TORONTO, ONTARIO — (Marketwire) — 12/23/11 — Attention: Business/Financial Editors
The Medipattern Corporation (“Medipattern”) (TSX VENTURE: MKI), a pioneer in the development of medical imaging software solutions that help medical practitioners to better understand lesions and critical anatomy, announced first quarter results from the company-s 2012 financial year.
“Working closely with our installed base, our development team has shown significant improvement to product workflow resulting in increasing product acceptance by all three target market segments,” stated Jeff Collins, President and CEO of Medipattern. “Significant product milestones for Visualize:Vascular were met during the first quarter and are being expanded through the second quarter. The product is installed in vascular surgery, cardiology and general radiology private practices. The product is installed in both private practice and hospital settings. The product is installed and being used daily in low volume through high volume settings. We have been able to stress test the product under the full range of practice environments. We have also stress tested our pay-per-use sales model, whereby the customer pays for a limited use license key which can be updated in the field. As workflow concerns are being resolved, we started receiving payment for initial use of the product and updates to license keys recently in Q2. The product has proven to be reimbursed by all of the major payers in 4 states, all located in the Northeast US. We also welcome the following practices to our growing vascular user-s group, who range from very small private practice to healthcare systems: Dr. Wruble in New York, Zwanger-Pesiri in New York, Massapequa Heart, part of the North Shore LIJ System in New York and East Orange Hospital in New Jersey.”
“The Company also announced that on December 21, 2011, in accordance with its Stock Option Plan and subject to regulatory approval, the board of directors of Medipattern has approved the grant of an aggregate of 971,000 incentive stock options to certain directors, officers, employees and consultants. The options are exercisable on or before December 21, 2016 at an exercise price of $0.40 per share, with a portion of the options granted subject to vesting at the rate of one-third of the options in one-year increments over a three year period.”
Financial Highlights for Q1 Fiscal 2012:
Results of Operations:
For further details concerning Medipattern-s results, please see the Company-s filings on SEDAR ().
Upcoming Events
About the Medipattern Corporation:
Medipattern® is a pioneer in the development of imaging software solutions that help medical practitioners to better understand lesions and critical anatomy. Medipattern uses its Cadenza technology to process images, finding the salient region of interest and presenting them in 2D and 3D formats that enhance the reader-s perception. For more information, please visit the Company-s website: .
Medipattern® is a registered mark of The Medipattern Corporation. Visualize:Vascular is a trademark 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 ). 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.
Contacts:
The Medipattern Corporation
Jeff Collins
CEO
(416) 744-0009 ext. 224
Spinnaker Capital Markets Inc.
Kevin O-Connor
(416) 962-3300 ext. 226
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