SOURCE: Metiscan, Inc.

Metiscan, Inc.

August 27, 2009 17:00 ET

Metiscan Closes Funding of $7.3M and $10M Warrant Option

Funds to Be Distributed Pursuant to Agreement

DALLAS, TX--(Marketwire - August 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 it has closed an equity funding of $7.3M, which has been deposited in a restricted cash account owned by Metiscan. Funds shall be distributed subject to a registration statement filed with the SEC becoming effective and other conditions outlined in an account management agreement. The investors also have the option to exercise warrants up to $10M.

The Regulation D 506 offering closed on August 26, 2009, with the sale of 500 units comprised of 500,000 shares of the Series D Preferred Stock and 542,878,037 Warrants in consideration for $7,273,823.20. The 500,000 shares of the Series D Preferred Stock are convertible into 584,101,332 shares of the Company's common stock. The average price was $0.0125 per share. All monies received through the sale of the 500,000 shares of Series D Preferred Stock are subject to registration with the SEC or pursuant to compliance with SEC rules and other conditions as outlined in an account management agreement. All funds shall be distributed pursuant to an agreed upon use of proceeds. Metiscan management has agreed not to reverse split the common stock of the Company without the consent of all 5 private equity investors for a period of 48 months.

The investors have the option to exercise 542,878,037 Warrants which, if exercised, would result in an additional $10,156,920.70 in gross proceeds to the Company. The average exercise price for each Warrant is $0.0187 per share. The proceeds received from the exercise of the Warrants are not subject to an account management agreement or a pre-approved use of proceeds.

"The recent closing of this offering marks a large milestone for our organization," commented Bryan A. Scott, President and CEO of Metiscan, Inc. "We are working diligently to file a registration with the SEC such that Metiscan can become a fully reporting issuer. We look forward to using this capital to provide additional value to Metiscan's current subsidiaries through equipment purchases, product research and development, sales expansion, debt reduction and working capital. Furthermore, a portion of the investment proceeds are earmarked for the use of acquiring additional companies which the Board of Directors believes will add increased value to the organization on a consolidated basis."

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 mobile 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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