NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2010) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) reported today the financial and operating results for the three months ended March 31, 2010.

The revenues for the quarter were $184,180 with an EBITDA from continuing operations of ($337,860) as compared with revenues of $285,368 and an EBITDA from continuing operations of ($3,319) last year. With the non cash item of stock-based compensation deducted from the EBITDA, the adjusted EBITDA without stock-based compensation for the quarter would be ($121,798).

Revenues reported for the nine months ended March 31, 2010 were $647,438 compared to $638,581 last year.

The company's available cash, cash equivalents and short term investments at March 31, 2010 was $697,212, slightly decreased from the June 30, 2009 balance of $743,450 and the company's liabilities decreased to $341,121 at March 31, 2010 from $392,721 at June 30, 2009. The company's accounts receivable increased to $96,105 at March 31, 2010 from $92,857 at June 30, 2009.

Martyn Armstrong CEO states: "The Company is continuing its transition into the US Healthcare IT market with our available cash relatively steady compared to our previous year-end balances. The company has seen a decrease in external software development revenue as its software development resources have been dedicated towards its June 2010 planned release of its version 4.8 TradeLink EDI b2b Gateway Software products. This new TradeLink Software version adds additional functionally and features and will further position the company's solution into the US Healthcare information exchange market." 

The reported net loss for the quarter ended March 31, 2010 was $364,101, compared to $1,857,041 last year. Loss from continuing operations for the quarter ended March 31, 2010 was $364,101 as compared with the loss of $26,438 last year. With the non cash item of stock-based compensation deducted from the EBITDA, the adjusted EBITDA loss without stock-based compensation for the quarter would be ($121,798). The increase in loss from continuing operations was due to the decrease in revenue from software development services and increase in stock-based compensation. The Q3 increase in stock-based compensation was based on granting new stock options to replace the stock options for directors, management, staff and consultants that were cancelled in the previous fiscal year. 

Mr. Armstrong continues: "The Company has maintained its 9 month revenue comparable to the previous year within the very challenging economic business conditions and less favorable US dollar exchange rates. The Company is positive about the improving US and Canadian economic recovery signs and believes the last half of 2010 calendar year will see improving conditions for marketing our software products and solutions. Over the next few years the US Healthcare Providers have specific US Government ARRA Grants available to implement software to allow the exchange of Health Records, Eligibility, Claims, Payments and Patient Outcomes. The company is continuing its investment in sales and marketing to build long term revenue growth with the recent addition of a Director of US Sales based in Atlanta, GA"

Reported net loss for the nine months ended March 31, 2010 was $489,396, compared to $1,951,914 last year. Loss from continuing operations for the nine months ended March 31, 2010 was $489,396 as compared with the loss of $183,645 last year.

The comparative financial statements for the three months ended March 31, 2010, along with other information, may be obtained through the Company's website at www.openec.com or on SEDAR at www.sedar.com.

About Open EC Technologies Inc.

Open EC is a TSX Venture Exchange listed company. Its subsidiary, SoftCare EC Solutions Inc. is an e-business software, services and solution provider. SoftCare's OpenEC® e-business software includes solutions for Electronic Data Interchange (EDI), Healthcare Interoperability and Business Process Management. The Company sells the OpenEC® products and solutions to the healthcare, financial services and retail supply chain in North America. The company has a growing focus on turnkey solutions for US Healthcare Information Technology Reforms funded by the US Federal Government ARRA programs for Healthcare IT Interoperable mandates. Additional product and solution information is available on the web at www.softcare.com and additional public company information is available on the web at www.openec.com. The Company's common shares trade on the TSX Venture Exchange under the symbol: OCE.

ON BEHALF OF THE BOARD

Martyn A. Armstrong, President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com) or by contacting Mr. Martyn A. Armstrong, President & CEO of the Company. 

This news release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.