SOURCE: Metiscan, Inc.

Metiscan, Inc.

August 19, 2009 16:00 ET

Metiscan Reports 2009 Q2 Financial Results

Operating Subsidiaries Yield Positive EBITDA for Two Consecutive Quarters

DALLAS, TX--(Marketwire - August 19, 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 results for its second quarter ending June 30th, 2009. During the six months ended June 30, 2009, Metiscan, Inc. achieved revenues of $1,219,379 as compared to $421,133 during the six months ended June 30, 2008. This increase of $798,246, or 190%, is primarily the result of our acquisition of Schuylkill Open MRI, Inc. (SOMRI) and the revenues that FirstView EHR, Inc. (FirstView) produces.

During the six months ended June 30, 2009, SOMRI experienced revenues of $1,017,845 and a corresponding EBITDA of $238,603, or a 23% profit from operations. In comparison to SOMRI's 2009 Q1 financial results, SOMRI experienced revenues of $534,739 in 2009 Q2 or an increase of $51,633 in revenues from 2009 Q1.

Additionally, FirstView continued its growth by posting revenues of $184,573 and a corresponding EBITDA of $54,809, or a 30% profit from operations, during the six months ended June 30, 2009. In comparison to FirstView's 2009 Q1 financial results, FirstView experienced revenues of $99,666 in 2009 Q2 or an increase of $14,759 in revenues from 2009 Q1.

"I am delighted that our operating subsidiaries have yielded positive EBITDA for two consecutive quarters and have demonstrated growth in revenues," commented Bryan A. Scott, President & CEO of Metiscan, Inc. "All of our team members have been diligent in working towards achieving profitability on a fully consolidated basis and in pursuing opportunities that may add to producing meaningful revenues. Our team is looking forward to achieving several significant milestones during Q3 that we believe will add substantial value to Metiscan."

During 2009 Q2, Metiscan continued to make positive financial improvements. Specifically, SOMRI successfully restructured some of its secured debt with Siemens Financial Services whereby SOMRI received approximately $35,000 in debt forgiveness and refinanced its Siemens Open MRI with JPMorgan Chase Bank under more favorable terms. This move improved SOMRI's balance sheet and has increased its monthly cash flow position.

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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