NGH

MARKHAM, ON, July 29 /CNW/ -- - Achieved $1.2 million in EBITDA for the year, and generated fifth consecutive quarter of positive EBITDA - Subsequent to year end, completed a comprehensive debt restructuring MARKHAM, ON, July 29 /CNW/ - Nightingale Informatix Corporation ("Nightingale" or the "Company") (TSX-V: NGH), an application service provider (ASP) of electronic medical record (EMR) software and related services announces its financial results for the quarter and year ended March 31, 2010. All results are reported in Canadian dollars unless otherwise stated. Q4 and Fiscal 2010 Year End Financial Summary --------------------------------------------- - Q4 revenue was $4.2 million, compared to $4.7 million in Q4 F2009, but essentially flat on a constant currency basis. These numbers reflect a $0.5 million decrease in transcription revenue and a negative foreign exchange impact of $0.6 million (the Company generated 71% of Q4 F2010 revenue in the US). Revenue for F2010 was $16.6 million, compared to $18.5 million in F2009, reflecting a $1.3 million decrease in transcription revenue, a negative foreign exchange impact of $0.4 million and softer EMR market conditions due to a delay in EMR buying decisions in anticipation of government funding announcements. - Gross profit margin for Q4 was 76%, up from 70% in Q4 F2009, and for F2010, gross profit margin increased to 74% from 73% in F2009 as a result of the Company's increased focus on generating high-margin software revenue. - Q4 expenses decreased to $3.5 million from $4.0 million in Q4 F2009, and F2010 expenses decreased to $13.7 million from $16.8 million in F2009, demonstrating the Company's success in reducing its overall cost base. - Q4 EBITDA(1) increased to $0.4 million from $9,000 in Q4 F2009, and F2010 EBITDA increased to $1.2 million from $(0.7) million for F2009 as a result of increased cost efficiencies. - Q4 net loss was $1.5 million compared to $1.0 million for Q4 F2009. Q4 F2010 net loss was $0.8 million, excluding a one-time non-cash interest adjustment related to the write-up of the Company's debt to its face value. Net loss for F2010 was $3.4 million, an improvement from a loss of $4.6 million for F2009. F2010 net loss was $2.7 million, excluding the one-time interest adjustment. - Subsequent to year end, the Company completed a comprehensive debt restructuring that it expects will result in reduced interest expense, starting in Q2 F2011, and increased overall financial flexibility. Q4 and Fiscal 2010 Year End Operational Highlights -------------------------------------------------- - Cross-sold Nightingale On Demand platform to existing New York state- based practice management customer, Center for Disability Services. The transaction is expected to contribute more than $1.2 million in revenue over a two-year period, $0.6 million of which the Company recognized in fiscal 2010. - Expanded customer base in Ontario with two sizable contracts, despite a delay in the release of EMR targeted government funding. The Company won a contract to provide EMR and Practice Management software to more than 30 physicians at a Southern Ontario-based clinic, and signed an agreement with a major sports medicine clinic that is affiliated with a leading Southern Ontario university. - Signed exclusive license and distribution agreement with Canadian Patient Access to launch an online patient portal to the Canadian market. The portal will provide patients with online access to their physician and clinic administrators to schedule appointments; access medical files and laboratory results; request prescription refills and eConsults; and receive medication and appointment reminders. - October 29, 2009, Ontario Medical Association (OMA) announced it secured $236 million in funding to facilitate the adoption of funding eligible EMRs among practice-based family physicians and specialists across Ontario. Nightingale offers one of three funding approved web- based EMR solutions. "Heading into fiscal 2010, we recognized there would be some short-term delays in EMR buying decisions as physicians were awaiting government funding announcements," said Sam Chebib, President and CEO of Nightingale. "With that in mind, a major focus for the year was improving our operational efficiency. As we successfully reduced our overall cost base, we recorded our first year and fifth consecutive quarter of positive EBITDA. In addition, we completed a debt and private placement financing subsequent to year end that has enabled us to repay our subordinated debt, strengthening our balance sheet." "We are seeing a significant increase in the adoption of EMR solutions now that government funding has become available to physicians," Mr. Chebib added. "In Ontario, we are already winning contracts with funding approved physicians, as evidenced by the signing of over 200 new EMR seats, which we announced earlier this month. We anticipate some near-term fluctuations in EMR adoption as funding is rolled