WINNIPEG, MANITOBA – November 16, 2004 – Momentum Healthware, the Canadian leader in assessment-based clinical software, has secured a CDN$2.1MM venture loan from MMV Financial Inc.
Momentum Healthware is a software solutions provider specializing in the design and delivery of seamless information technology solutions for the acute and long term care segments of the health care industry. Momentum sells into the US and Canadian markets. Key customers in the US include Beverly Enterprises, Inc. and Extendicare. Key strategic partners in the US include Virtual Care Provider and SYSCO Corporation.
“We believe Momentum is positioned to grow its business substantially in the next few years. It has put together a strong management team and has signed up marquee customers in Canada and the US.” said Ron Patterson, EVP, MMV Financial. The company is riding extremely positive industry trends with an aging population and greatly increased healthcare spending.”
Chuck LaFleche, CEO of Momentum Healthware, said, "We are excited to bring MMV Financial on board as an investor. They are experienced investors and will open up doors for us in the US investment community."
Momentum Healthware is a Microsoft Certified Partner, specializing in the development, provision, integration and support of seamless information technology systems for the health care industry. Its products are in use in hundreds of facilities across the continuum of care. Momentum's clients include acute care, long term care, and assisted living facilities as well as home care providers. Because of the powerful and scalable technologies Momentum offers, its clientele list ranges from small single facilities to regional health authorities and large chains. For further information please visit http://www.momentumhealthware.com/.
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to mid-stage technology and life sciences companies, with a focus on the Canadian and North American sectors. Previously known as MM Venture Partners, the firm is backed by top U.S. and Canadian private equity firms and financial institutions including Conning Capital Partners of Hartford, Connecticut, Caisse de dépôt et placement du Québec of Montreal, and Wells Fargo Foothill, a part of Wells Fargo Company. For more information visit http://www.mmvf.com/
For more information or to arrange for an interview, contact:
Phone: (204) 231-3836
Fax: (204) 231-8238
Executive Vice President
MMV Financial Inc.
Tel: (416) 977-9718
Fax: (416) 591-1393
Copyright ©2004 MMV Financial Inc. All rights reserved.