MedcomSoft Announces $1.34 Million Closing of Private Placement



    Total Gross Proceeds of $1,840,000 Raised in 2008

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    TORONTO, Feb. 7 /CNW/ - MedcomSoft Inc. (TSX - MSF) today announced that
its previously announced private placement has closed and that it has issued
10,720,000 common shares at a price of $0.125 per share to raise gross
proceeds of $1,340,000. This financing, combined with a non-brokered private
placement of four million shares at $0.125 that was completed on January 29,
2008, brings the total gross proceed raised by the Company since the beginning
of the year to $1.84 million.
    In early January, MedcomSoft announced a new board of directors resulting
from the first phase of an independent strategic review of the Company that
was undertaken by Capital Partners Corporation and Mr. Robert Wilson.
Mr. Wilson continues to serve as an expert advisor to a Special Executive
Committee of the board that has been given a mandate to lead the necessary
changes within the Company and to search for a new US-based Chief Executive
Officer.
    "With this financing completed, the attention of the Special Executive
Committee can now be focused on implementing changes that have been identified
to better enable MedcomSoft to exploit the market potential of the Company's
award winning software solutions," noted Dr. Steven Small, chairman of the
board.
    Paradigm Capital Inc., the agent for this financing, received a
commission equal to 5% of the gross proceeds, which amount was paid as to 2.5%
in cash and 2.5% in shares, and was granted compensation warrants entitling it
to acquire 7% of the common shares issued pursuant to the financing. The
compensation warrants are exercisable for a period of 24 months at an exercise
price of $0.125 per share. For its services, Capital Partners Corporation, of
which Steven Small is a principal, received a fee in the amount of $21,000 and
1,472,000 compensation warrants on the same terms as the warrants issued to
Paradigm.
    Unless permitted under applicable securities legislation, the purchasers
of the common shares, as well as Paradigm Capital Inc. and Capital Partners
Corporation, may not trade such shares before June 8, 2008.

    The news release is not for distribution to United States newswire
    services or for dissemination in the United States. The securities
    offered have not been registered under the United States Securities Act
    of 1933, as amended, and may not be offered or sold in the United States
    absent registration or an applicable exemption from registration
    requirements.

    About MedcomSoft Inc.:

    Founded in 1994, MedcomSoft Inc. develops award winning software
solutions for the healthcare industry. MedcomSoft has pioneered the use of
numerically codified point-of-care clinical terminologies to create a new
generation of highly interoperable EHRs, which significantly enhance disease
surveillance and accelerate clinical research. MedcomSoft is the recipient of
the "Best of KLAS" award in 2007 yearend report in the Ambulatory EMR 1-5
Physicians category. In addition a MedcomSoft practice was recently awarded
the prestigious 2007 HIMSS Davies Award. www.medcomsoft.com.

    This news release contains forward-looking statements regarding
MedcomSoft's expectations and beliefs with respect to future events and/or
financial performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the actual
events or results to differ materially from those expressed or implied in such
forward looking statements. Such factors and risks include, but are not
limited to, market conditions, competition including price and product
functionality; economic environment; and the ability to develop and deliver
new products in a timely manner. The reader is referred to the documents that
the Company files from time to time with applicable Canadian securities and
regulatory authorities for a discussion on certain risks and uncertainties
that could cause actual results to differ from those projected, anticipated or
implied. MedcomSoft does not undertake to update forward-looking statements.

    %SEDAR: 00010549E




For further information:

For further information: Steven Small, MedcomSoft Inc., Phone: (877)
673-0101, Fax: (416) 443-9693, www.medcomsoft.com

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MEDCOMSOFT INC.

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