NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2012) - Open EC Technologies Inc. (TSX VENTURE:OCE) ("Open EC") is pleased to announce that on September 7, 2012 the Supreme Court of British Columbia has issued its Final Order to approve the Plan of Arrangement ("Arrangement") with QHR Technologies Inc. ("QHR"), whereby QHR proposes to acquire all of the issued and outstanding common shares, options, and warrants of Open EC.
The Arrangement continues to be subject to the receipt of final regulatory approval from the TSX Venture Exchange. If all other conditions to completion of the Arrangement are satisfied or waived, it is expected that the Arrangement will be completed in early October, but no later than October 31, 2012.
In preparation for closing, Open EC has asked the Investment Industry Regulatory Organization of Canada (IIROC) to halt trading of the stock until delisting. Shareholders who have elected to receive shares of QHR can follow this stock under the TSXV:QHR stock symbol.
For further details regarding the Arrangement, please refer to the management information circular dated July 25, 2012, a copy of which is available under the corporate profile of Open EC on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
About Open EC Technologies, Inc.
Open EC is an e-Business Information Technology company with our corporate head office, marketing and development in Vancouver, BC, main HealthCare IT Solutions Operations office in San Antonio, Texas and Medical Practice Billing Operations office in Spring Hill, Florida. Open EC has software development and data center hosting operations in Maine, with Sales and Executive Management staff in Atlanta Georgia. Open EC's focus is to provide software solutions and transaction processing services to assist Physicians, Hospitals, Health Plans, Insurance Brokers and State Governments to exchange information for HIPAA EDI Health Plan Enrolment, Health Insurance Eligibility, Health Insurance Claims, Claim Payments and HealthCare Provider Collaboration of supporting patient referral and industry compliance/reporting documentation.
Additional product and solution information is available on the web at www.openec.com.
About QHR Technologies Inc.
QHR operates two business units in distinct markets:
The Electronic Medical Records ("EMR") division offers a suite of medical software modules that provides computer-based medical records for family physicians, medical specialists, and surgeons, as well as administrative modules for billing and patient scheduling, that is a key component of the move throughout Canada to provide electronic healthcare records for all Canadians. The EMR division also provides on-site and off-site (ASP) hosting capabilities.
The Enterprise Management Software ("EMS") division specializes in workforce management software, which consists of integrated payroll, staff scheduling and human resource software, and in customized financial management software built on the Microsoft Dynamics GP platform. These products are targeted at complex healthcare, social services and public safety environments.
Additional product and solution information for QHR is available on the web at www.QHRtechnologies.com. QHR's common shares trade on the TSX Venture Exchange under the symbol: "QHR"
ON BEHALF OF THE BOARD
Martyn A. Armstrong, President and CEO
Legal Notice Regarding Forward Looking Statements
This news release may contain "forward looking statements" within the meaning of applicable Canadian securities legislation. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statements. Forward looking statements in this news release may include those concerning the anticipated closure date of the Arrangement. Risks that may prevent, delay or frustrate our objectives expressed in any of these forward looking statements include the risks inherent in transactions of this nature, including the risks that the TSX Venture Exchange does not approve the Arrangement when asked to do so and the risk that the transaction does not complete for other reasons, including failure of a condition, lack of capital and similar risks. It is our policy not to update forward looking statements except to the extent required under applicable securities laws. Further information on Open EC is available at www.sedar.com or at its website, www.openec.com.
Neither the 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 this release.