out. However, over the long-term, we believe the technology leadership of our web-native EMR offering and our new online patient portal, positions us to continue to expand our customer base and drive further improvements in our financial results." Financial Review ---------------- Revenue for fiscal 2010 was $16.6 million, compared to $18.5 million for fiscal 2009. The decline reflects a decrease in lower-margin transcription revenue, a decrease in one-time license revenues and foreign exchange headwinds, which predominantly affect the Company's recurring revenue results. Recurring Revenue(2) for fiscal 2010 was $13.1 million, compared to $14.5 million for fiscal 2009. The year-over-year decline is primarily a result of a reduction in transcription revenue and a negative impact due to foreign exchange. Transcription revenue decreased to $1.5 million from $2.8 million in fiscal 2009. Nightingale expects to realize further reductions in transcription revenue in fiscal 2011, which the Company believes will be offset by revenue generated from software sales over the longer term. Absent transcription revenue and the negative foreign exchange impact, recurring revenue generated by Nightingale's core business was $12.0 million, up from $11.7 million in fiscal 2009. Non-Recurring Revenue(2) for fiscal 2010 was $3.5 million, compared to $3.9 million for fiscal 2009. The decline in non-recurring revenue was primarily the result of a decrease in software license revenue, as Nightingale recorded $1.0 million in one-time license revenue related to a Canadian government agency contract in Q1 fiscal 2009. In fiscal 2010, Nightingale generated 72% of its revenue from the US market. With the decrease in the value of the US dollar relative to the Canadian dollar, the Company estimates that fiscal 2010 revenue was negatively impacted by approximately 2%, or $0.4 million, compared to the previous fiscal year. For fiscal 2010, gross profit margin was 74% of revenue, compared to 73% of revenue for the previous fiscal year, reflecting a greater proportion of higher margin sales in fiscal 2010. Expenses for fiscal 2010 decreased 19% to $13.7 million from $16.8 million for fiscal 2009. This decrease in expenses was primarily a result of the Company's implementation of several cost reduction measures throughout fiscal 2010. The decrease in the value of the Canadian dollar compared to the US dollar also contributed to the decline in expenses. In fiscal 2010, approximately 44% of Nightingale's expenses were incurred in the US, providing the Company with a natural hedge position that offset some of the effects on revenue. The Company estimates that expenses were positively impacted by approximately 3% or $0.4 million over the year compared to the previous year. Going forward, Nightingale is focused on prudent expense management. However, the Company expects to make select investments to support long-term revenue generating activities, particularly as the Company is seeing an increase in buying activity in the North American EMR market. Reflecting Nightingale's success in reducing its overall cost base, EBITDA increased to $1.2 million, from $(0.7) million in fiscal 2009. Interest expense for fiscal 2010 was $2.0 million, of which approximately $0.7 million was a one-time expense related to the adjustment of the Company's subordinated debt to its face value. Subsequent to year end, Nightingale completed a comprehensive senior debt, convertible debt and private placement financing, and used the proceeds to repay its subordinated debt. As a result, Nightingale has strengthened its balance sheet. In addition, given the more favourable terms of the new debt facilities, the Company expects to realize a decrease in its interest expense starting in Q2 F2011. For fiscal 2010, net loss was $3.4 million. This is down from $4.6 million in fiscal 2009, primarily reflecting the numerous cost reduction initiatives the Company implemented throughout the year. Cash and cash equivalents were $1.8 million at March 31, 2010, compared to $3.5 million at March 31, 2009. At March 31, 2010, total common shares issued and outstanding were 70,534,543. Subsequent Event - Funding of Senior Loan Facility, Conversion of Subscription Receipts and Refinancing of Outstanding Third-Party Debt --------------------------------------------------------------------- In April 2010, subsequent to year end, Nightingale announced that it had completed private placement financings (collectively, the "Private Placement") of common shares and subscription receipts, for aggregate gross proceeds of $3.3 million, and entered into a commitment with a third-party financial institution for additional aggregate gross proceeds of approximately $3.0 million in revolving and term debt (collectively, the "Senior Loan Facility"). On July 29, 2010, the Company used the proceeds of the Private Placement and the Senior Loan Facility for general corporate purposes and to refinance its outstanding subordinated debt on