QHR Technologies Inc.
TSX VENTURE : QHR

QHR Technologies Inc.

December 22, 2010 09:34 ET

QHR Technologies Raises $8 Million

KELOWNA, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) -

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION TO U.S. NEWS WIRE SERVICES.

QHR Technologies Inc. ("QHR" or the "Company") (TSX VENTURE:QHR) is pleased to announce that it has successfully completed its previously disclosed public offering. The offering was led by Paradigm Capital Inc. and including Versant Partners Inc. and MGI Securities Inc. in a syndicate of agents.

The Company issued 12,307,700 units ("Units") of the Company at a price of $0.65 per Unit for total gross proceeds of $8,000,005. Each Unit is comprised of one common share ("Common Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder thereof to subscribe for one Common Share at an exercise price of $0.90 per Common Share up to 4:30 p.m. (Vancouver time) on the date that is 12 months after the date of issue, and at a price of $1.00 per Common Share thereafter at any time up to 4:30 p.m. (Vancouver time) on the date that is 24 months from the date of issue.

The net proceeds from the Offering will be used primarily to reduce debt and for general corporate and working capital purposes, as more particularly set out in the Company's final short form prospectus dated December 16, 2010.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

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.

For a more complete business and financial profile of the Company management encourages interested parties to visit the Company's website, www.QHRtechnologies.com and further information on the Company is available at www.sedar.com.

On behalf of the Board of Directors

Al Hildebrandt, President and CEO

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

Notice Regarding Forward Looking Information

This news release may contain "forward looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislations. Forward-looking information and forward-looking statements consist of information and statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future of the Company and the information regarding the Offering. Forward-looking statements in this news release include that we will raise gross proceeds of $8,000,005, and use net proceeds for working capital and debt reduction. This information and 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 information and forward looking statements. Such risks include that we may not be successful in raising funds as anticipated and that management may determine other uses for the funds. Other risks are more fully described in the Company's filings with the Canadian Securities Administrators, including but not limited to the Company's annual information form for the year ended December 31, 2009 and six months ended June 30, 2010. The Company assumes no obligation to update forward-looking information and forward looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward looking information and forward looking statements, except to the extent required by applicable securities laws.

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.

Contact Information