Document:

Exhibit 4.11  

FORM 51-102F3

MATERIAL CHANGE REPORT  

	ITEM 1	 	Name and Address of Company (Reporting Issuer):
	
 	
 	

Systems Xcellence Inc. (the "Corporation")

555 Industrial Drive

Milton, Ontario

L9T 5E1
	

ITEM 2	
 	
Date of Material Change(s):
	

 	
 	

June 5, 2006 and June 6, 2006
	
 ITEM 3	
 	
News Release(s):
	

 	
 	

The press release disclosing the material change was issued by the Corporation and disseminated on June 6, 2006 via Canada NewsWire.
	
 ITEM 4	
 	
Summary of Material Change(s):
	

 	
 	

On June 5, 2006, the Corporation filed articles of amendment to consolidate its common shares on the basis that each four outstanding common shares became one post-consolidation common share.
	

 	
 	

On June 6, 2006, the Corporation announced that it filed a preliminary short form base PREP prospectus with Canadian securities regulators and a registration statement on Form F-10 with the U.S. Securities and Exchange Commission
in connection with a proposed public offering of its common shares in Canada and an initial public offering of its common shares in the United States (collectively, the "Offering"). The Offering will be made to investors in the
United States and Canada. In connection with the proposed Offering, the Corporation has applied to have its common shares listed on the NASDAQ National Market under the symbol "SXCI". The Corporation's common shares will also continue to trade
on the Toronto Stock Exchange under the symbol "SXC".
	
 ITEM 5	
 	
Full Description of Material Change(s):
	

 	
 	

Please see the press release attached as Schedule "A" for a full description of the material change.
	
 ITEM 6	
 	
Reliance on subsection 7.1(2) or (3) of National Instrument 51-102:
	

 	
 	

Not applicable.
	
 ITEM 7	
 	
Omitted Information:
	

 	
 	

No information has been omitted from this material change report.

	ITEM 8	 	Executive Officer:
	

 	
 	

For additional information with respect to this material change, the following person may be contacted:
	

 	
 	

Systems Xcellence Inc.

Jeffrey Park

Chief Financial Officer

(630) 559-3693

investors@sxc.com
	

 	
 	

The Equicom Group Inc.

Dave Mason, Investor Relations — Canada

(416) 815-0700 ext. 237

dmason@equicomgroup.com
	

ITEM 9	
 	
Date of Report:
	

 	
 	

DATED at Toronto, in the Province of Ontario, this 15th day of June, 2006.

	
 	
 	
SYSTEMS XCELLENCE INC.
	

  	

 	

 Per:	

"Jeffrey Park" (signed)
	 	 	 	
 Name: Jeffrey Park

Title: Chief Financial Officer

Schedule "A"  

SYSTEMS XCELLENCE INC. ANNOUNCES PROPOSED PUBLIC OFFERING AND RELATED SHARE CONSOLIDATION  

MILTON, Ontario June 6, 2006, Systems Xcellence Inc. ("SXC" or the "Company") (TSX: SXC) today announced that it has filed a preliminary
short-form base PREP prospectus with Canadian securities regulators and a registration statement on Form F-10 with the U.S. Securities and Exchange
Commission (the "SEC") in connection with a proposed public offering of its common shares in Canada and an initial public offering of its common shares in the United States
(collectively, the "Offering"). The Offering will be made to investors in the United States and Canada. In connection with the proposed Offering, the Company has applied to have its common
shares listed on the Nasdaq National Market under the symbol "SXCI". The Company's common shares will also continue to trade on the Toronto Stock Exchange under the symbol "SXC". 

SXC
has also filed articles of amendment to consolidate its common shares on the basis that each four outstanding common shares became one post-consolidation common share. Current holders
of SXC common shares will receive shortly a letter of transmittal instructing them how to receive a new certificate representing the number of post-consolidation common shares to which
they are entitled. 

In
connection with the filing of the preliminary short form prospectus, SXC has amended and re-filed its audited consolidated financial statements for the year ended December 31,
2005 to give effect to the share consolidation and to provide a reconciliation of significant differences between accounting principles generally accepted in Canada and the United States. 

Pursuant
to the Offering, it is currently expected that SXC will sell 3.2 million common shares to raise gross proceeds of approximately US$50 million. SXC also intends to grant the
syndicate of underwriters an option to purchase up to an additional 480,000 common shares within 30 days of the date of the final prospectus to cover over-allotments, if any.
All of the common shares to be sold in the Offering will be newly issued. SXC plans to use the net proceeds from the Offering to retire its existing credit facility with the remainder to be used for
potential acquisitions, working capital and general corporate purposes. 

