Disposal Agreement - Canadian Subsidiary

RNS Number : 4301F

EMIS Group PLC

26 April 2011

 



26 April 2011

EMIS Group plc

Disposal Agreement - Canadian Subsidiary

The board of EMIS Group plc ("the Group") announces that on 21 April 2011, the Group's subsidiary Egton Medical Information Systems Limited ("EMIS"), entered into an agreement to sell the majority of the assets of EMIS' wholly owned Canadian-incorporated subsidiary, EMIS Inc., to QHR Technologies Inc. (TSX-V: QHR) for a gross consideration of £0.25 million in cash. Completion is subject only to obtaining such consents as are required in relation to the assets and certain of the framework and end-user agreements being transferred to QHR.  

EMIS Inc. is a supplier of software to healthcare organisations in Canada. EMIS Inc. made a pre-tax loss of £1.96 million for the year ended 31 December 2010. The book value of the assets being sold was £0.2 million at 31 December 2010. The board is able to confirm that once formal completion has taken place, the Group's exit from its Canadian activities will be complete. For the year to 31 December 2011 the previously notified fair value losses of £1.1 million are now expected to amount to £0.9 million and the previously notified impairment charge of £1.4 million is unchanged.

For further information, please contact:

EMIS Group plc	Tel: [phone]
Sean Riddell, CEO
Evolution Securities Limited	Tel: [phone]
Joanne Lake / Peter Steel

 

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