Seat sales up approximately 200% year-over-year
MARKHAM, ON, May 9 /CNW/ - Nightingale Informatix Corporation (TSX-V:
NGH) ("Nightingale" or the "Company"), an application service provider
(ASP) of Electronic Medical Record (EMR) software and related services,
today announced that during Fiscal 2011 ended March 31, 2011, it signed
agreements to deploy more than 850 seats across North America, compared
to approximately 290 seats in Fiscal 2010. (A "seat" is defined as a
paying healthcare provider using Nightingale's Electronic Medical
Record). More than 200 of the FY2011 total seats were sold during the
"As evidenced by the almost 200% year-over-year increase in the number
of seats we signed, the North American EMR market environment is
improving, and we are successfully capitalizing on the opportunity,"
said Sam Chebib, President & CEO, Nightingale Informatix Corporation.
"The availability of government funding has been a significant
near-term catalyst for increasing adoption rates. However, we are
confident that the strengthening of the EMR market demonstrates a
growing recognition among physicians of the value EMR technology brings
to medical practices, moving us toward the phase of mass adoption."
During the fourth quarter, in Canada, Nightingale's success was
primarily in the SMB (Small and Medium Business) healthcare sector,
particularly driven by agreements supported through OntarioMD's EMR
implementation funding program. Contract wins of note include family
health organizations in Windsor, London, Ottawa, Hamilton, Muskoka and
Mississauga, in addition to numerous wins with other Canadian clinics.
In the US, the Company signed an EMR agreement with a specialized
nursing facility in upstate New York.
Mr. Chebib added: "EMR is a key growth driver for our business. With our
new seat sale wins, we are strengthening our cash from operations and
growing our deferred revenue base, with the top line impact becoming
more evident over the longer term in the form of recurring revenues.
Although there may still be some near-term fluctuations, we anticipate
that North American healthcare practitioners' adoption of EMR will
continue to gain momentum."
About Nightingale Informatix Corporation
Nightingale is one of the fastest growing health care service and
software companies in North America. It is recognized as an industry
leader in Web-based (ASP) clinician and community based electronic
medical records (EMR) serving the needs of small primary care
practices, multi-physician outpatient clinics, and large scale regional
health organizations and networks. Coupled with integrated practice
management, transcription and revenue cycle management, Nightingale's
comprehensive service offering allows customers to enhance patient
care, increase revenue opportunities and optimize operations.
Nightingale is continuously innovating and enhancing its services to
meet the needs of its growing and diverse customer base. Nightingale -
Healthcare connected. www.nightingalemd.com
Forward Looking Statement
This press release contains "forward-looking statements" respecting the
issuance and cancellation of securities of the Company within the
meaning of applicable Canadian securities legislation. Generally,
forward-looking statements can be identified by the use of forward-
looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may" ,"could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of
Nightingale to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to: risks
related to the speculative nature of the medical software industry,
which is affected by numerous factors beyond Nightingale's control; the
ability of Nightingale to successfully integrate its acquisitions and
any liabilities arising as a result of such acquisitions, access to
capital and agreements with its Lenders; the existence of present and
possible future government regulation; access to debt or equity
financing and agreements with its Lenders; the significant and
increasing competition that exists in the medical software industry;
the early stage of Nightingale's business; and therefore it is subject
to the risks associated with early stage companies, including
uncertainty of revenues, markets and profitability and the need to
raise additional funding. All material assumptions used in making
forward-looking statements are based on management's knowledge of
current business conditions and expectations of future business
conditions and trends. Although management believes the assumptions
used to make such statements are reasonable at this time, our
assumptions may not to be as anticipated, estimated or intended.
Certain material factors or assumptions applied by management in making
forward-looking statements, include without limitation, factors and
assumptions regarding Nightingale's continued ability to fund its
business, rates of customer defaults, relationships with, and payments
to, lenders, demand for Nightingale's products, as well as
Nightingale's operating cost structure.
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.
SOURCE Nightingale Informatix Corporation
For further information:
Kristen Dickson, M.Sc.
Equicom, a TMX Group Company
Tel: 416.815.0700 ext. 273