NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

September 24, 2007 13:37 ET

NexgenRx and The Co-operators Sign Agreement

REGINA, SASKATCHEWAN AND TORONTO, ONTARIO--(Marketwire - Sept. 24, 2007) - Co-operators Life Insurance Company and NexgenRx (TSX VENTURE:NXG) are pleased to announce that they have entered into a five-year agreement effective immediately. NexgenRx will provide Co-operators Life with the use of their state of the art Pharmacy Benefit Management and Health and Dental Claims Adjudication Services. In addition, Co-operators Life and NexgenRx are in the process of negotiating a strategic investment for Co-operators Life to participate in NexgenRx's next round of financing.

Co-operators Life Insurance Company currently provides Health and Dental coverage and adjudication services to over 70,000 plan members plus their dependents. Co-operators Life will offer this service to new customers and begin conversion of its existing business in early 2008. Revenues from transactions are expected to be realized by NexgenRx beginning in the first quarter of 2008.

NexgenRx provides leading-edge solutions for the delivery of extended health and dental adjudication services from a single platform.

'We are delighted to be moving forward with NexgenRx. Under the leadership of an experienced management team, they have built a rules-based adjudication service and full web-based capabilities. This will provide us with the flexibility and scale that will allow us to significantly grow our group benefits area and meet the needs of our member owners and valued clients" stated Janice Wallace, Vice President, Group Benefits, Co-operators Life.

"The Co-operators is a strong partner, with a solid reputation as one of Canada's most respected insurers," commented NexgenRx President & CEO, Ron Loucks. "Combining our flexible, cost-competitive technology with the brand awareness and national distribution capabilities of Co-operators Life, we feel confident in our ability to exceed the expectations of plan sponsors in the group benefits market."

About Co-operators Life Insurance Company:

Co-operators Life Insurance Company is a wholly owned subsidiary of
The Co-operators Group Ltd., the leading Canadian-owned multi-product insurance company. Co-operators Life provides group life, disability, extended health and dental benefits to over 300,000 plan members across Canada, and has been an underwriter of group insurance plans for more than fifty years.

About NexgenRx Inc.:

NexgenRx is a growing health benefits management company engaged in the design, management and administration of health benefit plans offered by employers and other plan sponsors for the benefit of their employees and plan members. More information on NexgenRx can be found at www.nexgenrx.com.

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

Contact Information

  • NexgenRx Inc.
    Ronald C. Loucks
    President and CEO
    (416) 695-3393 ext. 801
    (647) 722-2920 (FAX)
    or
    NexgenRx Inc.
    Jeff Dawley
    VP Finance, CFO and Corporate Secretary
    (416) 695-3393 ext. 803
    (647) 722-2921 (FAX)
    Website: www.nexgenrx.com
    or
    The Co-operators
    Leonard Sharman
    1-877-795-7272, ext. 2707