Kirchner and Company, Inc. acted as M&A Advisor and Agent to Momentum Healthware Inc.
Winnipeg, Manitoba 20 January 2009 – Momentum Healthware, Inc., an industry-leading developer of information systems solutions for healthcare in Canada and the United States has announced the sale of their Financial Software Division to QHR Technologies, Inc. The final terms of the agreement are expected to be completed over the next several weeks. The Dietary Software Division was also previously sold to a group of Manitoba investors in late fall. The divestiture of the two divisions offers Momentum the unique opportunity to focus on its core business which is the development, implementation and support of the Electronic Health Record (EHR) for community based care. In addition to Momentum’s position of strength and incumbency in the long term care and homecare sectors, Momentum will increase its investment in extending its Convergence Platform as a truly consolidated community healthcare solution which also includes mental health and public health.
Commenting on the sale of the Financials division, Charles LaFleche, Founder and Chief Business Development Officer of Momentum said, “This is a perfect fit for both companies and it best positions Momentum in the marketplace going forward. The proceeds of the sale will be used to reduce the company’s debt level, strengthen the balance sheet, and further the development in the electronic health record. We are aligning our resources to where we expect the greatest market demand.”
“This transaction will provide Momentum the best opportunity to align our resources more strategically to those markets where we see the greatest demand,” said Glenn Tinkler, President & CEO. “We can now concentrate on our core competency as a leading provider of electronic health records; improve operational efficiencies and continue to grow our core business. In order to meet the market demand of an EHR takes focus and commitment in a competitive and ever-changing marketplace.”
Mr. Tinkler further emphasized, “All of us at Momentum want to express our sincere appreciation to all of our financial and dietary clients for their years of loyalty to our business and also to our staff of dedicated professionals who will continue to serve those clients as employees of our partner organizations.”
About QHR Technologies, Inc.
QHR Technologies Inc. (QHR) is a publicly traded company trading on the TSX Venture Exchange (symbol: QHR). Headquarters and operations are located in Kelowna, B.C. with remote locations in Edmonton, Calgary, Winnipeg, Montreal and Halifax. QHR provides integrated human resource management, payroll and staff scheduling software systems for the healthcare and social services sector, and electronic medical records applications for physicians’ medical offices. For a more complete business and financial profile, visit the company’s websitewww.QHRtechnologies.com
About Momentum Healthware Inc.
Founded in 1995, Momentum Healthware specializes in the development, delivery, integration and support of seamless information technology software systems for the healthcare industry. Its solutions serve the information systems requirements of small to medium sized hospitals, the continuum of long-term care (LTC) facilities, and the home care sector in Canada, and the continuum of LTC organizations in the U.S. Momentum’s industry compliant applications include: Electronic Health Record, Assessments, Registration, Clinical Systems, Clinical Portals, Billing, Real-Time Location, and Decision Support Systems. Momentum Healthware, Inc. is headquartered in Winnipeg, Manitoba, with United States operations headquartered in Nashville, TN.
For more information please contact:
Momentum Healthware, Inc.,
Daina Soviak, Corporate Communications