Open EC Subsidiary Signs Share Purchase Agreement To Acquire i-Plexus Solutions, Inc.
03 Marzo 2011 - 3:01PM
Marketwired
Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX
VENTURE: OCE) is pleased to announce that its wholly owned
subsidiary, SoftCare Electronic Commerce (U.S.A.) Inc., has
executed a Share Purchase Agreement ("SPA") to acquire all of the
outstanding shares of i-Plexus Solutions, Inc. ("i-Plexus") located
in San Antonio, Texas.
i-Plexus provides internet based medical claims clearinghouse
and billing service solutions to HealthCare Providers, providing
ongoing recurring medical claims transaction services to
approximately 5,500 doctors in 1,000 healthcare delivery
organizations throughout the US. With over 1,500 Insurance payers'
connections, one of the highest insurance claim document acceptance
rates in the industry, value based pricing and high customer
retention; i-Plexus has created a very competitive and compelling
business model for medical claim transaction processing. The
company's recurring subscription and transaction revenue growth
over the last 5 years has averaged approximately 42% annually and
it has been generating growing positive cash flow.
Open EC's acquisition of i-Plexus will position and strengthen
its recurring transaction services business, enhance their
solutions to substantially grow market share in the US HealthCare
Industry, and increase combined recurring revenue opportunities in
the HealthCare IT and Revenue Cycle Management Market. i-Plexus
customers will directly benefit from additional HealthCare IT
Solutions from Open EC's SoftCare subsidiary and lower the overall
cost to deliver additional recurring transaction based services to
the market.
The US HealthCare Industry spends $150 Billion per year on
Claims Submission, Processing and Adjudication
Transaction/Processing Fees, where both SoftCare EC Solutions (Open
EC's operating subsidiary) and i-Plexus will provide a combined
solution for b2b Gateway Software, Software as a Service ("SaaS"),
Transaction Clearing, Integration Services and Consulting to become
a Full Service Health IT Supplier to the industry.
Open EC's US-based subsidiary will acquire 100% of i-Plexus for
a purchase price of US $1,412,500. The purchase price includes
$800,000 in cash; $400,000 in vendor take back debt; 750,000 Open
EC trading escrow shares with a deemed price of $0.15 per share;
1,500,000 Open EC warrants with an exercise price of cdn$0.18 per
share and a five year term; and $100,000 to be earned out if
certain conditions are met over time.
The acquisition has had approval by the Open EC Board Of
Directors and Conditional Approval by the TSX Venture Exchange.
Final TSX Venture Exchange approval is subject to receipt of
audited financial statements and final transaction agreement, which
will be forwarded shortly. Closing is subject to completion of
financing.
About i-Plexus Solutions, Inc.
i-Plexus (www.iplexus.net) is a modern technology enabled
healthcare transaction management company that was formed in 2003
to fill the void that is being created by out-dated clearinghouses,
claim editing products and billing services. i-Plexus' mission is
to pioneer feature and service rich transaction and receivables
management solutions to the healthcare industry. i-Plexus connects
to over 1,200 Health Insurance Payers throughout the United States
to provide their customers one of the highest payer "insurance
claim acceptance rates" in the industry. i-Plexus Solutions assist
Healthcare Providers to improve their profitability through
incremental and measured improvements in reimbursement and staff
productivity. i-Plexus Solutions offers transaction services for
electronic medical claims, remittances, eligibility, claim status,
patient statements and medical billing services at some of the best
rates in the business.
About Open EC Technologies, Inc.
Open EC is a TSX Venture Exchange listed company. Its
subsidiary, SoftCare EC Solutions Inc. is an e-business software,
services and solution provider. SoftCare's OpenEC® TradeLink
e-business software includes solutions for Electronic Data
Interchange (EDI), Healthcare Interoperability and Business Process
Management. The Company sells the OpenEC® products and solutions to
the healthcare, financial services and retail supply chain in North
America. The company has a growing focus on turnkey solutions for
US Healthcare Information Technology Reforms funded by the US
Federal Government ARRA programs for Healthcare IT Interoperable
mandates. Additional product and solution information is available
on the web at www.SoftCareHealthcare.com and www.softcare.com and
additional public company information is available on the web at
www.openec.com. The Company's common shares trade on the TSX
Venture Exchange under the symbol: OCE.
ON BEHALF OF THE BOARD
Martyn A. Armstrong, President and CEO
Further information about the Company can be found on SEDAR
(www.sedar.com) or by contacting Mr. Martyn A. Armstrong, President
& CEO of the Company.
This news release may contain forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Open EC Technologies, Inc. Martyn Armstrong President
& CEO (604) 983-8083 (604) 983-8056 (FAX) investors@openec.com
www.openec.com SDNL Financial Communications Sylvain Laberge
Investor Relations (514) 380-5610 slaberge@dnlfinancial.com
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