more favourable terms. The Company completed the Private Placement on April 20, 2010, whereby it issued an aggregate of 5.7 million common shares of the Company at a price of $0.22 per Common Share for gross proceeds of $1.3 million and concurrently issued 2,074 subscription receipts ("Subscription Receipts") for gross proceeds of $2.1 million, all on a non-brokered private placement basis. The Subscription Receipts were all automatically converted on July 29, 2010 pursuant to their terms. On conversion, each Subscription Receipt entitled the holder to receive, without additional consideration, a convertible unsecured subordinated debenture in the aggregate principal amount of $1,000 (collectively, the "Debentures"). The Debentures bear interest at a rate of 12% per annum, payable monthly and are scheduled to mature in July 2013. Following the first year anniversary of the Debentures, the Company has the right to redeem the Debentures, in whole or in part, at a price equal to their principal amount plus accrued and unpaid interest. The Debentures are convertible at the holder's option into fully-paid Common Shares at any time prior to maturity or redemption at a conversion price of $0.35 per share. Upon the automatic conversion of the Subscription Receipts, an amount of escrowed funds equal to $2.1 million was released to the Company. Concurrently, the Company completed the funding of the Senior Loan Facility. The proceeds of the Private Placement and the Senior Loan Facility were used for general corporate purposes and to refinance the Company's outstanding subordinated debt in the amount of $5.3 million. The financial statements and MD&A will be available at www.nightingalemd.ca and filed on www.sedar.com on July 29, 2010. This press release should be read in conjunction with Nightingale's Consolidated Financial Statements for the year ended March 31, 2010 and the accompanying Management Discussion and Analysis. Notice of Conference Call and Webcast ------------------------------------- Nightingale will host a conference call on Friday, July 30, 2010 at 8:30 a.m. Eastern Standard Time. To access the conference call by telephone, dial (647) 427-7450 or (888) 231-8191. Please connect approximately fifteen minutes prior to the call, and reference conference ID 90270224 prior to the beginning of the call to ensure participation. The conference call will be archived for replay until Friday, August 6, 2010. To access the archived conference call, dial 1-800-642-1687 and enter reference 90270224 followed by the number sign. To listen to the conference call on-demand at your convenience please send an email to info@nightingale.md and a copy of the call recording will be emailed directly to you. Non-GAAP Financial Measures The Company internally measures its performance and results of initiatives through a number of measures that are not recognized under Canadian generally accepted accounting principles (GAAP) and may not be comparable to similar measures used by other companies. 1. EBITDA EBITDA is a non-GAAP measure that management believes is a useful measurement to evaluate the performance of the Company. Investors should be cautioned, however, that EBITDA should not be construed as an alternative to net earnings as determined in accordance with GAAP. The Company's method of calculating EBITDA may differ from the methods used by other companies and, accordingly, it may not be comparable to similarly titled measures used by other companies. EBITDA is defined as earnings before other loss (income), interest, income taxes, depreciation, amortization, and stock-based compensation. Management believes it is useful to exclude these items as they are either non-cash expenses, items that cannot be influenced by management in the short term, or items that do not impact core operating performance, and Management uses this information internally for forecasting and budgeting purposes. The following provides a reconciliation of EBITDA to Loss and Comprehensive Loss: ------------------------------------------------------------------------- Fiscal Fiscal Quarter Quarter Year Year Ended Ended Ended Ended March March March March Definition 31, 2010 31, 2009 31, 2010 31, 2009 ------------------------------------------------------------------------- Loss and Comprehensive Loss $ (1,524) $ (1,004) $ (3,444) $ (4,632) ------------------------------------------------------------------------- Adjustments for: Current Tax Expense $ 33 $ - $ 40 $ - Other Loss (Income) (6) (23) (63) (197) Interest 1,191 370 2,011 1,418 Depreciation and Amortization 628 674 2,379 2,609 Stock-based Compensation 84 (8) 279 83 ------------------------------------------------------------------------- EBITDA $ 406 $ 9 $ 1,203 $ (719) ------------------------------------------------------------------------- ------------------------------------------------------------------------- 2. Recurring and Non-Recurring Revenue The Company has included recurring revenue and non-recurring