QHR Technologies Inc.
TSX VENTURE : QHR

QHR Technologies Inc.

April 21, 2009 08:00 ET

QHR Completes Full Payment for Momentum Acquisition

KELOWNA, BRITISH COLUMBIA--(Marketwire - April 21, 2009) - Al Hildebrandt, President and CEO of QHR Technologies Inc. ("QHR" or the "Company") (TSX VENTURE:QHR) announced today that the Company has completed the payments required for the acquisition of the financial software division (the "Division") of Momentum Healthware, Inc. (see Company's press release dated January 19, 2009).

Consideration for the purchase was $5,000,000 less an adjustment for working capital of $413,091 for net consideration of $4,586,909, and payment in full was completed on April 8, 2009.

The transaction was partially financed by secured three year term loans totaling $1,145,000, of which $850,000 has been provided by certain directors and senior management and their immediate family, at an interest rate of 12%. In addition to interest, lenders received 200 common shares of QHR for each $1,000 of loan principal.

The Company has financed the balance from working capital and short-term loans of $950,000 from certain directors at an interest rate of 20%. As at April 17, 2009 the balance outstanding of these short-term loans was $200,000.

The Division is a market leader in providing customized financial software to medium and large healthcare facilities, the same market segment that QHR targets with its payroll, scheduling and human resource management software. The acquisition gives QHR the opportunity to become a market leader in providing a comprehensive enterprise management software solution to the healthcare/social services market.

On behalf of the Board of Directors

Al Hildebrandt, 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. Forward-looking statements are indicated expectations or intentions. Forward-looking statements included in this news release include that "The acquisition gives QHR the opportunity to become a market leader in providing a comprehensive enterprise management software solution to the healthcare/social services market"

Factors which may result in changes include that our competitors may provide more competitive products, we may not be able to comply with changing governmental regulations for healthcare or that the needs of our customers change. Results from operations in any given period are not necessarily indicative of results to be expected in future periods. 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. The forward looking statements are based on assumptions that current plans for the financial software division can be realized. It is not our policy to update forward looking statements.

Further risk information on the Company is available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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