QHR Technologies Inc. ("QHR" or the "Company") (TSX-Venture: QHR) is pleased to announce that it has completed a $750,000 non-brokered private placement on December 1, 2009 with Pender Growth Fund (VCC) Inc. ("Pender").
"Securing this financing, along with the revenue growth we have experienced in the healthcare and medical markets during 2009, further demonstrates the opportunity that exists for both our Enterprise Management Software ("EMS") division and our Electronic Medical Records ("EMR") division," stated Al Hildebrandt, President and CEO of QHR. "With this financing, QHR is better positioned for the next stage of growth."
"The ongoing adoption of QHR's software solutions by healthcare clients has been impressive," said David Barr, President and CEO of Pender. "We are optimistic about the promising strategic opportunities for the Company in the future and look forward to working with management to realize its potential."
On December 1, 2009, the Company issued 1,250,000 units of the Company at a price of $0.60 per unit. Each unit consists of one common share and one-half of one share purchase warrant. One whole warrant will entitle the holder to purchase one additional common share of the Company exercisable at a price of $0.75 until November 30, 2011. All the securities issued in connection with this private placement are subject to a four-month hold period expiring March 31, 2010.
The Company proposes to use the proceeds of the private financing for general working capital purposes.
About QHR Technologies Inc.
QHR operates two business units in two distinct markets:
The Enterprise Management Software ("EMS") division (formerly the HR division), specializes in workforce management software and consists of integrated payroll, staff scheduling and human resource software; and in customized financial management software built on the Microsoft Dynamics GP (formerly Great Plains) platform. These products are targeted at complex healthcare and social services environments.
The Electronic Medical Records ("EMR") division offers a suite of medical software modules that provides computer-based medical records for physicians, medical specialists and surgeons, as well as an electronic patient record that is a key component of the move throughout Canada to provide electronic health records for all Canadians. The EMR division provides on-site and off-site hosting capabilities.