QHR Reports Acquisition Of Jonoke Software Assets

QHR Corp. (QHR.V), engaged in the healthcare information technology sector, said its wholly owned subsidiary QHR Technologies Inc. has entered into a binding agreement to purchase all of the healthcare assets of Jonoke Software Development Inc., including its proprietary Electronic Medical Record or EMR software and its clients.

The all-cash purchase price is tied to an earn-out paid over a period of time during which QHR and Jonoke will work together to transition Jonoke's clients to QHR's Accuro EMR system. The earn-out is estimated to be under $500,000 over a three year period.

Jonoke is a privately owned company based in Edmonton, Alberta. It has a current client base of over 750 physicians located in Alberta, Manitoba and Ontario which currently generates about $1 million in annual support revenues for the Jonoke products.

QHR intends to transition these clients to its Accuro platform and, in an effort to ensure a smooth transition and maintain customer support, the company has offered to employ six of Jonoke's employees.

The company expects that with the existing Jonoke revenue, this acquisition will be accretive to QHR's earnings in the third quarter of this year.

The agreement provides that Jonoke clients will be encouraged to upgrade to Accuro EMR.

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