Nexgenrx Inc.TSXV: NXG

NexgenRx Announces Q1 2018 Financials and Annual Meeting Results

May 24, 2018 at 6:52 PM UTC · Issued by NexgenRx Inc.

Toronto, Ontario (FSCwire) - NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its Q1 2018 financial results and the results of its annual meeting of shareholders.

Revenue for the quarter was $1,545,588, an increase of 2.7% over the same period last year. At the end of the first quarter a new significant client was added, which is expected to contribute positively to future revenue growth.

"Expenses, as incurred in the first quarter, are expected to be more reflective of future quarters. We continually monitor revenue growth prospects and our cost structure to keep a balance between our push for growth and the resources necessary to accomplish our plans. In gearing up for continued growth, the process of adding additional resources is now complete and we expect future new revenues to be more incremental, without significant additional costs" stated Ron Loucks, President & CEO.

The Company held its Annual and Special Meeting of its shareholders today. An aggregate of 48,733,590 (72%) of the outstanding shares of the Company entitled to be voted at the meeting were represented in person or by proxy. All matters of business were approved by the shareholders at the Meeting, including setting the number of Directors at five (5), the election of all Directors, the appointment of Grant Thornton LLP as the Company's auditor and the approval of the Company's stock option plan. Subsequent to the meeting, the Board received the resignation of Patrick Crowley (for personal reasons) to take effect immediately. "We wish to thank Patrick for his outstanding contribution to the Board during the past ten years and wish him continued success in his future endeavours" stated Tom Corcoran, NexgenRx Chairman.

About NexgenRx

NexgenRx is Canada's only independent full service claims adjudicator with full front end administration capability. These combined capabilities allow NexgenRx to provide complete solutions to plan sponsors that need sophisticated health benefit technology applications, in a cost- effective manner. NexgenRx is committed to building partnerships with organizations looking to exceed the expectations of their clients and deliver superior administration and claims processing solutions at a competitive cost. More information on NexgenRx can be found at www.nexgenrx.com.

Caution Regarding Forward-Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to references to future revenue growth and future cost expectations. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for existing and new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; continued development and enhancement of the Company's proprietary software technology; cyber security risks and the other risks and uncertainties disclosed in our annual Management's Discussion and Analysis, as filed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither 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 the release.

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