Nightingale closes equity financing


    Company raises $10.0 million in conjunction with its proposed acquisition
    of VantageMed

    MARKHAM, ON, April 13 /CNW/ - Nightingale Informatix Corporation
("Nightingale" or the "Company") (TSX-V: NGH), a leading provider of software
solutions to the North American healthcare industry, today announced that it
has closed its previously announced public offering of 25,000,000 Subscription
Receipts at a purchase price of $0.40 per Subscription Receipt, for aggregate
gross proceeds of $10,000,000. The syndicate of underwriters, which was co-led
by Dundee Securities Corporation and Clarus Securities Inc. and included
Raymond James Ltd., has been granted an over-allotment option, exercisable for
a period of 30 days, to purchase up to an additional 3,750,000 Subscription
Receipts on the same terms and conditions. The Subscription Receipts will be
listed for trading on the TSX Venture Exchange under the symbol "NGH.R".
    Nightingale intends to use the net proceeds of the offering to: (i) fund
a portion of the approximately US$13,000,000 purchase price of its previously
announced acquisition of VantageMed Corporation ("VantageMed"), a leading
provider of practice management software in the United States with
approximately 6,000 clients representing over 18,000 healthcare providers; and
(ii) for general corporate purposes. On February 19, 2007, the Company
announced that it had entered into a definitive merger agreement with
VantageMed subject to approval by a majority of VantageMed's stockholders as
well as certain other conditions. The VantageMed acquisition is expected to be
completed prior to April 30, 2007.
    Nightingale also intends to draw approximately $12,000,000 from a
previously announced subordinated credit facility, expected to close on or
about April 20, 2007, to satisfy the remaining portion of the purchase price
for VantageMed and for general corporate purposes.
    The Subscription Receipts issued entitle the holders to acquire one
Nightingale common share for no additional consideration. The gross proceeds
of the offering were deposited in escrow pending the completion of the
VantageMed acquisition, whereupon such proceeds will be released to the
Company and the Subscription Receipts will automatically be exchanged for
common shares. In the event the VantageMed acquisition is not completed by
5:00 p.m. on May 31, 2007, or is terminated prior to that deadline, holders of
Subscription Receipts will be entitled to a return of the issue price of the
Subscription Receipts plus accrued interest.

    About Nightingale

    Nightingale Informatix Corporation ( is one of North
America's fastest growing healthcare application service providers (ASP).
Nightingale's Internet-based Electronic Health Record (EHR), Electronic
Medical Record (EMR) and practice management solutions are designed to help
physicians, clinics, hospitals and other healthcare organizations more
efficiently manage their operations and patient records.
    Nightingale's products and services offer physicians in United States and
Canada leading-edge functionality for clinical documentation, patient
scheduling, resource scheduling, billing, transcription, end-to-end coding and
claims processing, data management, work flow tools, laboratory interfaces,
documentation management and patient portals, along with other real-time
services. The Company's proprietary offerings of software include
myNightingale, Entity and Physician WorkStation, providing physicians with a
fully integrated, simple-to-use system that automates daily tasks and creates
a single, accessible source of patient data.

    Forward Looking Statement

    This press release contains "forward-looking statements" 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 offering and the VantageMed acquisition not being
completed on favourable terms, or at all, 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; 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. In
particular, there is no assurance that the acquisition of VantageMed
Corporation will be completed upon the announced terms or at all.
    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

    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Dave Mason, Investor Relations, The Equicom
Group, Tel: (416) 815-0700 x237, Email:; Crystal
Quast, Media Relations, The Equicom Group, Tel: (416) 815-0700 x240, Email:

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Nightingale Informatix Corporation

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