LISLE, IL, May 20 /PRNewswire-FirstCall/ - SXC Health Solutions Corp. (“SXC” or the “Company”) , a leading provider of pharmacy benefits management technology and services, announces multi-year, multi-million dollar extensions to its software maintenance and professional services agreements, and a software license expansion, with Prime Therapeutics LLC (“Prime”).
The agreements provide Prime with software licensing, software maintenance and professional services over a multi-year period. SXC has provided software maintenance and professional services to Prime and its predecessor organizations since 1993. These agreements support claims processing, Medicare Part D services, professional and consulting services, mail order pharmacy systems support, and licenses to support these services.
“For more than 15 years, we have supported Prime and we are proud of our track record with them and excited about continuing our support via these agreements. We also look forward to future prospects of working together on other opportunities where SXC’s technology can enhance the delivery of services to Prime’s clients and improve the health of their members,” said Mike Bennof, SXC’s Executive Vice President of Healthcare Information Technology (HCIT). “This announcement validates our business strategy by demonstrating that we are the industry’s leading provider of pharmacy and PBM-related technology and services to a wide variety of healthcare organizations that manage prescription drug benefit programs.”
“SXC has been instrumental in supporting the continued growth of Prime. This support has allowed us to work with clients nationwide to serve over 14 million covered lives,” said John Mielke, Prime’s Chief Information Officer. “We are pleased with this new agreement and look forward to continuing to partner with SXC to effectively meet the needs of our current and future clients.”
About Prime Therapeutics LLC
Prime Therapeutics LLC is a pharmacy benefit management company dedicated to providing innovative, clinically based, cost-effective pharmacy solutions for clients and members. Providing pharmacy benefit services nationwide to approximately 14.7 million covered lives, its client base includes Blue Cross and Blue Shield Plans, employer and union groups, and third party administrators. Headquartered in St. Paul, Minnesota, Prime Therapeutics is collectively owned by 11 Blue Cross and Blue Shield Plans, subsidiaries or affiliates of those Plans. Learn more at www.primetherapeutics.com.
About SXC Health Solutions Corp.
SXC Health Solutions Corp. is a leading provider of pharmacy benefit management (PBM) services and Healthcare Information Technology (HCIT) solutions to the healthcare benefits management industry. The Company’s product offerings and solutions combine a wide range of advanced PBM services, software applications, application service provider (ASP) processing services, and professional services. SXC serves many of the largest organizations in the pharmaceutical supply chain, such as health plans; employers; Federal, provincial, and state governments; pharmacy benefit managers; and retail pharmacy chains. SXC is headquartered in Lisle, Illinois with multiple locations in North America. Learn more at www.sxc.com.
Forward-Looking Statements
Certain statements included herein, including those that express management’s expectations or estimates of our future performance, constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause our actual financial results, performance, or achievements to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation, our ability to achieve increased market acceptance for our product offerings and penetrate new markets; consolidation in the healthcare industry; the existence of undetected errors or similar problems in our software products; our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; our ability to compete successfully; potential liability for the use of incorrect or incomplete data; the length of the sales cycle for our healthcare software solutions; interruption of our operations due to outside sources; our dependence on key customers; maintaining our intellectual property rights and litigation involving intellectual property rights; our ability to obtain, use or successfully integrate third-party licensed technology; compliance with existing laws, regulations and industry initiatives and future change in laws or regulations in the healthcare industry; breach of our security by third parties; our dependence on the expertise of our key personnel; our access to sufficient capital to fund our future requirements; and potential write-offs of goodwill or other intangible assets. This list is not exhaustive of the factors that may affect any of our forward-looking statements. Other factors that should be considered are discussed from time to time in SXC’s filings with the U.S. Securities and Exchange Commission, including the risks and uncertainties discussed under that captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2008 Annual Report on Form 10-K and subsequent Form 10-Qs, which are available at www.sec.gov. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to SXC or persons acting on our behalf are expressly qualified in their entirety by this notice. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
Certain of the assumptions made in preparing forward-looking information and management’s expectations include: maintenance of our existing customers and contracts, our ability to market our products successfully to anticipated customers, the impact of increasing competition, the growth of prescription drug utilization rates at predicted levels, the retention of our key personnel, our customers continuing to process transactions at historical levels, that our systems will not be interrupted for any significant period of time, that our products will perform free of major errors, our ability to obtain financing on acceptable terms and that there will be no significant changes in the regulation of our business.
CONTACT: Jeff Park, Chief Financial Officer, SXC Health Solutions, Inc.,
Tel: (630) 577-3100, investors@sxc.com; Dave Mason, Investor Relations -
Canada, The Equicom Group Inc., (416) 815-0700 ext. 237,
dmason@equicomgroup.com; Susan Noonan, Investor Relations - U.S., The SAN
Group, LLC, (212) 966-3650, susan@sanoonan.com
