Open EC Subsidary Signs US Healthcare Supply Chain IT Agreement With Londale Enterprise
November 16 2010 - 8:01AM
Marketwired Canada
Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is
pleased to announce its subsidiary SoftCare EC Solutions Inc. has executed a
letter of agreement with Londale Enterprise Worldwide, LLC, ("Londale") in Coral
Springs, Florida to implement a project and recurring revenue based HealthCare
Supply Chain solution for Londale.
SoftCare has been selected as the exclusive Prime Contractor to design, develop,
source, implement and operate the Londale HealthCare Supply Chain Information
Technology (IT) systems and will share recurring revenue generated from the
Londale customer supply chain purchasing transaction revenues. The agreement
provides SoftCare an upfront implementation project fee and recurring revenue
based on a percentage of the value of the customer's supply chain purchasing.
Londale is a Minority owned Healthcare Products Manufacturer supplying over 700
consumable medical supplies products to Hospitals and Healthcare Provider
Practices throughout the United States. With a specific focus on supplying
Hospital Group Purchasing Organizations with high quality value priced Medical
Practice Consumable Products, Londale is one of the few Minority owned
manufacturers to service this market segment. The Londale business strategy is
to take advantage of its Minority business status to gain preferred access to
the Healthcare "supplies" market to help government funded Healthcare
Organizations and Group Purchasing Organizations meet their obligations for
Minority owned business purchasing contracts."
Martyn Armstrong, CEO of Open EC states: "SoftCare's agreement with Londale will
position and strengthen our recurring revenue business and grow our market share
in the US HealthCare Supply Chain Industry. Our business plan is to aggressively
develop our network to access Group Purchasing Organizations, Hospitals and
Independent HealthCare Provider Organisations (IPAs) to step up our revenue,
presence and market share in the growing US HealthCare Supply Chain sector."
The US HealthCare Industry spends over $60 Billion on institutional medical
supplies, where SoftCare EC Solutions (Open EC's operating subsidiary) will
provide group purchasing solutions for a recurring administrative fee based on a
percentage of the total value of the customer's supply chain purchases. Our
advanced Web e-Commerce and Electronic Data Interchange (EDI) technology
streamlines the procurement process, reduces costs and errors for all sizes of
Healthcare organizations.
About Londale Enterprise Worldwide
Londale Enterprise Worldwide has developed a unique marketing strategy to
provide medical supplies to Healthcare GPO's, Governments Worldwide, and Large
Global Retail Stores. They have also developed a platform for Private Labeling,
Clientele Distribution, Manufacturing and Product Distribution. They are
dedicated and focused on Eco-Friendly manufacturing and sales of medical
supplies through their unique partnership with most of the major Group
Purchasing Organizations (GPO) that service all hospital sizes, private clinics
and nursing homes. They are creating unique successful partnerships that will
expand their capacity as one of the premier manufacturers of medical supplies by
maintaining a consistency of high quality medical supplies at an affordable
price.
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(R) TradeLink e-business software includes solutions for
Electronic Data Interchange (EDI), Healthcare Interoperability and Business
Process Management. The Company sells the OpenEC(R) 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.
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