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SXC Health Solutions Announces $3.0 Million Software License Agreement with the Province of British Columbia
Thursday, January 10, 2008
Milton, Ontario -- SXC Health Solutions Corp. ("SXC") , a leading provider of pharmacy benefits management ("PBM") services and healthcare IT solutions to the healthcare benefits management industry, announces a $3.0 million software license agreement with the Ministry of Health in the Province of British Columbia ("B.C.") for an upgrade to the Province's PharmaNet System. The agreement includes a license to use SXC's Drug Information System ("DIS") solution. SXC's solution provides government and commercial clients access to proven electronic medication history management and state-of-the-art HL 7 Version 3 claims processing technology.
"We are pleased to have the opportunity to support the Ministry of Health and the province in their effort to improve the quality of health care and patient safety through this upgrade to PharmaNet," said Gordon Glenn, Chairman and CEO of SXC. "This agreement strengthens our long standing relationship with the Ministry, and affirms that our DIS product is suitable for any size jurisdiction in Canada. We look forward to exploring opportunities to participate in other DIS mandates across Canada."
SXC's software will be the core processing engine for health record transactions in the PharmaNet System. The software will add support for the pan-Canadian Electronic Drug ("CeRx") Messaging Standard established under the leadership of Canada Health Infoway Inc. ("Infoway"). Based in HL7 Version 3, CeRx ensures that the software is transferable and interoperable in other Canadian jurisdictions. This marks the second provincial licensing agreement of SXC's DIS software applications with the first being on behalf of the Province of Newfoundland and Labrador.
About SXC Health Solutions Corp.
SXC Health Solutions Corp. (formerly Systems Xcellence, Inc.) is a leading provider of pharmacy benefits management (PBM) services and healthcare IT solutions to the healthcare benefits management industry. The Company's product offerings and solutions combine a wide range of software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical supply chain, such as Federal, provincial, and, state and local governments, pharmacy benefit managers, managed care organizations, retail pharmacy chains and other healthcare intermediaries. SXC is based in Lisle, Illinois with locations in; Scottsdale, Arizona; Warminster, Pennsylvania; Alpharetta, Georgia; Milton, Ontario and Victoria, British Columbia. For more information please visit www.sxc.com.
Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause our actual financial results, performance, or achievements to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation, our ability to achieve increased market acceptance for our product offerings and penetrate new markets; consolidation in the healthcare industry; the existence of undetected errors or similar problems in our software products; our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; our ability to compete successfully; potential liability for the use of incorrect or incomplete data; the length of the sales cycle for our healthcare software solutions; interruption of our operations due to outside sources; our dependence on key customers; maintaining our intellectual property rights and litigation involving intellectual property rights; our ability to obtain, use or successfully integrate third-party licensed technology; compliance with existing laws, regulations and industry initiatives and future change in laws or regulations in the healthcare industry; breach of our security by third parties; our dependence on the expertise of our key personnel; our access to sufficient capital to fund our future requirements; and potential write-offs of goodwill or other intangible assets. This list is not exhaustive of the factors that may affect any of our forward-looking statements. Other factors that should be considered are discussed from time to time in SXC's filings with the Canadian Securities Administrators, including the risks and uncertainties discussed under Item 8, Risk Factors in our Annual Information Form dated March 23, 2007, which is available at www.sedar.com. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to SXC or persons acting on our behalf are expressly qualified in their entirety by this notice. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. Risks and uncertainties about our business are more fully discussed in our Annual Information Form.
Certain of the assumptions made in preparing forward-looking information and management's expectations include: maintenance of our existing customers and contracts, our ability to market our products successfully to anticipated customers, the impact of increasing competition, the growth of prescription drug utilization rates at predicted levels, the retention of our key personnel, our customers continuing to process transactions at historical levels, that our systems will not be interrupted for any significant period of time, that our products will perform free of major errors, our ability to obtain financing on acceptable terms and that there will be no significant changes in the regulation of our business.
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