UBS
Investment Bank will be acting as the sole book running manager for the Offering, and the underwriting syndicate will also include JP Morgan, William Blair & Company, SunTrust Robinson
Humphrey, Sprott Securities, Orion Securities and Clarus Securities. When available, copies of the preliminary prospectus may be obtained from UBS Investment Bank, 299 Park Avenue,
New York, NY 10171 or 161 Bay Street, Suite 4100, Toronto, ON, M5J 2S1. 

A
registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. 

About Systems Xcellence  

Systems
Xcellence (SXC) is a leading provider of healthcare information technology solutions and services to the healthcare benefits management industry. The Company's product offerings and solutions
combine a wide range of software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical
supply chain, such as Federal, provincial, and, state and local governments, pharmacy benefit managers, managed care organizations, retail pharmacy chains and other healthcare intermediaries. SXC is
headquartered in Milton, Ontario with offices and processing centres in Lombard, Illinois; Scottsdale, Arizona; Warminster, Pennsylvania; and Victoria, British Columbia. For more information please
visit www.sxc.com. 

Forward-Looking Statements  

Certain statements included herein, including those that express management's expectations or estimates of future developments or SXC's
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. SXC cautions that such
forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause SXC's actual financial results, performance, or achievements to be materially different from
its 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, SXC's ability to achieve increased market acceptance for its product offerings and penetrate new markets; consolidation in the healthcare
industry; the existence of undetected errors or similar problems in its software products; its ability to identify and complete acquisitions, manage its growth and integrate acquisitions; its ability
to compete successfully; potential liability for the use of incorrect or incomplete data; the length of the sales cycle for its healthcare software solutions; interruption of its operations due to
outside sources; its dependence on key customers; maintaining its intellectual property rights and litigation involving intellectual property rights; its 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 its
security by third parties; its dependence on the expertise of its key personnel; its access to sufficient capital to fund its 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 SXC's forward-looking statements. 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 its behalf are expressly qualified in their entirety by this notice. SXC disclaims any
intent or obligation to update
publicly these forward-looking statements, whether as a result of new information, future events or otherwise. Risks and uncertainties about SXC's business are more fully discussed in its Annual
Information Form.

Certain of the assumptions made by SXC in preparing forward-looking information and management's
expectations include: maintenance of its existing customers and future retention of its contracts, its ability to market its products successfully to anticipated customers, the impact of increasing
competition, the growth of prescription drug utilization rates at predicted levels, the retention of its key personnel, its customers continuing to process transactions at historical levels, that its
systems will not be interrupted for any significant period of time, that its products will continue to perform free of major errors, its ability to obtain financing on acceptable terms and that there
will be no significant changes in the regulation of its business.

Completion of the Offering is subject to market conditions and other factors, and there can be no
assurance that the Offering will be completed on the contemplated terms or at all or that the Company's common shares will be accepted for listing on the Nasdaq
National Market.

For more information, please contact:  

	
 Dave Mason

Investor Relations — Canada
 The Equicom Group Inc.

(416) 815-0700 ext. 237

dmason@equicomgroup.com	

Jeff Park

Chief Financial Officer
 Systems Xcellence Inc.

Tel: (630) 559-3693

investors@sxc.com
	
OR	

 
	

Susan Noonan

Investor Relations — U.S.
 The SAN Group, LLC

(212) 966-3650

susan@sanoonan.comEXHIBIT 4.1

    
      

    

    EXHIBIT
      4.1

    TERMINATION
      OF WARRANT AGREEMENT

     

    

     

    This
      Termination of Warrant Agreement is
      dated
      effective as of June 16, 2006, by and between Equitex, Inc., a Delaware
      corporation (the “Company”),
      and
      Corporate Stock Transfer (the “Warrant
      Agent”),
      with
      respect to that certain Warrant Agreement dated as of February 7, 2005
      (the “Warrant
      Agreement”).

     

    A.  On
      February 8, 2005, the Company began a dividend distribution of an aggregate
      of
      3,046,038 Common Stock Class A Redeemable Warrants (the “Class
      A Warrants”)
      and
      3,046,038 Common Stock Class B Redeemable Warrants (the “Class
      B Warrants”)
      to
      purchase an equivalent number of shares of our common stock, respectively.
      The
      dividend distribution was made to the Company’s stockholders of record as of
      February 7, 2005.

     

    B.  The
      terms
      of the Class A Warrants and Class B Warrants are governed by the Warrant
      Agreement. Among other things, the Warrant Agreement states that neither the
      Class A nor Class B Warrants are exercisable until the effectiveness of a
      registration statement covering the issuance of common stock upon exercise
      of
      the Class A and Class B Warrants.

