NexgenRx Inc.

NexgenRx Inc.

November 03, 2006 18:30 ET

NexgenRx Announces Signing of Agreement Regarding 250,000 Plan Members

TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2006) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) is pleased to announce that it has entered into a definitive agreement to provide health claim adjudication and related services for approximately 250,000 plan members. Services to be provided by the Corporation in connection with this agreement represent estimated transaction volumes (based on the prior claiming history of the plan members) of approximately 40,000 per month, as compared with the Corporation's average monthly transaction volumes of 11,000 during the quarter ended June 30, 2006. Revenue is expected to commence to be generated under this agreement late in the first quarter of 2007.

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. NexgenRx provides an efficient, cost-effective alternative to insurers for those Canadian plan sponsors who are providing, or wish to provide, an adminstration services only, or "ASO" health benefit plan to their plan members. NexgenRx also provides a competitive alternative for the provision of health benefit claims adjudication services to third party administrators who manage and administer benefit plans on behalf of a number of plan sponsors and whose services to such plan sponsors include, but are not limited to, the adjudication and payment of health benefit claims made under the plans managed and administered by them.

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)
    NexgenRx Inc.
    Jeff Dawley
    VP Finance, CFO and Corporate Secretary
    (416) 695-3393 x 803
    (647) 722-2921 (FAX)