Open EC Technologies, Inc.

Open EC Technologies, Inc.

February 25, 2011 18:17 ET

Open EC Technologies, Inc. Reports Q2/2011 Results

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2011) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) reported today the financial and operating results for the second quarter ended December 31, 2010.

The revenues for the quarter were $104,299 with an EBITDA of ($189,950) as compared with revenues of $170,001 and an EBITDA of ($87,189) last year. The reported net loss for the quarter ended December 31, 2010 was $212,132, compared to a net loss of $110,290 last year. The increase in loss was due to the decrease in revenue from software development services. However it is important to note that there is $223,691 of contracts invoiced but not yet earned by the Company and thus not yet included in accounts receivable nor in revenue.

Martyn Armstrong CEO states: "The Company signed several new contracts in December 2011 where the revenue will be recognized in our Q3. The Company is continuing its transition into the US Healthcare IT market with focus on developing the announced agreements including NetCare Administrators (Oct 28, 2010) a 600 Doctor Preferred Provider Association and Londale Enterprise (Nov 16, 2010 ) a HealthCare Supplies Manufacturer."

Total year to date revenues for the six months ended December 31, 2010 were $307,384 compared to $463,258 last year. Year to date EBIDTA was ($260,111) compared to ($79,576) last year and year to date net loss was $304,564 compared to $125,295 net loss last year. The company's available cash, cash equivalents, and short term investments at December 31, 2010 was $302,888, decreased from the June 30, 2010 balance of $465,742. The company's accounts receivable increased to $100,585 at December 31, 2010 from $88,362 at June 30, 2010. The company's liabilities increased to $395,296 at December 31, 2010 from $264,250 at June 30, 2010.

Mr. Armstrong continues: "The Company's announcement (Oct. 13, 2010) of a letter of intent to acquire i-Plexus Solutions in San Antonio Texas, is near completion. The i-Plexus recurring revenue is based on 5,400 Physicians under contract for their HealthCare claims processing with over 1,500 Insurance companies in the United States. Open EC expects to close the transaction and start consolidated financial reporting in the Q3 ended March 31, 2011. With the closing of the i-Plexus acquisition, and strong Q3 results expected from the Company's SoftCare subsidiary, we are expecting the investment in our HealthCare focused business plan over the last several quarters to show positive going forward results on the Company's execution"

The comparative financial statements for the quarter ended December 31, 2010, along with other information, may be obtained through the Company's website at or on SEDAR at

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® 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 and additional public company information is available on the web at The Company's common shares trade on the TSX Venture Exchange under the symbol: OCE.


Martyn A. Armstrong, President and CEO

Further information about the Company can be found on SEDAR ( 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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