Medipattern Closes $3.0 Million Convertible Note Financing
March 14 2011 - 7:00AM
Marketwired
Attention: Business/Financial Editors
The Medipattern Corporation ("Medipattern" or the "Company")
(TSX VENTURE: MKI), a pioneer in the development of medical
software solutions that help improve imaging workflow and
productivity, is pleased to announce that it has closed a
$3,000,000 secured convertible note financing (the "Offering"). The
secured convertible notes (the "Convertible Notes") issued in the
Offering bear interest after December 31, 2011 on a semi-annual
basis, payable on March 31 and September 30 each year at the rate
of 8% in 2012, 16% in 2013, and mature on December 31, 2013. The
Convertible Notes may be converted by holders into common shares of
Medipattern, at a conversion price of $0.37 per share, subject to
adjustment in certain circumstances.
Proceeds from the Offering will be used by Medipattern to
augment operating working capital and commercialize its
Visualize:Vascular™ product which was cleared for use by the US FDA
on February 16, 2011. The Convertible Notes issued under the
Offering are subject to a four month and one day resale restriction
and the Offering is subject to TSX Venture Exchange acceptance of
requisite regulatory filings.
2011 Upcoming Events:
-- Society of Vascular Medicine (SVM) Annual Meeting, Boston June 2-4
-- Society of Vascular Surgery (SVS) Annual Meeting, Chicago June 16-18
-- Society of Vascular Ultrasound (SVU) Annual Meeting, Chicago June 16-18
About The Medipattern Corporation:
Medipattern® is a pioneer in the development of imaging software
solutions that help medical practitioners better understand lesions
and critical anatomy. Medipattern uses its Cadenza™ Algorithm
Technology to power Visualize:Vascular™ 3D reconstruction of areas
of interest within the vessel as well as our first-to-market,
award-winning B-CAD® advanced breast ultrasound computer aided
detection (CAD). For more information, please visit the Company's
website at: www.medipattern.com.
B-CAD® and Medipattern® are registered marks of The Medipattern
Corporation. Visualize:Vascular™ and Cadenza™ are trademarks 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 www.sedar.com). 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 jcollins@medipattern.com www.medipattern.com
Spinnaker Capital Markets Inc. Kevin O'Connor (416) 962-3300 ext.
226 ko@spinnakercmi.com
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