SOURCE: Metiscan, Inc
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October 27, 2009 09:45 ET
Metiscan's Sole Non-Operating Subsidiary Metiscan-CC, Inc. Files for Chapter 7
Eliminates Approximately $3.6 Million in Liabilities
DALLAS, TX--(Marketwire - October 27, 2009) - Metiscan, Inc. (PINKSHEETS: MTIZ), a holding
company focused on growing its organization by making key acquisitions and
developing companies and emerging technologies, announced today that its
sole non-operating subsidiary, Metiscan-CC, Inc., has filed a petition
seeking relief under Chapter 7 of the Bankruptcy Code.
Metiscan-CC, Inc. ("Corpus") operated an independent medical imaging
facility located in Corpus Christi, TX and was one of the imaging centers
acquired by the Company in 2008. Corpus was an insolvent entity at the time
of the acquisition and the Company acquired Corpus with the intent of
providing marketing and managerial support to the assist the facility in
achieving profitability. Due to the high saturation of imaging centers
located in the Corpus Christi area, Corpus was unable to attract enough
patients to stay in business and officially closed its doors in February of
2009. Corpus had examined and explored a number of potential strategic
options to address its financial situation.
"It was a very difficult, but necessary decision, to file a petition for
relief under Chapter 7 of the Bankruptcy Code for Metiscan-CC, Inc,"
commented Bryan A. Scott, Metiscan's President and CEO. "Management had
worked tirelessly throughout the last 12 months to successfully market the
imaging facility in Corpus in order to bring it to a level of financial
stability, and eventual, profit. The high saturation of imaging facilities
located in the area made it difficult to attract referring physicians and
new patients and the Board of Directors felt it to be in the best interest
of the Company to close the facility and protect Corpus to claims from its
creditors."
Corpus was the Company's sole non-operating entity and represented
approximately $3.6 million of the total liabilities as listed on the
Company's consolidated balance sheet as of the date of bankruptcy filing.
About Metiscan, Inc.
Metiscan, Inc. is a holding company focused on growing its organization by
making key acquisitions and developing companies and emerging technologies.
Previously, Metiscan had been focused on healthcare related businesses and
is currently pursuing acquisitions and opportunities related to healthcare
and non-healthcare products and services.
Metiscan operates FirstView EHR, Inc., a wholly owned subsidiary, that
provides end-to-end IT services for diagnostic imaging facilities including
web based electronic healthcare records (EHR), workflow efficiency, PACS
administration, long-term archiving, professional IT services and strategic
consulting. Metiscan operates Schuylkill Open MRI, Inc., a majority owned
subsidiary that is an independent diagnostic testing facility (IDTF)
providing Magnetic Resonance Imaging (MRI) services. Metiscan also operates
Taptopia, Inc., a wholly owned subsidiary that provides design and
development services for Smartphone platforms. Metiscan also operates
Shoreline Employment Services, Inc., a wholly owned subsidiary that
provides employment services and benefits to all of Metiscan's subsidiaries
and intends to provide such services to third parties in the future.
Safe Harbor Statement: Certain of the statements made in this press release
constitute forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 27E of the Securities Act of 1934.
Such forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause Metiscan's actual
results to be materially different from the historical results or from any
future results expressed or implied by such forward-looking statements.
Statements contained in this release that are not historical facts may be
deemed to be forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties, readers are urged to
consider statements labeled with the terms "believes," "belief," "intends,"
"anticipates" or "plans" to be uncertain and forward-looking. The Company
does not intend to update any of the forward-looking statements after the
date of this release to conform these statements to actual results or to
changes in its expectations, except as may be required by law.