Nightingale Strengthens Canadian Market Position, Signing more than 200 Seats
in its Fiscal 2011 Second Quarter
Company has signed more than 400 EMR seats in Canada during the first half of fiscal 2011
MARKHAM, ON, Oct. 20 /CNW/ - Nightingale Informatix Corporation (TSX-V: NGH) ("Nightingale" or the "Company"), an application service provider (ASP) of electronic medical record (EMR) software and related services today announced that during its fiscal 2011 second quarter ended September 30, it signed agreements to deploy its Nightingale On Demand EMR and practice management solution with healthcare providers across Canada, representing more than 200 seats (A "Seat" is defined as a paying healthcare provider using Nightingale's Electronic Medical Record). A substantial number of the EMR agreements Nightingale signed in the quarter are with Ontario-based clinics and are being supported through OntarioMD's EMR implementation funding program.
"During the quarter, we continued to strengthen our position as the market leader in providing EMR and practice management solutions to Canadian physicians," said Sam Chebib, President and CEO of Nightingale. "Within Ontario, which is currently a strong opportunity for growth among our key target markets, the availability of government funding continues to be the catalyst that is driving EMR adoption.
Mr. Chebib added: "Although we made solid strides in expanding our market position this quarter, we do expect some short-term pressure on the Company's immediate revenue. However these transactions will contribute more significantly to long-term recurring revenue base - an important financial goal for us, as it strengthens our long-term performance.
Nightingale experienced success within both the enterprise and SMB (Small and Medium Business) healthcare sectors during Q2 fiscal 2011. The Company signed a major five-year contract with AIM Health Group, to support more than 150 healthcare professionals across Canada (as previously announced) as well as agreements with independent clinics throughout Ontario including ones that provide specialized patient care, such as the Pivot Sport Medicine and Orthopaedics Clinic, located in Toronto, Ontario.
"Looking ahead, as the Canadian market continues to unfold, we anticipate some near-term fluctuations in EMR adoption," said Chebib. "However, we have a solid Canadian sales pipeline, which we believe positions us to continue to expand our presence in our target markets - Ontario, Nova Scotia, and Saskatchewan - over the long-term."
About Nightingale Informatix Corporation
Nightingale is one of the fastest growing health care service and software companies in North America. It is recognized as an industry leader in Web-based (ASP) 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.nightingalemd.com
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; access to debt or equity financing and agreements with its Lenders; 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.
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:
Kristen Dickson, M.Sc.
Account Executive
Equicom, a TMX Group Company
Tel: 416.815.0700 ext. 273
Share this article