     

    C.  On
      April
      28, 2005, the Company filed with the SEC a Registration Statement on Form S-3
      for the registration of the issuance of common stock upon exercise of the Class
      A and Class B Warrants.

     

    D.  After
      the
      filing of the S-3 Registration Statement, the SEC Staff took the position that
      the Company’s distribution of the Class A and Class B Warrants constituted a
      simultaneous unregistered and non-exempt offer of the common stock purchasable
      under such warrants, which simultaneous offer was a violation of Section 5
      of
      the Securities Act of 1933. As a result, the Company’s S-3 Registration
      Statement was never declared effective.

     

    E.  On
      August
      30, 2005, the Company filed with the SEC a Registration Statement on Form S-4
      for the registration of (i) the exchange of the Class A and Class B Warrants
      for
      two new classes of warrants denominated Common Stock Class C Redeemable Warrants
      (the “Class
      C Warrants”)
      and
      Common Stock Class D Redeemable Warrants (the “Class
      D Warrants”),
      and
      (ii) the registration of issuance of common stock upon the exercise of the
      Class
      C and Class D Warrants. In connection with the exchange offer contemplated
      by
      the S-4 Registration Statement, the Company reached an agreement with the
      Warrant Agent to enter into a new Warrant Agreement in August 2005 with terms
      and conditions substantially identical to the existing Warrant Agreement (the
      “New
      Warrant Agreement”).
      The
      New Warrant Agreement has not, however, been executed and delivered by the
      parties.

     

    F.  After
      the
      filing of the S-4 Registration Statement, the SEC Staff informed the Company
      that it could not approve the effectiveness of the S-4 Registration Statement
      because the exchange offer would not, in the opinion of the SEC Staff, cure
      the
      Company’s alleged violation of Section 5 of the Securities Act of 1933. The SEC
      Staff subsequently informed the Company that, in the opinion of the SEC Staff,
      the Warrant Agreement would have to be terminated and both the S-3 Registration
      Statement and S-4 Registration Statement withdrawn.

     

    G.  As
      a
      result of the foregoing, the Company has determined that it will be unable
      to
      obtain the effectiveness of any registration statement relative to the common
      stock that would be issuable under the Class A Warrants, Class B Warrants,
      Class
      C Warrants or Class D Warrants. This renders all of those warrants valueless
      since, by their terms, they can never be exercised without such
      registration.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    H.  The
      Company has since filed registration statement withdrawal requests with the
      SEC
      on May 24, 2006. Furthermore, the Company has determined to terminate the
      Warrant Agreement and the Warrant Agent has no objection to such
      termination.

     

    I.  Pursuant
      to Section 6.6 of the Warrant, the parties may terminate the Warrant Agreement
      by mutual agreement, including for the purpose of curing defective provisions.
      Because the SEC Staff has taken the position that the transactions contemplated
      by the Warrant Agreement constitute a violation of Section 5 of the Securities
      Act of 1933, the Company has determined that the entire Warrant Agreement
      (together with the subject warrants) is defective.

     

    J.  The
      parties have determined to enter into this Agreement to terminate the Warrant
      Agreement and the warrants issued pursuant thereto.

     

    AGREEMENT

     

    Now,
      Therefore,
      in
      consideration of the facts set forth in paragraphs A-K above, and for other
      good
      and valuable consideration the receipt and sufficiency of which are hereby
      acknowledged, the parties hereby agree as follows:

     

    1.  The
      parties hereby terminate the Warrant Agreement.

     

    2.  The
      parties hereby disclaim and terminate the New Warrant Agreement, as defined
      in
      paragraph F above.

     

    3.  As
      a
      result of this Agreement and the terminations effected hereby, the Class A
      Warrants, Class B Warrants, Class C Warrants and Class D Warrants are hereby
      extinguished and terminated forevermore.

     

    4.  This
      Agreement shall be governed by the laws of the State of Delaware without regard
      to its conflict-of-law principles.

     

    In
      Witness Whereof,
      this
      Warrant Agreement has been duly executed by the parties hereto to be effective
      as of the date first above written.

     

    

      
        	 	
                EQUITEX,
                  INC.:

              
	 	 
	 	 
	 	
                /S/
                  HENRY FONG

                Henry
                  Fong,
                  Chief
                  Executive Officer

              
	 	 
	 	 
	 	 
	 	
                CORPORATE
                  STOCK TRANSFER:

              
	 	 
	 	 
	 	
                /S/
                  SHARI HUMPHERYS

                Shari
                  Humpherys,
                  Secretary,
                  Manager of Operations
                  Department

              

      

    

    

     

    2

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