscreen Solutions Inc.
TSX VENTURE : MDU

Healthscreen Solutions Inc.

August 23, 2005 06:00 ET

Healthscreen Extends its Footprint, Acquires Eastern Software Vendor

ST. CATHARINES, ONTARIO--(CCNMatthews - Aug. 23, 2005) - Healthscreen Solutions Inc. (TSX VENTURE:MDU), a premier supplier of Electronic Health Record (EHR) Solutions, announces the acquisition of another software vendor in Ontario. The all-cash transaction is expected to close on September 15th, 2005.

The acquired company ("the Company") whose name will be kept confidential for competitive purposes is located in the Georgian Bay area of Ontario. The Company maintains strong customer relationships and has been in business for nineteen years providing billing and scheduling services to approximately 182 doctors.

In addition to furthering its geographical footprint, Healthscreen plans to integrate the target company's customers into its popular EHR solution. In previous acquisitions, Healthscreen has earned between three and six times the purchase price within a five year period and expects this transaction to be no different.

"We anticipate a great return on investment for this acquisition. Since 1998 we have acquired fourteen companies and have been successful at managing the process economically with very positive results," said Bruce Rosenberg, Healthscreen's CEO.

A national push is happening in the industry for an interoperable electronic health record solution by Canada Health Info-way and provincially by Ontario MD. Ontario MD provides financial incentives for doctors to join Primary Care Reform Groups and become automated with EHR.

Healthscreen is well positioned to participate in all community based healthcare programs and will continue leading the industry in digital reform to encourage safer healthcare practices and greater returns for practicing physicians.

About Healthscreen Solutions Inc.

Healthscreen (www.healthscreen.com) is among the largest Electronic Health Records (EHR) providers in Canada, developing and marketing software products that support digitalization and network connectivity solutions for physicians and other healthcare workers. Healthscreen's product is among the most popular with Canadian physicians and handles more than $1.5 billion in healthcare transactions a year.

In addition, Healthscreen owns and operates five full service medical clinics (three of which are located in Primacy/Superstore sites) that act as turn-key operations minimizing overhead and maximizing returns for practicing physicians while enhancing patient care. The Company plans to develop other innovative software products for untapped markets and expand its reach to include new regions across Canada and the U.S.

NOTE TO EDITORS:

If you would like additional information on Healthscreen Solutions Inc. please view the company's news center at www.healthscreen.com/corporateprofile/news.php.

Statements in this release that are forward looking involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to be materially different from any future performance that may be suggested in this release. The company assumes no obligation to update any forward-looking statements contained in this release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Contact Information

  • Healthscreen Solutions Inc.
    Bruce Rosenberg
    President and CEO
    Toll Free: 1-800-567-5017
    or
    Healthscreen Solutions Inc.
    Jim French
    Vice President
    Toll Free: 1-800-567-5017
    jimf@healthscreen.com
    www.healthscreen.com