TORONTO, ONTARIO--(Marketwired - May 28, 2014) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) is pleased to announce its first quarter of 2014 results.
For the first quarter ended March 31, 2014 transaction and administration revenue was $1,034,006, generating gross profit of $817,261 and a net loss was $58,500.
"In the first quarter of 2014, while our new sales revenue increased, we did feel the full impact of one of our major client's decisions to migrate their claims processing in house. The loss of this revenue was partially offset by our new sales revenue and organic growth of over $300,000 during the quarter which provides the confidence in our ability to recover the lost revenue during the year." stated Ron Loucks, President and CEO.
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.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release."