Nightingale CEO Acquires 5.7 Million
Shares
MARKHAM, ON, Jan. 18, 2016 /CNW/ - Nightingale Informatix
Corporation (TSX-V: NGH) ("Nightingale" or the "Company"), a
cloud-based provider of electronic health record (EHR) software and
related services, today provided a business update.
The Company announced that it has released a limited commercial
version of its next generation product V10 to be deployed at
specific pilot sites in Canada. It
is expected that V10 will go live in the coming few weeks with
general commercial release in the Spring of 2016.
The Company is also pleased to report that since the divestiture
of its US practice management business in October 2015, the Company has used some of the
proceeds to retire approximately $4.0
million of its secured debt and paid down other liabilities
by approximately $2.5 million.
"We have experienced significant growth from our flagship
product, Nightingale on Demand, with 20% CAGR over the past five
years. Our recurring revenue from the Canadian operations has
recently reached an annual run rate of over $7 million. We are optimistic that once our next
generation product is made available to the broader Canadian market
at the end of March, our recurring revenue growth will be
accelerated", said Sam Chebib,
President & CEO of Nightingale. "Our new cost structure after
the sale of our US practice management business in October and the
current recurring revenue base provides us with clear operating
leverage as the recurring revenue continues to grow".
The Company also announced on behalf of its President and CEO,
Sam Chebib, that Mr. Chebib has
acquired 5,700,000 common shares of Nightingale in an off market
transaction from Emancipation Capital. Charles Frumberg, a
Director of Nightingale, is a Managing Member of Emancipation
Capital. As a result of this transaction, Mr. Chebib now owns or
controls 18,297,422 shares, representing approximately 19.3% of
Nightingale's issued and outstanding shares, and Emancipation
Capital will hold 6,229,000 shares representing approximately 6.6%
of Nightingale's issued and outstanding shares. In a subsequent
separate transaction Emancipation Capital acquired $200,000 of the Company's Convertible Debenture
Series "C" from Mr. Chebib.
About Nightingale
For more than a decade, Nightingale (TSX-V: NGH) has been
delivering innovative cloud-based Electronic Health Record (EHR),
Practice Management and Claims Clearing House solutions to
healthcare organizations across Canada. Our goal is to uncomplicate the
day-to-day challenges of healthcare providers. We achieve this by
creating software that is truly intuitive—minimizing training and
maximizing adoption. We believe so strongly in building easy-to-use
software that we structured our entire product team around
user-centric design. Our clients are benefiting from this focus
through a well-supported and robust solution that presents a
holistic view of a person's well-being in a simple, clean
interface, so that the best health decisions can be made.
Nightingale – One Patient. One Record is a Registered
Trade Mark of Nightingale Informatix Corporation.
www.nightingalemd.com
Forward Looking Statement
This press release may contain forward looking statements that
are made as of the date hereof and are based on current
expectations, forecasts and assumptions which involve risks and
uncertainties associated with our business and the economic
environment in which the business operates. In particular,
statements in this release regarding anticipated future revenue
growth are inherently subject to a number of assumptions and may
not be realized. By their nature, forward looking statements
require us to make assumptions and are subject to inherent risks
and uncertainties. We caution our readers of this press release not
to place undue reliance on our forward looking statements as a
number of factors could cause actual results or conditions to
differ materially from current expectations. Please refer to the
risks set forth in the Corporation's continuous disclosure
documents that can be found on SEDAR
www.sedar.com. Nightingale does not intend, and disclaims any
obligation, except as required by law, to update or revise any
forward looking statements whether as a result of new information,
future events or otherwise.
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 Nightingale Informatix Corporation