|By Marketwired .||
|November 30, 2012 06:00 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 --
Attention: Business/Financial Editors
The Medipattern Corporation ("Medipattern" or "Company") (TSX VENTURE:MKI), is pleased to report first quarter highlights and results of operations from the Company's 2013 financial year, to September 30, 2012.
HIGHLIGHTS FOR THE QUARTER:
-- Increased Visualize: Vascular(TM) customer base to a total of 46 customers which provide services in a combined total of 272 sites. -- Processed 1,243 cases in the quarter. -- Completed the acquisition of Mytrak Health Systems Inc.'s Mobile Technology Business Unit ("mHealth division") in conjunction with a $1.8 million financing.
"The customer base for our vascular product line continues to grow. We are refining the installation and training to streamline our start up process for Visualize: Vascular(TM) customers. We have implemented a cloud based system for delivery of medical images and reports for our customers so we can begin to scale the solution as we anticipate increased scanning volume. This new delivery system will enable our customers to begin to increase their volumes as we transition many of them from pre-revenue test scanning to contracted primary workload cases," stated Jeff Collins, CEO of The Medipattern Corporation. "The company also introduced its wearable mobile health device, SMARTCOACH(TM), into its Visualize: Vascular(TM) customer base. The medical community appreciates the device's ability to highlight heart activity and monitor the intensity of physical activity. Zwanger-Pesiri Radiology is utilizing SMARTCOACH(TM) as a method to encourage all 600 of their employees to meet their individual wellness goals, emphasizing that the entire organization benefits when the team is in good health."
"A new case study shows that Visualize: Vascular(TM) improved the Physician's ability to better identify those patients at risk to stroke," Collins stated. "The paper was presented at the Annual Meeting of the Society of Radiologists in Ultrasound, a division of the American College of Radiology. The paper shows that Visualize's 3D rendering results have a greater than 99% correlation to Magnetic Resonance Angiography (MRA). Each case was run with the standard of care: Carotid Ultrasound and MRA, and then with Visualize. Angiography is the gold standard for determining vascular integrity. The study shows that the standard of care Carotid Ultrasound only agreed with MRA 75% of the time. Using Visualize's 3D with Carotid Ultrasound improved diagnostic accuracy to the same level as angiography, bringing the accuracy of angiography to ultrasound. Clinical results continue to strongly substantiate the benefits of our vascular product line."
Collins continues, "Medipattern is positioned well to continue growing its vascular product line and increase delivery of its mHealth division products through this channel."
Financial Highlights for Q1 Fiscal 2013:
-- Revenue totaled $100,743 for the three month period ended September 30, 2012 (Q1 Fiscal 2013) versus $6,504 for Q1 Fiscal 2012. Of the $94,239 increase, device and accessories sales from the new mHealth division accounted for $76,399, subscription fees for Visualize: Vascular(TM), B- CAD-FOR-LIFE(TM) and SMARTCOACH(TM) accounted for $14,344 and $10,000 from the sale of B-CAD(r) licenses. Throughout Q1 2013 the Company continued to focus its core R&D resources and marketing expertise on meeting its iaHealth division deadlines for final commercialization of its Visualize: Vascular(TM) software, while improving the customer user experience and device interface on its mHealth division technology platform. As a consequence, no licensing or professional fees were earned in the quarter (Q1 2012 - $nil); -- Non-interest operating expenses in Q1 Fiscal 2013 totaled $1,291,287 versus $581,029 for Q1 Fiscal 2012, an overall increase of 122%. Of the $710,258 increase, $403,492 was attributable to the addition of the new mHealth division, while related acquisition costs, increased patent fees and higher share-based compensation accounted for the balance of the increased expenses. The Company remains committed to controlling all discretionary non-interest spending until operating cash flow improves and new financing is arranged; -- Total interest expense (including accreted interest on Convertible Debt) for Q1 Fiscal 2013 increased 68% to $201,279 (Q1 2012 - $120,097) as a result of the commencement of 8% interest due on certain Convertible Notes starting on January 1, 2012; -- In Q1 Fiscal 2013 the Company also recorded 2 significant non-cash items; one, a fair value gain on embedded conversion options in its 2010 Convertible Notes of $619,765 (Q1 - 2012 - $39,287) and two, a goodwill impairment provision on its recently acquired mHealth division of $1,764,584; -- Resulting net loss for Q1 Fiscal 2013 was $2,549,663 ($0.03 per share) versus $653,096 ($0.01 per share) for Q1 fiscal 2012; -- As at September 30, 2012, cash totaled $238,733 (June 30, 2012 - $348,732), current assets, including short-term investments of $272,689 (June 30, 2012 - $271,665), were $1,549,431 (June 30, 2012 - $870,989) and current liabilities were $1,050,475 (June 30, 2012 - $355,636). Working capital at September 30, 2012 totaled $498,956 (June 30, 2012 - $515,353), total assets totaled $3,108,838 (June 30, 2012 - $922,373) and total liabilities were $6,814,934 (June 30, 2012 - $6,652,560).
