Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

November 16, 2010 09:01 ET

Open EC Subsidary Signs US Healthcare Supply Chain IT Agreement With Londale Enterprise

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2010) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is pleased to announce its subsidiary SoftCare EC Solutions Inc. has executed a letter of agreement with Londale Enterprise Worldwide, LLC, ("Londale") in Coral Springs, Florida to implement a project and recurring revenue based HealthCare Supply Chain solution for Londale. 

SoftCare has been selected as the exclusive Prime Contractor to design, develop, source, implement and operate the Londale HealthCare Supply Chain Information Technology (IT) systems and will share recurring revenue generated from the Londale customer supply chain purchasing transaction revenues. The agreement provides SoftCare an upfront implementation project fee and recurring revenue based on a percentage of the value of the customer's supply chain purchasing.

Londale is a Minority owned Healthcare Products Manufacturer supplying over 700 consumable medical supplies products to Hospitals and Healthcare Provider Practices throughout the United States. With a specific focus on supplying Hospital Group Purchasing Organizations with high quality value priced Medical Practice Consumable Products, Londale is one of the few Minority owned manufacturers to service this market segment. The Londale business strategy is to take advantage of its Minority business status to gain preferred access to the Healthcare "supplies" market to help government funded Healthcare Organizations and Group Purchasing Organizations meet their obligations for Minority owned business purchasing contracts."

Martyn Armstrong, CEO of Open EC states: "SoftCare's agreement with Londale will position and strengthen our recurring revenue business and grow our market share in the US HealthCare Supply Chain Industry. Our business plan is to aggressively develop our network to access Group Purchasing Organizations, Hospitals and Independent HealthCare Provider Organisations (IPAs) to step up our revenue, presence and market share in the growing US HealthCare Supply Chain sector."

The US HealthCare Industry spends over $60 Billion on institutional medical supplies, where SoftCare EC Solutions (Open EC's operating subsidiary) will provide group purchasing solutions for a recurring administrative fee based on a percentage of the total value of the customer's supply chain purchases. Our advanced Web e-Commerce and Electronic Data Interchange (EDI) technology streamlines the procurement process, reduces costs and errors for all sizes of Healthcare organizations.

About Londale Enterprise Worldwide

Londale Enterprise Worldwide has developed a unique marketing strategy to provide medical supplies to Healthcare GPO's, Governments Worldwide, and Large Global Retail Stores. They have also developed a platform for Private Labeling, Clientele Distribution, Manufacturing and Product Distribution. They are dedicated and focused on Eco-Friendly manufacturing and sales of medical supplies through their unique partnership with most of the major Group Purchasing Organizations (GPO) that service all hospital sizes, private clinics and nursing homes. They are creating unique successful partnerships that will expand their capacity as one of the premier manufacturers of medical supplies by maintaining a consistency of high quality medical supplies at an affordable price.

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 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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