TORONTO, ONTARIO--(Marketwire - Dec. 17, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Attention: Business/Financial Editors
The Medipattern Corporation ("Medipattern" or the "Company") (TSX VENTURE:MKI), is pleased to announce that it has closed the first tranche of financing under the term debt facility (the "Facility") arranged on November 7, 2012.
Medipattern issued $154,000 of secured notes under the Facility (the "Notes"). The Notes mature on June 30, 2013, and will bear interest at the rate of 6% per annum, calculated monthly and payable at maturity. The Notes are secured by a general security agreement over all the assets of the Company, in priority to all existing security interests granted by the Company. The Notes are subject to certain redemption and repayment rights. Medipattern and its Board have agreed to appoint up to two (2) representatives as directors to the Company's Board as designated by the holders of the notes. The Notes are subject to a four month and one day resale restriction.
Further to the closing, Medipattern is pleased to update its shareholders that it has recently redoubled its efforts relating to the commercialization and support of its Visualize: Vascular™ product platform. In conjunction with this effort, the Company has retained additional sales and customer service staff in the greater New York area dedicated to supporting the growing Visualize: Vascular™ customer base. In addition to the expansion of the sales team, the Company is also pleased to announce that it has successfully launched its new cloud based data transfer platform. The new system has thus far been well received by the Company's clients and it is anticipated that the new service will not only enhance the customer experience but also reduce the Company's direct operating costs moving forward.
The securities offered in the placement have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
About the Medipattern Corporation:
Medipattern® is an award-winning leader in the development and commercialization of healthcare solutions that positively impact people's lives through the prevention of disease and analysis of medical images and data. Medipattern's Knowledge-based Informatics (MKI) platform enables delivery of these streamlined solutions. 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 registered trademarks of The Medipattern Corporation. Visualize:Vascular™ is a registered trademark of Medipattern.
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.