Subsequent to September 30, 2012
-- The Company initiated significant cost reduction initiatives to minimize monthly cash expenses and allow available financial resources to focus specifically on revenue generation. Included in these cash containment measures is senior management's (including its NEO's) agreement to receive no or reduced salaries until sufficient new liquidity is achieved through either new capital financing or enhanced revenue generation. -- November 7, 2012, the Company announced it had arranged a term debt facility ('Facility") to provide up to $1,000,000 of working capital. The Facility calls for advances to be made monthly to the Company, initially for $100,000. The Notes will expire on June 30, 2013, and will bear interest at 6% per annum. The Notes will be 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 closing of the Facility and the initial $100,000 advance is subject to completion of definitive agreements and TSX Venture Exchange approval. Medipattern and its Board have agreed the holders of the Notes have the right to appoint up to two representatives as directors of Medipattern's Board. To date, this Facility has not closed and no funds have been advanced. THE MEDIPATTERN CORPORATION UNAUDITED CONDENSED STATEMENT OF OPERATIONS and COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Three Months Three Months Ended Ended September September 30, 30, 2012 2011 --------------------------- --------------------------- Revenues Devices and accessories $ 76,399 $ - Licensing fees 10,000 - Professional fees - - Subscription rental fees 14,344 6,504 ------------- ------------- 100,743 6,504 ------------- ------------- Expenses Cost of Sales 70,549 - Research and development 331,273 260,530 Administration and product support 752,935 209,910 Sales and marketing 136,530 110,589 Interest on convertible debt 117,547 49,943 Accretion of interest on convertible debt 83,732 70,154 Unrealized gain on convertible debt conversion option (619,765) (39,287) Goodwill impairment provision 1,764,584 - Foreign exchange loss (gain) 6,488 (271) Investment income (2,165) (9,762) Depreciation of property and equipment 8,697 7,794 ------------- ------------- 2,650,406 659,600 ------------- ------------- Net loss and total comprehensive loss $(2,549,663) $ (653,096) ------------- ------------- ------------- ------------- Loss per share - basic and diluted $ (0.03) $ (0.01) ------------- ------------- ------------- ------------- Weighted average number of common shares outstanding 75,286,469 57,404,579 ------------- ------------- ------------- -------------
About the Medipattern Corporation:
Medipattern(r) is the 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(r) and B-CAD(r) are registered marks of The Medipattern Corporation. Visualize:Vascular(TM) is a trademark of the Medipattern Corporation.
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.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Sep. 1, 2015 09:45 AM EDT Reads: 237
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Sep. 1, 2015 08:45 AM EDT Reads: 549
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Sep. 1, 2015 08:30 AM EDT
Introducing Containers & Microservices Bootcamp at @CloudExpo Silicon Valley | #Containers #Microservices
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Sep. 1, 2015 08:15 AM EDT Reads: 354
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Aug. 31, 2015 11:00 PM EDT Reads: 502
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Aug. 31, 2015 10:30 PM EDT Reads: 404
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Aug. 31, 2015 09:00 PM EDT Reads: 373
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
Aug. 31, 2015 07:15 PM EDT Reads: 486
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
Aug. 31, 2015 04:45 PM EDT
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Aug. 31, 2015 04:30 PM EDT Reads: 466
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Aug. 31, 2015 03:00 PM EDT Reads: 252
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Aug. 31, 2015 02:45 PM EDT Reads: 381
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Aug. 31, 2015 02:30 PM EDT Reads: 466
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Aug. 31, 2015 02:30 PM EDT Reads: 422
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Aug. 31, 2015 02:00 PM EDT Reads: 186
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Aug. 31, 2015 01:45 PM EDT Reads: 426
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 31, 2015 12:30 PM EDT Reads: 363
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 31, 2015 11:30 AM EDT Reads: 901
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Aug. 31, 2015 10:30 AM EDT Reads: 667
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Aug. 31, 2015 10:15 AM EDT Reads: 312