Kelowna, BC, June 10, 2009 – QHR Technologies Inc. (“QHR” or the “Company”) (TSXVenture:QHR) announced that the company has arranged a non-brokered private placement to raise up to $1,000,000. The private placement consists of up to 2,000,000 units at a price of $0.50 per unit. Each unit consists of one common share and one non-transferable share purchase warrant. One warrant will entitle the holder to purchase one additional common share of the Company exercisable at a price of $0.60 within one year of closing or $0.70 within two years of closing. The Company proposes to use the proceeds from the private financing, for general working capital purposes and to reduce some of its long-term debt related to the recent acquisition of the Momentum Financials Division as announced on January 19, 2009. The Company has entered a new phase of growth in 2009 and believes that this investment will provide a stronger sustainable business for customers and stakeholders.
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 Company has entered a new phase of growth in 2009, and that, this investment will provide a stronger, sustainable business for customers and stakeholders. Results from operations in any given period are not necessarily indicative of results to be expected in future periods. QHR is a technology business where investment; various trends and factors in the marketplace; and product enhancements must be carefully managed to achieve longterm revenue growth and profitability. 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. Factors which may delay or prevent these forward looking statements from coming to fruition include our possible inability to complete our contracted services, possible disputes with customers, customer implementation delays or payment delays. In addition, competitors may provide better products or services and our market may decline. The Company’s policy is not to update Forward Looking Statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Further risk information on the Company is available at www.sedar.com.
For further information, please contact:
Al Hildebrandt at (250) 979-1701 / Investor Relations – Tangent Mgmt. 1-866-345-0115
ahildebrandt@QHRtechnologies.com / info@tangentmanagementcorp.com