The Medipattern Corporation
TSX VENTURE : MKI

The Medipattern Corporation

March 14, 2011 07:00 ET

Medipattern Closes $3.0 Million Convertible Note Financing

TORONTO, ONTARIO--(Marketwire - March 14, 2011) -

Attention: Business/Financial Editors

The Medipattern Corporation ("Medipattern" or the "Company") (TSX VENTURE:MKI), a pioneer in the development of medical software solutions that help improve imaging workflow and productivity, is pleased to announce that it has closed a $3,000,000 secured convertible note financing (the "Offering"). The secured convertible notes (the "Convertible Notes") issued in the Offering bear interest after December 31, 2011 on a semi-annual basis, payable on March 31 and September 30 each year at the rate of 8% in 2012, 16% in 2013, and mature on December 31, 2013. The Convertible Notes may be converted by holders into common shares of Medipattern, at a conversion price of $0.37 per share, subject to adjustment in certain circumstances. 

Proceeds from the Offering will be used by Medipattern to augment operating working capital and commercialize its Visualize:Vascular™ product which was cleared for use by the US FDA on February 16, 2011. The Convertible Notes issued under the Offering are subject to a four month and one day resale restriction and the Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings. 

2011 Upcoming Events:

  • Society of Vascular Medicine (SVM) Annual Meeting, Boston June 2-4
  • Society of Vascular Surgery (SVS) Annual Meeting, Chicago June 16-18
  • Society of Vascular Ultrasound (SVU) Annual Meeting, Chicago June 16-18

About The Medipattern Corporation:

Medipattern® is a pioneer in the development of imaging software solutions that help medical practitioners better understand lesions and critical anatomy. Medipattern uses its Cadenza™ Algorithm Technology to power Visualize:Vascular™ 3D reconstruction of areas of interest within the vessel as well as our first-to-market, award-winning B-CAD® advanced breast ultrasound computer aided detection (CAD). For more information, please visit the Company's website at: www.medipattern.com.

B-CAD® and Medipattern® are registered marks of The Medipattern Corporation. Visualize:Vascular™ and Cadenza™ are trademarks of The Medipattern Corporation.

Forward-looking statements

This document contains forward-looking statements relating to Medipattern's performance, operations, or business environment. These statements are based on what we believe are reasonable assumptions given currently available information and our understanding of Medipattern's current activities. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates,'' "believes,'' "estimates,'' "expects,'' "plans,'' "intends,'' "potential'', and similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. A number of factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements. These factors include but are not limited to those set forth in the Company's corporate filings, (posted at www.sedar.com). In addition, these forward-looking statements relate to the date on which they are made. The Company disclaims any intention or obligation to update or revise any forward-looking statements for any reason. Readers should not rely on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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