TORONTO, ONTARIO--(Marketwire - July 20, 2012) -
Attention: Business/Financial Editors
The Medipattern Corporation ("Medipattern") (TSX VENTURE:MKI), a healthcare leader in the development and commercialization of prevention and analysis solutions that positively impact people's lives, announced today that it has closed the acquisition (the "Transaction") of the Mobile Technology Business Unit, including intellectual property and patented technology (the "Assets"), from MYTRAK® Health System Inc. ("MYTRAK").
By combining Medipattern's patented knowledge-based imaging and pattern recognition algorithms with MYTRAK's patented wearable personal lifestyle activity technology and its proven behaviour modification system, Medipattern will be in a unique position to deliver personalized health solutions that truly change people's lives, helping them better manage disease and improve their health. Medipattern intends to capitalize on this intellectual property by expanding its core business to include the prevention and management of Metabolic Syndrome, Cardiovascular Disease, Obesity and Diabetes through the launch of a new mobile health business unit, called Medipattern mHealth Solutions.
"The fusing of Medipattern's technology with MYTRAK's technology will provide substantive opportunities for discovering patterns in each person's daily activity data. The data may include aberrations in heart, health and energy activity that could be an early indication of disease, or align each person's routine with their metabolic rate to maximize health benefit. Creating and delivering clinically relevant solutions from this information will allow us to have real impact in the prevention and treatment of metabolic syndrome. Whether the goals are set by each individual or by their healthcare practitioner, the wearable device is designed to motivate every person to reach their health goals and keep them on track to prevent disease. MYTRAK offers a remarkable tracking solution where this data rich information can be logged and mined daily," commented Jeff Collins, CEO of Medipattern.
Medipattern will continue to expand its core medical imaging analysis solutions (Medipattern iaHealth Solutions), including Visualize:Vascular™ and its other related products. For patients who need treatment, helping to clinically analyze and correctly identify disease is key to developing each participant's tailored life or treatment plan. Through its two business units, Medipattern iaHealth Solutions and Medipattern mHealth Solutions, Medipattern assists in caring for the patient by feeding clinically relevant daily prevention information to healthcare professionals which can be aggregated with image analysis to identify disease and monitor lifestyle changes directly.
"The trend in healthcare is to provide more support for the prevention of disease with a view to avoid disease. This lowers healthcare costs while increasing personal satisfaction as more and more people are able to control metabolic syndrome. The other major trend in healthcare is to employ informatics to identify disease as early as possible. Medipattern is positioned well with innovative healthcare assessment technologies that can track and store each Medipattern community member's health fingerprint™, mine clinically relevant data, and analyze medical imaging to support these healthcare initiatives," stated Reed Hanoun, founder of MYTRAK Health Systems Inc.
Under the terms of the Transaction, Medipattern issued 11,400,000 common shares to MYTRAK and paid $500,000 on closing, with an additional $500,000 due to be paid by Medipattern to MYTRAK upon completion of a predetermined future milestone. The Transaction relates only to MYTRAK's mobile health solution becoming Medipattern's mHealth Solutions Business Unit. MYTRAK's fitness center business will remain part of MYTRAK Health Systems Inc.
Medipattern is pleased to announce that it has appointed Reed Hanoun to the board of directors of Medipattern. He will lead the Medipattern mHealth Solutions business unit. Mr. Hanoun has been granted an option to acquire up to 500,000 common shares of Medipattern, exercisable at $0.25 per share and expiring on or before July 19, 2017. The Transaction, Mr. Hanoun's appointment to the board of directors of Medipattern, and the granting of the options remain subject to TSX Venture Exchange acceptance of applicable filings.
Further to Medipattern's announcement on July 9, 2012 of the closing of the $1,792,500 first tranche of the previously announced brokered private placement and following closing of the Transaction, Medipattern and the agent, Industrial Alliance Securities Inc., have determined not to seek additional financing at this time.
About the Medipattern Corporation:
Medipattern® is a healthcare leader in the development and commercialization of prevention and analysis solutions that positively impact people's lives through Medipattern's Knowledge-based Informatics (MKI). Medipattern mHealth uses patented prevention technologies to engage, coach and monitor people in achieving their personalized goals. Medipattern iaHealth uses patented pattern recognition technology to analyze medical data to aid medical practitioners in the assessment of disease and critical anatomy. For more information, please visit the Company's website: www.medipattern.com.
Medipattern® is a registered trademarks of The Medipattern Corporation. Visualize:Vascular™ is a trademark of the Medipattern Corporation. MyTrak® is a trademark of MYTRAK Health Systems and will be under temporary license to Medipattern while the company reviews branding.
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). These factors should be considered carefully, and readers should not place undue reliance on Medipattern's forward-looking statements. 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.