SOURCE: Metiscan, Inc

Metiscan, Inc

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.

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