Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

April 29, 2011 09:01 ET

Open EC SoftCare Signs Revenue Development Partner Agreement With FrontStream for Medical Practice Billing Payment Processing

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 29, 2011) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is pleased to announce its subsidiary SoftCare EC Solutions Inc. ("SoftCare") has executed a revenue development agreement with FrontStream Payments Inc. ("FrontStream") in Brentwood, TN to offer a recurring revenue based HealthCare Practice merchant payment solution for the processing of HealthCare Credit/Debit/ACH payments for medical services and medical insurance co-pay fees.

The partnership between SoftCare and FrontStream will address the needs of our Physician clients by providing solutions that enable the direct processing of credit, debit, ACH and e-Check transactions thus improving their medical practice cash flow, decreasing bad debts and lowering the risk on patient payment plans. In addition FrontStream will provide telemarketing, web marketing and sales support to accelerate the sign up our targeted HealthCare Provider customers and prospects.

Martyn Armstrong, CEO of Open EC states: "SoftCare's revenue development agreement with FrontStream will position our Company to offer medical practice point of sale financial payment processing services to our customers, strengthen our recurring transaction services and continue to grow our market share in the US HealthCare Industry. Our business plan is to aggressively grow our base of HealthCare Providers subscription services by offering highly beneficial solutions like FrontStream Payment Processing to our existing 5,500 Physician customers, Independent Provider Associations/Preferred Provider Associations Partner Channels and Software Company Partners."

Nina Vellayan, CEO and President of FrontStream states: "The excellent strategic fit with SoftCare will strengthen both companies' market presence and increase our combined recurring revenue opportunities in HealthCare Merchant Payment Processing. Our company will directly benefit from SoftCare`s advanced software solutions, HealthCare market expertise and innovative marketing plan to grow our business in the HealthCare merchant payment arena."

HealthCare costs in the United States exceed $2 trillion per year with an estimated 15% of personal healthcare costs paid out of pocket directly by the Patient. The physician practices are challenged by increased co-pay amounts on insurance, uninsured patients and the high cost of billing and collections. As an addition to our overall HealthCare revenue cycle management solutions, our current and future customers will benefit by directly processing credit, debit, ACH and e-Check transactions.

About FrontStream Payments, Inc.

FrontStream Payments is a leading merchant service provider of integrated payment products and services to businesses and independent credit card sales organizations. Offerings include turnkey solutions that enable merchants to increase revenues through the acceptance of ACH, eChecks, credit and debit cards. The company is headquartered in Brentwood, TN and has offices in Ft. Lauderdale, FL and Olympia, WA. (www.frontstreampayments.com)

About Open EC Technologies, Inc.

Open EC is a TSX Venture Exchange listed company. Its subsidiary, SoftCare EC Solutions Inc. is an e-business software, services and solution provider. SoftCare's OpenEC® TradeLink e-business software includes solutions for Electronic Data Interchange (EDI), Healthcare Interoperability and Business Process Management. The Company sells the OpenEC® products and solutions to the healthcare, financial services and retail supply chain in North America. The company has a growing focus on turnkey solutions for US Healthcare Information Technology Reforms funded by the US Federal Government ARRA programs for Healthcare IT Interoperable mandates. Additional product and solution information is available on the web at www.SoftCareHealthcare.com, www.iPlexus.net and www.softcare.com and additional public company information is available on the web at www.openec.com. The Company's common shares trade on the TSX Venture Exchange under the symbol: OCE.

ON BEHALF OF THE BOARD

Martyn A. Armstrong, President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com) or by contacting Mr. Martyn A. Armstrong, President & CEO of the Company

This news release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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

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