TORONTO, Nov. 10, 2014 /CNW/ - (TSX-V: QHR) QHR Corporation ("QHR" or the "Company"), a leader in Canadian Healthcare Information Technology and Solutions, is pleased to announce its intention to commence a normal course issuer bid ("NCIB"), subject to the approval of the TSX Venture Exchange (the "TSXV"). The Company intends to consider purchasing, from time to time over the next 12 months, if advisable, up to an aggregate maximum of 2,000,000 common shares, representing approximately 4.1% of its issued and outstanding common shares and approximately 5.7% of the Company's "public float" (within the meaning of the rules of the TSXV).
Purchases pursuant to the NCIB may commence through the TSXV three trading days after the TSXV accepts the Notice of Intention to Commence the NCIB. The NCIB will terminate twelve months thereafter or such earlier time as the NCIB is completed or terminated at the option of QHR. All purchases will be made through the facilities of the TSXV at market prices and otherwise in accordance with the rules of the TSXV. The Company may purchase a maximum of 974,998 common shares in a given 30-day period. All common shares acquired under the NCIB will be subsequently cancelled. QHR currently has 48,749,912 common shares issued and outstanding as of November 10, 2014. During the last 12 months, no common shares have been purchased by QHR under a normal course issuer bid. The Company has appointed Paradigm Capital to conduct the NCIB on its behalf.
The board of directors of the Company believes that, from time to time, the market price of the Company's common shares may not adequately reflect the Company's underlying value and future prospects and that, at such times, the purchase of the common shares represents an appropriate use of the Company's financial resources and would be in the best interests of the Company's shareholders.
About QHR Corporation
QHR is a leading healthcare IT and solutions company in the following markets:
QHR's Accuro®EMR is a connected platform that provides electronic medical records, billing and scheduling for family physicians, medical specialists, and surgeons, that is a key component in the move throughout Canada to provide electronic healthcare records for all Canadians. QHR provides on-site and off-site (ASP) hosting capabilities for the EMR market. QHR has more healthcare providers on its Accuro platform than any other vendor in Canada.
QHR also provides best in class clearinghouse services through its SoftCare brand, supporting payers and assisting healthcare providers to exchange claim information accurately for health claim reimbursement. SoftCare provides a suite of healthcare interoperability solutions (EDI and Clearinghouse), medical billing and professional services. These services help clients navigate and simplify the complex transaction integration processes required for health plan enrollment, health insurance eligibility, and health insurance claims through to payment remittance with their trading partners. SoftCare is marketed primarily in the US.
"Enabling Healthcare Providers to be the Centre of Connected Patient Care"
Legal Notice Regarding Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected performance, functionality and availability of our services and products, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Furthermore, the forward-looking statements contained in this press
release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company's website, www.QHRtechnologies.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.
SOURCE: QHR Corporation
For further information: Al Hildebrandt, President & CEO, 250-979-1701, [email protected]; Jerry Diener, VP Finance & CFO, 250-979-1722, [email protected]; Jim Wilson, VP Marketing & Communications, 416-220-7484, [email protected]