Metiscan, Inc. Announces Fourth Quarter 2008 Achievements, Discusses Recent Acquisition of MRI Facilities

DALLAS, TX--(Marketwire - February 05, 2009) - 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 the Company’s fourth quarter 2008 achievements.

“During the fourth quarter of 2008, our management team made significant progress in achieving our outlined goals for Metiscan,” commented Bryan A. Scott, Metiscan’s President and CEO. “Our recent acquisition of two diagnostic imaging MRI facilities, through share-for-share exchanges, in my mind clearly outlines the positive momentum that our Company is experiencing. These acquisitions will help our consolidated entity to have additional cash flow to accelerate our Managed Services IT infrastructure and RIS/PACs software initiatives.”

Metiscan’s management team accomplished the following goals in the fourth quarter of 2008:

-- Acquired two diagnostic imaging MRI facilities through share-for-share exchanges. Financial results will be provided subsequently with Pink Sheets. -- Renegotiated and received debt forgiveness for long-term liabilities with the Company’s largest unsecured debtor for a total amount of $1.9 million. -- Upgraded Metiscan’s Managed Services IT infrastructure and RIS/PACs software systems by relocating critical IT infrastructure to a 24/7 generator supported facility having dedicated redundant power and by migrating all fax systems to 100% digital transmission. -- Reduced operating expenses by downsizing the Company’s office space, minimizing and eliminating medical, E&O, and P&L insurance monthly obligations, outsourcing critical business software systems, and eliminating inefficiencies in the Company’s workforce through layoffs of non-critical personnel. -- Hiring Iain Shigeoka, Ph.D., as the President & CEO, of Metiscan Managed Services. Dr. Shigeoka experience lies in the development, production, release and management of enterprise software systems. 

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.