Electronic Health Records
Rise Healthware to merge with Med Access
CALGARY – Rise Healthware Inc. announced that it has entered into an
agreement with Med Access Inc., of Kelowna, B.C., under which Med Access
will acquire all of the common shares of Rise.
The board of directors of both Rise and Med Access unanimously approved
the agreement. An information circular, which will detail the
arrangement, is expected to be mailed to the shareholders of Rise in
early April, 2005.
The arrangement will require the approval of 66 2/3% of the votes cast
by the shareholders of Rise, the approval of the Court of Queen’s Bench
of Alberta and regulatory approval. A special meeting of Rise
shareholders will be held in early to mid-May 2005, to vote on the
Officers, directors and shareholders of Rise, holding approximately
68.5% of the issued and outstanding shares of Rise, have agreed to enter
into lock-up agreements to vote in favor of the arrangement. In
addition, the board of directors of Rise has agreed that they will not
solicit or initiate discussions or negotiations with any third party for
any business combination.
Under certain circumstances, Rise and Med Access have agreed to pay a
non-completion fee of $150,000 which is payable if the arrangement is
The management of Rise believes that this transaction represents a
strategic growth opportunity for the corporation, by allowing the
company to be more competitive in the growing EMR marketplace. Med
Access is already an Alberta Government listed vendor under the POSP
program offering the medical community VCUR conformance tested software.
The arrangement will ultimately provide clients with product benefits
• A web based product with secure access from anywhere;
• More responsiveness in new development and upgrades of the EMR;
• Built-in, verifiable backups that do not rely on clinical staff;
• An upgrade path from existing products.
Further, the arrangement will see the resulting entity on a firmer
financial footing, as Med Access will be entering into the transaction
with $1.5 million in cash. The new entity will benefit from the wealth
of knowledge the two parties have in the industry, the companies said.