NexgenRx Announces Q3 2017 Results

Toronto, Ontario (FSCwire) - NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its Q3 2017 financial results.

Revenue for the quarter was $1,399,179, which was essentially the same as the comparable quarter in 2016. The overall impact of flat revenues was that the Company was not profitable during the quarter. Flat revenues and increased staffing compared to the same quarter last year will continue to weigh on the Company until prospects are converted into clients.

"We continue to devote significant time and resources to grow top line revenue, by marketing our services to those potential clients where we a have a higher probability of success. We have done this by hiring additional experienced sales, marketing and client relationship professionals. The results of our efforts has been an increase of new client prospects that we will continue to devote time and effort in turning into clients. The cost associated with this strategy will negatively impact the bottom line over the short term, until such time as prospects are converted into clients and begin generating revenue" stated Ron Loucks, President & CEO.

Product Development

We are making an ongoing investment in the development of our leading-edge technology. During this period we completed a major project to address the evolution of multiple web-browsers so that plan members have easy and seamless compatibility with our interactive plan member-based websites. The plan member experience continues to evolve through our full mobile technology through neXmobile® our iPhone and Android mobile app. Our technology reach is being rapidly expanded by enrolling more targeted healthcare providers to submit claims via our proprietary secure web-portal, theclaimsXchange.com.  

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 – This news release contains certain forward looking statements, including statements regarding the business and anticipated financial performance of the Corporation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/NexgenRx11292017.pdf

Source: NexgenRx Inc. (TSX Venture:NXG)

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