/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, June 27 /CNW/ - MedcomSoft Inc. (TSX:MSF) ("MedcomSoft" or "the
Company"), a North American Practice Management (PM) and Electronic Medical
Record (EMR) software and solutions company, today announced that it has
closed a non-brokered private placement pursuant to which the Company issued
17,098,947 units at a price of $0.095 per unit for gross proceeds of
approximately $1.6 million. Each unit consisted of one common share and
one-quarter of one common share purchase warrant, with each full warrant being
exercisable into one common share. The net proceeds of the non-brokered
private placement will be used for working capital purposes.
"This funding, combined with the changes that we have made in the last
several weeks to streamline MedcomSoft's operating structure, enables us to
concentrate our resources on securing effective access to the $6.5 billion
market in the US for ambulatory PM/EMR software," noted Robert Wilson,
MedcomSoft's interim CEO.
Concurrently with the closing of this financing, MedcomSoft announced
that it has strengthened its position with the consulting engagement of
Mr. Tom Skelton and Mr. Rich Goldberg of Confluence Medical Systems LLC to
support the Company's market development strategy.
"I am very pleased that Confluence is available to bring its decades of
sales experience to bear on the opportunity that MedcomSoft faces in
developing the US market for our PM/EMR software," noted Robert Wilson. "Their
proven experience in managing successful IT distribution and sales programs
targeting the ambulatory medical community provides MedcomSoft with the
network and the resources that we need to build a revenue base in the US that
can fully leverage the unique functionality of our products."
Tom Skelton has more than 25 years of healthcare IT experience. Prior to
founding Confluence in 2007, he served for seven years as CEO of Misys
Healthcare Systems. His background also includes roles on the executive teams
at an entrepreneurial start-up and NASDAQ-listed Medic Computer.
Rich Goldberg has more than 25 years healthcare IT experience. He joined
Medic Computer Systems in 1994 and held executive positions where he was
responsible for sales, marketing and business development.
Founded in 1994, MedcomSoft Inc. develops cutting-edge 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 EMRs, which significantly enhance disease surveillance
and accelerate clinical research. MedcomSoft award-winning software
applications include Electronic Medical Records, physician order entry systems
with e-prescribing, document management, practice management and clinical data
search, data mining and disease surveillance systems. MedcomSoft is the
recipient of the "Best of KLAS" award in 2007 year-end 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.
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.
For further information:
For further information: Investor Contact: John Sadler, Genoa Management
for MedcomSoft Inc., (416) 594-9292, firstname.lastname@example.org