Metiscan, Inc. Reports 2008 Fiscal Year End Financial Results

DALLAS, TX--(Marketwire - April 08, 2009) - Metiscan, Inc. (PINKSHEETS: MTIZ), a leading provider of products and services that streamline the management of diagnostic imaging facilities, today announced results for its fiscal year ended December 31st, 2008. Revenue for the year was $989,036, a 33% increase over the same period last year. Net Income was $1.4M during the year ended December 31, 2008 as compared to a net loss of $1.2M during the year ended December 31, 2007. The Company’s positive Net Income for its 2008 fiscal year was predominately attributed to $2,326,355 in total debt forgiveness.

Due to the recent acquisition of the Company’s two diagnostic imaging centers, located in Pottsville, PA and Corpus Christi, TX, the value of Metiscan’s gross assets increased by $2.2M to a total value of $4.7M. Additionally, these 2 centers separately realized aggregate revenues of $2.34M. These numbers are not reflected in Metiscan’s revenues and net income in the previous paragraph above nor in the Company’s year-end financial statements for 2008 due to the December 31st, 2008 acquisition date.

Bryan A. Scott, President & CEO, stated, “Our team has made tremendous progress in improving Metiscan’s financial condition and nurturing its keystone products and services. We accomplished the majority of the goals set forth by our board which has contributed to Metiscan’s vast accomplishments.”

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.

-- 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 new facility and by migrating all fax systems to 100% digital transmission.

-- Reduced operating expenses by downsizing the Company’s office space, minimizing and eliminating certain monthly expenses and 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’s experience lies in the development, production, release and management of enterprise software systems.

Metiscan’s 2008 fiscal year financial results do not include revenues for its newly acquired diagnostic imaging center subsidiaries only its assets and liabilities. Furthermore, the Company’s positive Net Income for our fiscal year end in 2008 was predominately attributed to $2,326,355 in debt forgiveness. Consolidated revenues and net income for all subsidiaries of the Company shall be included in the Company’s next quarterly report.

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 health records or EHR, 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 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.