TORONTO, May 15 /CNW/ - Wellington Financial LP, a privately held
specialty finance firm, today announced a $4.25 million venture debt financing
for Toronto-based Healthscreen Solutions Inc. (MDU:TSX-V) ("Healthscreen"), a
supplier of physician practice enhancement services and electronic medical
record (EMR) software. Wellington Financial's True Growth Capital(TM) will
enable the company to manage their current rapid expansion and satisfy working
capital needs.
"We are thrilled to be a part of this young and exciting company's bright
future. Healthscreen's team has demonstrated they have developed a value
proposition that delivers tremendous benefits to its doctors," said Mark
Usher, Partner at Wellington Financial, "Healthscreen's opportunities seem
limitless, and Wellington Financial is pleased to be their financial partner."
Healthscreen is a Canadian health care company dedicated to assisting
Canadian physicians with innovative services and clinical software that
enhance their practices and increase the level of care offered to patients.
Healthscreen's comprehensive software provides back office solutions and
outsourced services that reduce costs and help the doctors to manage a more
efficient and productive practice resulting in enhanced patient care.
"Healthscreen has grown at a tremendous pace in the past year, and to
continue at this rate, while also acquiring established medical software
companies, requires access to additional capital," said Justin Belobaba,
President and CEO of Healthscreen, "Adding an experienced financial partner
like Wellington strengthens our advisory team, builds our treasury and allows
us to execute on our growth strategy, while building long-term shareholder
value."
Stikeman Elliott LLP and LaBarge Weinstein LLP provided legal advice for
this transaction.
Wellington Financial LP is currently managing a $400 million investment
program via Wellington Financial Fund III. Since Fund III began operation in
September 2006, Wellington Financial LP has led more than $145 million of
transactions, making it the most active fund of its kind in Canada.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm
providing operating lines of credit, term, venture and amortizing loans up to
$40 million. Wellington Financial LP is currently deploying a $400 million
investment program via its third fund. Wellington Financial LP is managed by a
partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX),
who jointly have contributed a large financial stake to Fund III. Limited
partners include several of Canada's largest institutional investors, crown
corporations, financial institutions and pension funds. Please visit the fund
website at www.wellingtonfund.com, or the Wellington Financial team blog at
www.wellingtonfund.com/blog.
About Healthscreen Solutions
Healthscreen Solutions (www.healthscreen.com) offers a comprehensive
suite of practice enhancing products and services designed to increase
physician productivity and revenue, while reducing costs and improving patient
care. The Company's robust OHIP billing and patient scheduling software is
used by over 4,000 full-time physicians and handles more than $1.5 billion in
healthcare transactions a year.
Healthscreen's Electronic Medical Record (EMR) software supports
digitalization and network connectivity for community specialists and family
physicians plus a growing list of research groups. The Company's broader goal
of Continuous Practice Enhancement is being further realized with a growing
list of services such as CallerMD, which assists doctors in managing a range
of uninsured medical services and PrevCareMD which helps doctors earn
supplemental income by achieving government-set preventive care targets.
For further information: Amy Olah, Marketing Manager, Wellington
Financial LP, Tel: (416) 682-6002, aolah@wellingtonfund.com
