Medworxx Solutions Inc.
TSX VENTURE : MWX

Medworxx Solutions Inc.

April 27, 2011 17:13 ET

Medworxx Solutions Inc. Files Year End Financial Statements and Management Discussion and Analysis

TORONTO, ONTARIO--(Marketwire - April 27, 2011) - Medworxx Solutions Inc. (the "Company") (TSX VENTURE:MWX) announced today it has filed with the Canadian securities authorities its year end consolidated financial statements and management discussion & analysis report for year ended December 31, 2010. These documents may be viewed under the Company's profile at www.sedar.com.

"2010 was a relatively flat year for Medworxx, as healthcare software purchases across Canada have been changing from hospital driven to regional and provincial driven transactions," said Dan Matlow, President & CEO, Medworxx. "This has delayed some decisions but we look forward to provincial and regional opportunities as we go forward. We are also excited about the opportunity in the UK, following our initial entry into that market in 2010."

Subsequent to its year end, the Company, with the agreement of all convertible debenture holders, has extended the convertible debenture repayment terms for 2 years. The interest rate remains the same at 14% per annum. The exercise price of warrants associated with the convertible debenture will now be $0.48 and their expiry date shall be extended to the earlier of 24 months from the date of signing the agreement and the maturity date of the debenture. The conversion right has been changed to reflect the following; if converted between February 20, 2011 to June 20, 2011, $0.25 per unit; if converted between June 21 and February 20, 2012, $0.32 per unit and; if converted between February 21, 2012 and February 20, 2013, at a rate of $0.35.

ABOUT MEDWORXX

Medworxx is a Toronto-based software company focused exclusively on solutions for the North American healthcare marketplace. Medworxx provides healthcare solutions for patient flow, compliance and education. Its software comprises an integrated suite of solutions, including content management, learning management, policies and procedures, utilization management, bed optimization, single sign on, portal, and emergency readiness solutions.

Medworxx started business in May 2004 in Ontario with 3 employees and has since grown to over 30 employees. Medworxx' executive team consists of experienced sales, marketing, software development, healthcare, and finance personnel. Medworxx currently has a customer base of approximately 100 healthcare organizations representing more than 300 hospitals and 500,000 end users who are distributed approximately 70% in Canada and 30% in the United States. Medworxx' customers use its software platform to increase competency, reduce redundancy, reduce costs, and simplify distribution of knowledge to staff and patients, creating a net effect of increased efficiency and improved patient safety and care.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, such as competition, technological changes, the changing needs of hospitals, the financial condition of the Company's current and potential customers, foreign currency exchange rates, as well as general economic conditions, which may cause the actual results, performance or achievements of the Corporation and Medworxx to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Medworxx Solutions Inc.
    Dan Matlow
    President & Chief Executive Officer
    (416) 642-1278
    dmatlow@medworxx.com

    Medworxx Solutions Inc.
    Domenic Crudo
    Chief Financial Officer
    (416) 642-1278
    dcrudo@medworxx.com