DALLAS, TX--(Marketwire - March 02, 2010) - Metiscan, Inc. (PINKSHEETS: MTIZ), a holding company focused on growing its organization by making key acquisitions and developing companies and emerging technologies, releases its preliminary 2009 year-end balance sheet highlights as follows:
Balance Sheet As of Dec 31, 2009 As of Dec 31, 2008
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Total Assets $ 10.2M $ 4.7M
Total Liabilities $ 1.3M $ 4.6M
Net Asset Value $ 8.9M $ 0.1M or $100,000
NAVPS $ 0.0041 $ 0.00041
As of December 31, 2009, Metiscan had total assets of $10.2M representing an increase of $5.6M, or 117%, from year-end 2008. This increase in total assets was predominately attributed to Metiscan's closing of $7.3M in equity funding from 5 private equity investors through a Regulation D 506 offering, priced at $0.0125 per share. The release of these funds are subject to the terms and conditions in an account management agreement.
As of December 31, 2009, Metiscan had total liabilities of $1.3M representing a decrease of $3.4M, or 72%, from year-end 2008. This decrease in total liabilities was mainly attributed to Metiscan's non-operating subsidiary, Metiscan-CC, Inc., filing a petition seeking relief under Chapter 7 of the Bankruptcy Code. As of December 31, 2009, Metiscan had a Net Asset Value of approximately $8.9M.
Furthermore, as of December 31, 2009, Metiscan had 2,162,439,324 common shares issued and outstanding, resulting in a Net Asset Value Per Share (NAVPS) of $0.0041 which is a ten times increase from the same period in 2008, when the company had 243,228,600 shares issued and outstanding. The significant increase in shares issued and outstanding is predominately attributed to the conversion of the Preferred C shares into restricted common shares by management.
The aforementioned balance sheet highlights are a result of management's internally prepared financial statements. Management is currently in the process of completing its financial statements for the fiscal year ended December 31, 2009 and plans to post them on Pink Sheets on or before the required disclosure date. Additionally, Metiscan's PCAOB audit is currently in process and, when complete, Metiscan's SEC counsel will be able to complete the preparation and filing of its registration statement with the SEC.
More detailed information about Metiscan and its subsidiaries is located on the Company's corporate website at www.Metiscan.com.
About Metiscan, Inc.
Metiscan, Inc. is a holding company focused on growing its organization by making key acquisitions and developing companies and emerging technologies and is currently pursuing acquisitions and other opportunities.
Metiscan operates FirstView EHR, Inc., a wholly owned subsidiary, that provides end-to-end IT services for diagnostic imaging facilities including web-based electronic healthcare records (EHR), workflow efficiency, PACS administration, long-term archiving, professional IT services and strategic consulting. Metiscan operates Schuylkill Open MRI, Inc., a majority owned subsidiary that is an accredited independent diagnostic testing facility (IDTF) that provides Magnetic Resonance Imaging (MRI) services. Metiscan also operates Taptopia, Inc., a wholly owned subsidiary that provides mobile technology solutions to event organizers, convention centers, and their related vendors. Metiscan also operates Shoreline Employment Services, Inc., a wholly owned subsidiary that provides employment services and benefits to all of Metiscan's subsidiaries and has begun to provide its services for other companies.
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 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.
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