Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

August 02, 2012 09:01 ET

Open EC Technologies, Inc. Receives Interim Order from the Supreme Court of British Columbia for the Arrangement Agreement With QHR Technologies Inc.

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 2, 2012) - Open EC Technologies Inc. (TSX VENTURE:OCE) ("Open EC" or the "Company") is pleased to announce that Open EC, applied to the Supreme Court of British Columbia on July 27, 2012 and obtained an interim order providing, among other things, for the calling and holding of a special meeting of the shareholders of Open EC (the "Meeting"). At the Meeting, the shareholders of Open EC will be asked to approve an arrangement agreement between QHR Technologies Inc. ("QHR") (TSX VENTURE:QHR), and Open EC providing for the acquisition by QHR of all of the outstanding securities of Open EC (the "Arrangement"), such that Open EC will become a wholly-owned subsidiary of QHR. Open EC has mailed its information circular for the Meeting to its shareholders and has filed the information circular on SEDAR on August 1, 2012.

Open EC expects to hold the Meeting on September 6, 2012. Upon obtaining approval of the Arrangement by the shareholders of Open EC at the Meeting, Open EC and QHR will make an application to the Supreme Court of British Columbia for a final order approving the Arrangement on September 7, 2012.

About Open EC Technologies, Inc.

Open EC Technologies 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 Practise Billing Operations office in Spring Hill, Florida. The company has software development and data center hosting operations in Maine, with Sales and Executive Management staff in Atlanta Georgia. The Company'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 Technologies is available on the web at www.QHRtechnologies.com. The QHR Technologies' 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 meeting date. 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 British Columbia Supreme Court or the Open EC shareholders do not approve the transaction 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 the Company is available at www.sedar.com or at the Company's 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.

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