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The Medipattern Corporation: Medipattern Announces Convertible Debenture Financing

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  Published in Business and Finance on Thursday, December 18th 2008 at 14:49 GMT by Market Wire
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TORONTO, ONTARIO--(Marketwire - Dec. 18, 2008) -

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 executed an agreement to raise $357,000 through the issue of convertible debentures (the "Debentures"), which will bear interest at 6% per annum, payable on a monthly basis. Closing is expected on or about December 22, 2008, subject to regulatory approval. The Debentures will mature and be payable on the date that is one year from the date of issue (the "Maturity Date"). After 45 days from closing, the Debentures may be converted into common shares by the Corporation, in certain circumstances requiring the consent of the holder, at a conversion price determined in the context of the market.

Proceeds from the Debentures will be used for general working capital purposes.

About The Medipattern Corporation

Medipattern^® is a pioneer in the development of medical software solutions that help improve imaging workflow and productivity. Our first-to-market, award-winning B-CAD^® advances breast ultrasound computer aided detection (CAD) by streamlining workflow and organizing information into a comprehensive patient record. Medipattern uses its Cadenza^TM CAD Technology to power the digital conversion in medical communications. B-CAD automatically creates fully digital standardized worksheets and reports that make every practice more efficient, productive and ultimately more effective. For more information, please visit the Company's website at: [ www.medipattern.com ].

Cadenza^TM is a trademark of The Medipattern Corporation. B-CAD^® and Medipattern^® are registered marks of The Medipattern Corporation. BI-RADS^® is a registered trademark of the American College of Radiology.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release.