MTIZ newssss---Metiscan, Inc. Receives $1.97 Million in Unsecured Debt Forgiveness
3 minutes ago - Market Wire
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MTIZ 0.018 -10.00%
As of 9:37 AM ET 1/6/09
Metiscan, Inc. (PINKSHEETS: MTIZ), a national provider of products and services that streamline the management and operation functions of diagnostic imaging facilities and an operator of two diagnostic MRI facilities, announced today that its wholly owned subsidiary, Metiscan Technologies, Inc. (Technologies), has negotiated approximately $1.97 Million in debt forgiveness with its largest unsecured creditor.
"Technologies has struck a deal with its largest unsecured creditor. Prior to the debt forgiveness, Technologies owed this creditor approximately $2.49 Million in outstanding unsecured debt that had been accrued by its former operators," commented Bryan A. Scot, President and CEO. "After multiple discussions regarding Technologies' business plan and asset sale to another Metiscan wholly owned subsidiary, Metiscan Managed Services, Inc., we were able to come to an agreement that made sense for all parties."
Details of the debt forgiveness included forgiveness of $1,230,860 in outstanding promissory notes, $100,515 in accrued interest, and $642,083 in other various loans made to the Company since 2006. Concurrently, Management negotiated the refinancing of the remaining balance of the unsecured debt, totaling $526,345, over 5 years at an interest rate of 8%, with principal and interest payments due in one lump sum in December 2013. The $1.97 Million in debt forgiveness will be reflected in the company's 4th quarter financial statements.
Metiscan management is also in the process of renegotiating, restructuring, and requesting debt forgiveness from some of its other debtors and creditors, including its newly acquired MRI subsidiaries having operations located in Corpus Christi, TX and Pottsville, PA. Management's goal is to free up cash flows in order to upgrade and expand the IT infrastructure and RIS/PACs software systems in its wholly owned subsidiary, Metiscan Managed Services, Inc., and upgrade its MRI equipment in its diagnostic MRI facility located in Pottsville, PA.
"Overall we have had positive conversations with our debtors and creditors thus far. They have been really positive due to the recent change in ownership and management," commented Jacob Cohen, Metiscan's Executive Vice President. "We feel positive about receiving further debt restructuring."
About Metiscan, Inc.
Metiscan, Inc. is a national provider of products and services that streamline the management and operation functions of diagnostic imaging facilities, radiology groups, in-office imaging groups, small hospitals and physician offices and is an operator of two diagnostic MRI facilities located in Corpus Christi, TX, and Pottsville, PA. Metiscan's keystone product is a web-based radiology information system that interfaces Radiology Information System (RIS), Teleradiology and PACS (Picture Archiving and Communication System) for its clients. Metiscan also provides information management and operations support for diagnostic imaging facilities through complete revenue cycle management, electronic medical records or EMR, medical transcription services and functional training as needed.
Safe Harbor Statement: Certain of the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Metiscan's actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "intends," "anticipates" or "plans" to be uncertain and forward-looking. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Contact:
Investor Relations
David Donlin
Cervelle Group
Phone: 407-475-9966
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