LISLE, IL, May 20 /CNW/ - SXC Health Solutions Corp. ("SXC" or the
"Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of pharmacy benefits
management technology and services, announces multi-year, multi-million dollar
extensions to its software maintenance and professional services agreements,
and a software license expansion, with Prime Therapeutics LLC ("Prime").
The agreements provide Prime with software licensing, software
maintenance and professional services over a multi-year period. SXC has
provided software maintenance and professional services to Prime and its
predecessor organizations since 1993. These agreements support claims
processing, Medicare Part D services, professional and consulting services,
mail order pharmacy systems support, and licenses to support these services.
"For more than 15 years, we have supported Prime and we are proud of our
track record with them and excited about continuing our support via these
agreements. We also look forward to future prospects of working together on
other opportunities where SXC's technology can enhance the delivery of
services to Prime's clients and improve the health of their members," said
Mike Bennof, SXC's Executive Vice President of Healthcare Information
Technology (HCIT). "This announcement validates our business strategy by
demonstrating that we are the industry's leading provider of pharmacy and
PBM-related technology and services to a wide variety of healthcare
organizations that manage prescription drug benefit programs."
"SXC has been instrumental in supporting the continued growth of Prime.
This support has allowed us to work with clients nationwide to serve over 14
million covered lives," said John Mielke, Prime's Chief Information Officer.
"We are pleased with this new agreement and look forward to continuing to
partner with SXC to effectively meet the needs of our current and future
About Prime Therapeutics LLC
Prime Therapeutics LLC is a pharmacy benefit management company dedicated
to providing innovative, clinically based, cost-effective pharmacy solutions
for clients and members. Providing pharmacy benefit services nationwide to
approximately 14.7 million covered lives, its client base includes Blue Cross
and Blue Shield Plans, employer and union groups, and third party
administrators. Headquartered in St. Paul, Minnesota, Prime Therapeutics is
collectively owned by 11 Blue Cross and Blue Shield Plans, subsidiaries or
affiliates of those Plans. Learn more at www.primetherapeutics.com.
About SXC Health Solutions Corp.
SXC Health Solutions Corp. is a leading provider of pharmacy benefit
management (PBM) services and Healthcare Information Technology (HCIT)
solutions to the healthcare benefits management industry. The Company's
product offerings and solutions combine a wide range of advanced PBM services,
software applications, application service provider (ASP) processing services,
and professional services. SXC serves many of the largest organizations in the
pharmaceutical supply chain, such as health plans; employers; Federal,
provincial, and state governments; pharmacy benefit managers; and retail
pharmacy chains. SXC is headquartered in Lisle, Illinois with multiple
locations in North America. Learn more at www.sxc.com.
Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other risks that
may cause our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from those in
the forward-looking statements, including without limitation, our ability to
achieve increased market acceptance for our product offerings and penetrate
new markets; consolidation in the healthcare industry; the existence of
undetected errors or similar problems in our software products; our ability to
identify and complete acquisitions, manage our growth and integrate
acquisitions; our ability to compete successfully; potential liability for the
use of incorrect or incomplete data; the length of the sales cycle for our
healthcare software solutions; interruption of our operations due to outside
sources; our dependence on key customers; maintaining our intellectual
property rights and litigation involving intellectual property rights; our
ability to obtain, use or successfully integrate third-party licensed
technology; compliance with existing laws, regulations and industry
initiatives and future change in laws or regulations in the healthcare
industry; breach of our security by third parties; our dependence on the
expertise of our key personnel; our access to sufficient capital to fund our
future requirements; and potential write-offs of goodwill or other intangible
assets. This list is not exhaustive of the factors that may affect any of our
forward-looking statements. Other factors that should be considered are
discussed from time to time in SXC's filings with the U.S. Securities and
Exchange Commission, including the risks and uncertainties discussed under
that captions "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our 2008 Annual Report on
Form 10-K and subsequent Form 10-Qs, which are available at www.sec.gov.
Investors are cautioned not to put undue reliance on forward-looking
statements. All subsequent written and oral forward-looking statements
attributable to SXC or persons acting on our behalf are expressly qualified in
their entirety by this notice. We disclaim any intent or obligation to update
publicly these forward-looking statements, whether as a result of new
information, future events or otherwise.
Certain of the assumptions made in preparing forward-looking information
and management's expectations include: maintenance of our existing customers
and contracts, our ability to market our products successfully to anticipated
customers, the impact of increasing competition, the growth of prescription
drug utilization rates at predicted levels, the retention of our key
personnel, our customers continuing to process transactions at historical
levels, that our systems will not be interrupted for any significant period of
time, that our products will perform free of major errors, our ability to
obtain financing on acceptable terms and that there will be no significant
changes in the regulation of our business.
For further information:
For further information: Jeff Park, Chief Financial Officer, SXC Health
Solutions, Inc., Tel: (630) 577-3100, email@example.com; Dave Mason, Investor
Relations - Canada, The Equicom Group Inc., (416) 815-0700 ext. 237,
firstname.lastname@example.org; Susan Noonan, Investor Relations - U.S., The SAN
Group, LLC, (212) 966-3650, email@example.com