Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

November 29, 2010 09:01 ET

Open EC US Subsidary Launches Medical Practice Group Buying Organization With Signing of Vendor Agreement With Londale

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is pleased to announce its subsidiary SoftCare Electronic Commerce (U.S.A) Inc. has executed a definitive supplier agreement with Londale Enterprise Worldwide, LLC, ("Londale") in Coral Springs, Florida to supply their Medical Supply Product line to the SoftCare Group Purchasing Organization ("GPO") Members.

SoftCare will receive a 3% recurring revenue administrative fee generated from sales of Londale Medical Supplies to members of the SoftCare GPO. The SoftCare GPO Members will receive preferred pricing and rebates on products ordered through the SoftCare e-Business GPO Buying System.

The SoftCare GPO members include NetCare Administrators (Oct 28, 2010 News Release) a Preferred Provider Organization projecting up to 6,000 Chiropractors over the next 18 months and i-Plexus Solutions (Oct 13, 2010 News Release) a Physician Claims Processing company with over 5,400 Physician customers. These SoftCare GPO members will have the direct benefit of the group buying contract with Londale, for preferred pricing, discounts and rebates on their Medical Practice Supplies purchases. 

Martyn Armstrong, CEO of Open EC, states: "We are pleased to launch the SoftCare GPO business unit to offer our customers the administration of Group Buying contracts such as with Londale. With increasing costs for medical practices, our members will see benefits of procurement cost saving in our GPO. 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."

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."

Derek Davis, CEO of Londale Enterprise, states: "We already rely on the SoftCare Solutions group to design and implement our internal supply chain e-Business solutions and this new Vendor contract to supply the SoftCare GPO Members is a natural fit for both organisations. Our agreement with the SoftCare GPO provides their members with the lowest cost, highest quality products to best manage the care and treatment of their patients."

The US HealthCare Industry spends over $60 Billion on institutional medical supplies, where SoftCare EC Solutions (Open EC's e-Business Software operating subsidiary) provides group purchasing solutions for a recurring administrative fee based on a percentage of the total value of the supplier's sales orders. 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 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"

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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