Calgary Scientific Receives Capital Injection from Aston Hill to Support Long-term Continued Growth and Geographic Expansion
CALGARY, Alberta, May 31, 2012 /PRNewswire/ -- Calgary Scientific Inc., a private company engaged in healthcare information technology and transforming software into cloud computable, web-based and mobile applications, has recently agreed upon a new equity capital injection with financial partner Aston Hill. The terms of the transaction will not be publicly disclosed, but Aston Hill has chosen to significantly strengthen its existing position in Calgary Scientific.
The terms of the transaction were approved by the Calgary Scientific Board of Directors, and also met Aston Hill's compliance obligations as a large Canadian pension and mutual fund. The transaction was finalized and funded as of Friday, May 18th, 2012.
"Aston Hill is very pleased with its enhanced investment in Calgary Scientific," says Majd Kitmitto, Analyst at Aston Hill. "We believe the Company sits at the cusp of major technological growth areas, with technological change and innovation in the healthcare industry as well as cloud computing and 'big data.' We are very satisfied with the growth in Calgary Scientific's revenue, OEM partnership agreements, and patent portfolio, and believe that the Company is poised for continued growth and success."
"We are very pleased that Aston Hill has increased its stake in Calgary Scientific," says Byron Osing, CEO and Chair of Calgary Scientific. "We feel that the increased involvement in the company by a very large and conservative equity fund like Aston Hill is a distinct stamp of approval for the direction and potential of the organization. A long-term capital partner of the magnitude and sophistication of Aston Hill is a rarity that few Canadian technology companies demonstrate."
"The management team is excited that this will assist us in expanding both the ResolutionMD™ product line, our PureWeb® platform business, and supporting our industry sector and geographic expansion plans going forward," says Pierre Lemire, CTO and President at Calgary Scientific.
About Calgary Scientific, Inc.
Calgary Scientific is dedicated to providing advanced web, mobility, and multi-party collaboration enablement platform technology, as well as advanced visualization solutions to industries looking for secure access and use of their data or graphics intensive applications, while using their existing systems. All of these products demonstrate a leading-edge web and mobile enablement capability made possible with the unique power of PureWeb®. For more information on Calgary Scientific, go to http://www.calgaryscientific.com or http://www.getpureweb.com.
About Aston Hill Asset Management
Aston Hill Financial is an asset management firm with offices in Calgary and Toronto. Aston Hill is committed to meeting the financial needs of its clients, focusing on capital preservation and delivering exceptional long-term investment returns. Founded in 2001, Aston Hill has grown to over $5 billion in total assets under management. The firm manages portfolios for institutional investors, provides portfolio advisory services and offers a suite of mutual funds. With over 75 years of experience among the senior leadership team, Aston Hill has extensive investment knowledge across a number of industries. The firm has particular expertise in the energy sector as well as providing unique income solutions for our mutual fund partners. Aston Hill has a proven track record of adding value to our client portfolios through changing investment and economic cycles. For more information on Aston Hill, go to http://www.astonhill.ca
CEO and Chair
Calgary Scientific Inc., ResolutionMD, PureWeb and the Calgary Scientific logo are trademarks of Calgary Scientific.
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