Nightingale amends debt financing agreements, issues shares and cancels warrants



    MARKHAM, ON, May 8 /CNW/ - Nightingale Informatix Corporation
("Nightingale" or the "Company") (TSX-V: NGH), an application service provider
(ASP) of electronic medical record (EMR) software and related services, today
announced that it has amended its debt financing agreements with Wellington
Financial LP and Export Development Canada (the "Lenders") and has agreed to
issue to the Lenders an aggregate of 2,858,663 common shares and cancel the
7,994,186 warrants held by such Lenders.
    As a result of a waiver of a financial covenant and revised financial
covenants, as disclosed in the Company's MD&A for its third quarter ending
December 31 2008, Nightingale and the Lenders have entered into amending
agreements and re-negotiated some of the facility's original terms. The loan
facilities mature on March 31, 2010.
    The issuance of shares and cancelation of warrants have been
conditionally approved by TSX Venture Exchange and are subject to other
regulatory requirements. The common shares will be subject to a four-month
hold period from the date of issuance. Upon issuance of these common shares
total outstanding shares will be 72,567,920 and no issued warrants.

    About Nightingale

    Nightingale is one of the fastest growing health care service and
software companies in North America with over 5.3 million patient records
under management in a hosted (ASP) environment. It is recognized as an
industry leader in Web-based 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.nightingale.md.

    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;
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.
    Although Nightingale has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Nightingale does not undertake to update any forward-looking
statements that are incorporated by reference herein, except in accordance
with applicable securities laws. Further information on Nightingale Informatix
Corporation is available at www.sedar.com.

    
    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.
    

    %SEDAR: 00022709E




For further information:

For further information: Michael Ford, Chief Financial Officer,
Nightingale Informatix Corporation, Tel: (905) 307-7870, mford@nightingale.md

Organization Profile

Nightingale Informatix Corporation

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890