NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

March 19, 2008 15:10 ET

NexgenRx Announces 2007 Annual Results

TORONTO, ONTARIO--(Marketwire - March 19, 2008) - NEXGENRX INC. (TSX VENTURE:NXG) ("NexgenRx" or the "Corporation") is pleased to announce its 2007 annual results.

Revenue from transaction fees for the year ended December 31, 2007, of $433,000, represented an increase of $249,000 over the prior year.

The net loss for the year was $4,165,000 ($0.10 per common share), compared with a loss of $5,148,000 ($0.27 per common share) in the prior year.

During the year, the NexgenRx was focused on opportunity identification and revenue generation. By the end of 2007, the Corporation had implemented transaction processing for several small to mid-sized clients, and two large organizations. A large dental Third Party Administrator began processing transactions on the system in September 2007, and the Co-operators began processing new business in early January, with the bulk of their existing business expected to begin generating revenue during 2008.

The Corporation's major focus for the upcoming year is to continue aggressively marketing to a target audience of large service providers, primarily Third Party Administrators, and to help current partners expand organically in their chosen markets.

On March 15, 2008, the Corporation issued 285,900 common shares, at a price of $0.24 per share, in lieu of cash payment of interest accrued on the $2,000,000 of convertible debentures issued in October 2007. The foregoing shares are subject to hold periods in accordance with applicable securities laws, which will expire on July 16, 2008. It is at the discretion of the Corporation to issue shares in lieu of cash as payment of interest on the convertible debentures.

The Corporation's Annual Audited Financial Statements and Notes, the Corporation's Management's Discussion and Analysis, and all additional required financial disclosure in respect of the period ended December 31, 2007, are available at www.sedar.com.

About NexgenRx

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.

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Corporation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.

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 x 801
    (647) 722-2920 (FAX)
    or
    NexgenRx Inc.
    Jeff Dawley
    Chief Financial Officer
    (416) 695-3393 x 803
    (647) 722-2921 (FAX)
    Website: www.nexgenrx.com