Nightingale Informatix Corporation
TSX VENTURE : NGH

Nightingale Informatix Corporation

March 28, 2006 09:37 ET

Nightingale Completes Acquisition of HealtheNet and Scribes

MARKHAM, ONTARIO--(CCNMatthews - March 28, 2006) -

(Not for dissemination in the United States)

Nightingale Informatix Corporation (TSX VENTURE:NGH), today announced the completion of the acquisition of HealtheNet Inc., a leading healthcare information technology (IT) provider, its affiliate, Scribes Inc., and both their respective subsidiaries (together referred to as "HealtheNet"). This acquisition was previously announced on November 14, 2005. HealtheNet shareholders will receive CDN$7.125 million payable in a combination of cash, Nightingale shares escrowed over a two-year period, and earn-out consideration conditional on future financial performance targets.

HealtheNet reported total revenues of approximately $5.5 million for the 12-month period ended March 31, 2005 based on audited financial statements.

"The combination of Nightingale and HealtheNet products are a strategic fit and will provide all of our customers with a solution that will enable physicians to have a central point of access while enhancing patient care and streamlining their practices," said Sam Chebib, President and CEO of Nightingale. "HealtheNet's clients in the United States are ideal candidates for Nightingale's products and services. We are already witnessing an encouraging level of interest from existing HealtheNet clients to implement our clinical and business management tools," stated Chebib.

Reuben Buckareff, President of HealtheNet, added, "I am excited to be a part of the Nightingale organization and believe that, together, we can take healthcare IT technology to the next level. HealtheNet has built a reputation for providing our customers with the best quality product and we are confident the needs of our customers will continue to be met. Our clients stand to benefit from the sophisticated clinical tools Nightingale brings to our team." Buckareff will continue with Nightingale as Chief Market Strategist - U.S. Markets.

"We are looking forward to working with HealtheNet and its management team in this evolving and growing healthcare market as we continue to expand our offerings into North America," said Chebib. "HealtheNet services will continue to be based out of Cambridge, Ontario, and Birmingham, Alabama, with the existing team providing their expertise to all customers."

About Nightingale

Nightingale Informatix Corporation is Canada's largest healthcare application service provider (ASP) for outpatient clinics. Nightingale's Internet-based Electronic Health Record (EHR), Electronic Medical Record (EMR) and practice management solutions are designed to help physicians, clinics, hospitals and other healthcare organizations more efficiently manage their operations, as well as their patient records through a secure Internet browser.

Nightingale's products offer physicians in Canada and the United States leading-edge functionality for patient scheduling, resource scheduling, billing, transcription, data management, claims processing, work flow tools, clinical documentation, laboratory interfaces, document management and patient portals, and other real-time patient services. The company's proprietary software, myNightingale, is a fully integrated, simple-to-use system that automates daily tasks and creates a single, accessible source of patient data. For more information, please visit www.nightingale.md.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to, market acceptance of principal products, the impact of competitive products and technologies, the possibility of products infringing patents and other intellectual property of fourth parties, and costs of product development. Further information with respect to Nightingale and the Business Combination is available at www.sedar.com.

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

Contact Information

  • Strategic/Ampersand for Nightingale
    Cindy Watson / Anita Wong
    Media
    (416) 961-5595
    cindy@stratamp.com / anita@stratamp.com
    or
    Surefund Capital Corporation
    Investor Relations: Gary Perkins
    President
    (905) 889-1711 or Toll Free: 1-800-225-2744