revenue measurements since it believes that this information is useful to investors to evaluate its performance. Investors should be cautioned, however, that recurring revenue and non-recurring revenue should not be construed as an alternative to revenue as determined in accordance with GAAP. Recurring Revenue is comprised of utilization fees, hosting, support and maintenance revenue, data management and transcription services, billing and financial management services and transactional fees. Non-Recurring Revenue is comprised of revenues generated from sales of software and systems and related training, data conversion and installation services. The following provides a reconciliation of Recurring Revenue and Non-Recurring Revenue to Revenue: ------------------------------------------------------------------------- Fiscal Fiscal Quarter Quarter Year Year Ended Ended Ended Ended March March March March Definition 31, 2010 31, 2009 31, 2010 31, 2009 ------------------------------------------------------------------------- Non-Recurring Revenue $ 1,324 $ 971 $ 3,485 $ 3,934 Recurring Revenue 2,849 3,746 13,096 14,531 ------------------------------------------------------------------------- Revenue $ 4,173 $ 4,717 $ 16,581 $ 18,465 ------------------------------------------------------------------------- ------------------------------------------------------------------------- About Nightingale Nightingale is one of the fastest growing health care service and software companies in North America and is recognized as an industry leader in Web-based 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. 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 www.sedar.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. CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE YEAR ENDED MARCH 31, 2010 ------------------------------------------------------------------------- 12 months 12 months ended ended March March 31, 2010 31, 2009 ------------------------------------------------------------------------- Revenue $ 16,580,622 $ 18,465,149 Cost of sales 4,342,634 5,055,039 ------------- ------------- Gross profit 12,237,988 13,410,110 ------------- ------------- Expenses General and administration 2,934,844 3,457,051 Sales and marketing 1,499,425 2,417,913 Research and development 2,665,338 3,630,108 Client services 3,934,915 4,623,546 Stock based compensation 279,426 82,981 Amortization 2,378,987 2,608,753 ------------- ------------- 13,692,935 16,820,352 ------------- ------------- Operating loss (1,454,947) (3,410,242) ------------- ------------- Interest 2,011,147 1,418,057 Foreign currency gain (62,653) (196,773) ------------- ------------- Loss before tax (3,403,441) (4,631,526) Current tax expense 40,215 - ------------- ------------- Loss and comprehensive loss $ (3,443,656) $ (4,631,526) ------------- ------------- ------------- ------------- Basic and diluted loss per common share ------------- ------------- Loss and comprehensive loss per common share $ (0.05) $ (0.07) ------------- ------------- ------------- ------------- Weighted average number of common shares 70,232,292 67,845,301 ------------- ------------- ------------- ------------- --------------------------- CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2010 ------------------------------------------------------------------------- As at As at March March 31, 2010 31, 2009 ------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents $ 1,798,247 $ 3,514,056 Accounts receivable 2,626,757 2,324,377 Other receivables 134,459 21,218 Inventory 30,708 62,182 Prepaid expenses 454,070 448,275 ------------- ------------- 5,044,241 6,370,108 ------------- ------------- Long-term assets Deferred costs 83,385 129,104 Property and equipment 821,243 1,216,596 Intangible assets 4,010,143 5,497,436 Goodwill 4,692,399 4,692,399 ------------- ------------- 9,607,170 11,535,535 ------------- ------------- Total assets $ 14,651,411 $ 17,905,643 ------------- ------------- ------------- ------------- LIABILITIES Current liabilities Accounts payable and accrued liabilities $ 2,549,237 $ 3,693,844 Income taxes payable 705,940 948,701 Current portion of deferred revenue 3,488,382 3,935,954 Current portion of capital lease obligations 296,649 178,655 ------------- ------------- 7,040,208 8,757,154 ------------- ------------- Long term liabilities Subordinated debt 5,250,000 4,938,425 Deferred revenue 1,750,643 1,296,842 Capital lease obligations 211,578 281,463 ------------- ------------- 7,212,222 6,516,730 ------------- ------------- Total liabilities 14,252,430 15,273,884 ------------- ------------- SHAREHOLDERS' EQUITY Capital stock 28,348,960 27,596,692 Contributed surplus 4,501,027 3,274,607 Warrants 701,452 1,469,262 Deficit (33,152,458) (29,708,802) ------------- ------------- 398,981 2,631,759 ------------- ------------- Total liabilities and shareholders' equity $ 14,651,411 $ 17,905,643 ------------- ------------- ------------- ------------- --------------------------- CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2010 ------------------------------------------------------------------------- 12 months 12 months ended ended March March 31, 2010 31, 2009 ------------------------------------------------------------------------- Cash flow from operating activities Loss from operations $ (3,443,656) $ (4,631,526) Adjustments for: Depreciation and amortization 2,378,987 2,608,753 Amortization of transaction costs related to debt financing 177,745 219,099 Stock based compensation 279,426 82,981 Unrealized foreign exchange gain (loss) (37,822) 132,513 Interest accretion 1,108,927 423,678 ------------- ------------- 463,609 (1,164,502) Changes in non-cash working capital balances Accounts receivable (610,371) 1,154,497 Prepaid expenses (5,795) 200,932 Inventory 31,474 106,766 Deferred costs 45,719 72,836 Other receivables (113,806) 1,100,117 Accounts payable and accrued liabilities (589,811) (818,042) Income taxes payable (242,761) (691,204) Deferred compensation payable (70,519) - Deferred revenue 6,230 (181,004) ------------- ------------- Cash flows used in operating activities (1,086,031) (219,604) ------------- ------------- Cash flow from investing activities Purchase of property and equipment (111,001) (204,164) Acquisition of intangible assets (81,000) - ------------- ------------- Cash flows used in investing activities (192,001) (204,164) ------------- ------------- Cash flow from financing activities Repayment of subordinated debt financing - (1,000,000) Repayment of capital lease obligations (239,037) (343,138) ------------- ------------- Cash flows used in financing activities (239,037) (1,343,138) ------------- ------------- Foreign exchange losses on cash in foreign currency (198,740) (247,216) Decrease) in cash (1,715,809) (1,519,690) Cash and cash equivalents, beginning of period 3,514,056 5,033,746 ------------- ------------- Cash and cash equivalents, end of period $ 1,798,247 $ 3,514,056 ------------- ------------- ------------- ------------- --------------------------- Non-cash investing and financing activities: Acquisition of property and equipment under capital lease $ 304,341 $ 59,542 Supplemental cash flow information: Interest paid $ 727,625 $ 953,731 Income taxes paid $ 87,126 $ 564,467 OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL CONDITION QUARTERLY DATA ------------------------------------------------------------------------- Fiscal Fiscal Year Q1 Q2 Q3 Q4 Year In $ 000's Ended Ended Ended Ended Ended Ended (Except per Share March 31, June 30, Sept 30, Dec 31, March 31, March 31, Amounts) 2008 2008 2008 2008 2009 2009 ------------------------------------------------------------------------- Recurring Revenue $ 13,088 $ 3,309 $ 3,431 $ 4,045 $ 3,746 $ 14,531 Non-Recurring Revenue 5,788 1,637 815 511 971 3,934 Revenue 18,876 4,946 4,246 4,556 4,717 18,465 Gross Profit 13,706 3,669 3,164 3,272 3,305 13,410 Expenses 19,957 4,561 4,275 4,022 3,962 16,820 EBITDA (Loss) (non-GAAP measure) (3,526) (236) (458) (34) 9 (719) Operating Loss for the Period (6,250) (892) (1,112) (750) (656) (3,410) Loss and Comprehensive Loss (12,811) (1,260) (1,492) (876) (1,004) (4,632) Loss and Comprehensive Loss per Common Share $ (0.19) $ (0.20) $ (0.02) $ (0.01) $ (0.01) $ (0.07) Weighted Avg. No. of Common Shares 66,228 67,479 67,479 67,667 67,845 67,845 ------------------------------------------------------------------------- Total Assets $ 23,992 $ 21,807 $ 20,308 $ 20,078 $ 17,906 $ 17,906 Total Long-Term Liabilities $ 6,948 $ 6,366 $ 6,251 $ 6,234 $ 6,517 $ 6,517 ------------------------------------------------------------------------- --------------------------------------------------------------- Year Q1 Q2 Q3 Q4 Fiscal In $ 000's Ended Ended Ended Ended Ended (Except per Share June 30, Sept 30, Dec 31, March 31, March 31, Amounts) 2009 2009 2009 2010 2010 --------------------------------------------------------------- Recurring Revenue $ 3,564 $ 3,341 $ 3,342 $ 2,849 $ 13,096 Non-Recurring Revenue 566 585 1,010 1,324 3,485 Revenue 4,130 3,926 4,352 4,173 16,581 Gross Profit 2,937 2,818 3,314 3,169 12,238 Expenses 3,508 3,327 3,384 3,474 13,693 EBITDA (Loss) (non-GAAP measure) 24 180 593 406 1,203 Operating Loss for the Period (570) (509) (70) (306) (1,455) Loss and Comprehensive Loss (843) (727) (350) (1,524) (3,444) Loss and Comprehensive Loss per Common Share $ (0.01) $ (0.01) $ (0.00) $ (0.02) $ (0.05) Weighted Avg. No. of Common Shares 69,322 70,535 70,535 70,535 70,232 ---------------------------------------------------------------- Total Assets $ 16,413 $ 15,170 $ 14,714 $ 14,651 $ 14,651 Total Long-Term Liabilities $ 6,309 $ 5,751 $ 6,285 $ 7,212 $ 7,212 ---------------------------------------------------------------- %SEDAR: 00022709E Michael Ford, CFO, Nightingale Informatix Corporation, Tel: 905-307-7870, mford@nightingale.com; Kristen Dickson, Account Executive, The Equicom Group, Tel: 416-815-0700 ext. 273, kdickson@equicomgroup.com

Copyright