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Medipattern Reports Results for Q1 2012

(December 23, 2011)

TORONTO, ONTARIO -- (Marketwire) -- 12/23/11 --

Attention: Business/Financial Editors

The Medipattern Corporation ("Medipattern") (TSX VENTURE:MKI), a pioneer in the development of medical imaging software solutions that help medical practitioners to better understand lesions and critical anatomy, announced first quarter results from the company's 2012 financial year.

"Working closely with our installed base, our development team has shown significant improvement to product workflow resulting in increasing product acceptance by all three target market segments," stated Jeff Collins, President and CEO of Medipattern. "Significant product milestones for Visualize:Vascular(TM) were met during the first quarter and are being expanded through the second quarter. The product is installed in vascular surgery, cardiology and general radiology private practices. The product is installed in both private practice and hospital settings. The product is installed and being used daily in low volume through high volume settings. We have been able to stress test the product under the full range of practice environments. We have also stress tested our pay-per-use sales model, whereby the customer pays for a limited use license key which can be updated in the field. As workflow concerns are being resolved, we started receiving payment for initial use of the product and updates to license keys recently in Q2. The product has proven to be reimbursed by all of the major payers in 4 states, all located in the Northeast US. We also welcome the following practices to our growing vascular user's group, who range from very small private practice to healthcare systems: Dr. Wruble in New York, Zwanger-Pesiri in New York, Massapequa Heart, part of the North Shore LIJ System in New York and East Orange Hospital in New Jersey."


"The Company also announced that on December 21, 2011, in accordance with its Stock Option Plan and subject to regulatory approval, the board of directors of Medipattern has approved the grant of an aggregate of 971,000 incentive stock options to certain directors, officers, employees and consultants. The options are exercisable on or before December 21, 2016 at an exercise price of $0.40 per share, with a portion of the options granted subject to vesting at the rate of one-third of the options in one-year increments over a three year period."

Financial Highlights for Q1 Fiscal 2012:

-- Revenue totaled $6,504 (Q1 2011 - $33,434) for the fiscal quarter ended September 30, 2011, an overall decrease of 81%. Subscription rental fees from B-CAD-FOR-LIFE(TM) accounted for all quarterly revenue (Q1 2011 - $17,002) as the Company continued to focus its core R&D resources and marketing expertise on meeting its deadlines for completion of internal development and commercialization of its new vascular software Visualize:Vascular(TM) which was rolled out on a limited basis in June 2011. In Q1 2011 the Company also generated $16,432 in B-CAD(TM) licensing revenue, while no professional fees were earning in either period; -- Non-interest operating expenses in Q1 2012 totaled $588,823 versus $561,938 in Q1 2011, an overall increase of 4.8%. Despite modest increases in R&D expenses associated with the final development of Visualize:Vascular(TM), the Company remains committed to controlling all discretionary spending until operating cash flow improves in response to its ongoing commercialization of its award winning software products. Total interest expense (including accreted interest on Convertible Debt) for Q1 2012 increased to $102,097 (Q1 2011 - $55,324) as a result of its late fiscal 2011 Convertible Debt financing, while a fair value gain of $39,287 was recognized in Q1 2012 (Q1 2011 - loss of $2,116) on embedded conversion options in its Convertible Notes; -- Resulting net loss for Q1 2012 was $653,096 ($0.01 per share) versus $587,761 ($0.01 per share) for Q1 2011; -- As at September 30, 2011, cash and cash equivalents totaled $192,786 (June 30, 2011 - $201,703), current assets, including highly liquid short-term investments of $2,101,582 (June 30, 2011 - $2,567,619), were $2,678,753 (June 30, 2011 - $3,313,658) and current liabilities were $337,180 (June 30, 2011 - $352,104). Working capital at September 30, 2011 totaled $2,341,573 (June 30, 2011 - $2,961,554). At November 30, 2011, the Company estimates working capital at $1,750,000.

Results of Operations:

THE MEDIPATTERN CORPORATION UNAUDITED STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS AND DEFICIT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 Three Month Period Ended -------------------------------------------- September 30, September 30, 2011 2010 Increase (Unaudited) (Unaudited) (Decrease) ---------------------------------------------------------------------------- REVENUES Licensing fees $ - $ 16,432 $ (16,432) Professional fees - - - Subscription rental fees 6,504 17,002 (10,498) -------------------------------------------- 6,504 33,434 (26,930) -------------------------------------------- EXPENSES Research and development 260,530 230,064 30,466 Administration and product support 209,910 219,925 (10,015) Sales and marketing 110,589 103,590 6,999 Interest on convertible debt 49,943 41,690 8,253 Accreted interest on convertible debt 70,154 13,634 56,520 Convertible debt conversion option (gain) loss (39,287) 2,116 (41,403) Foreign exchange loss (gain) (271) 4,680 (4,951) Investment income (9,762) (2,862) (6,900) Depreciation of property and equipment 7,794 8,358 (564) -------------------------------------------- 659,600 621,195 38,405 -------------------------------------------- NET LOSS AND TOTAL COMPREHENSIVE LOSS $ (653,096) $ (587,761) $ (65,335) ---------------------------------------------------------------------------- Weighted Average # of Common Shares Outstanding - Basic and Diluted 57,404,579 57,154,579 -------------------------------------------------------------- Loss Per Share - Basic and Diluted $ (0.01) $ (0.01) --------------------------------------------------------------

For further details concerning Medipattern's results, please see the Company's filings on SEDAR (www.sedar.com).

Upcoming Events

45th Annual Mid-Winter Leadership Conference MHA Jan 27, 2012 Framingham, MA Annual Hospital - Physician Leadership Conference MHA Mar 16, 2012 Waltham, MA Annual Meeting - MHA June 6 - 7, 2012 Brewster, MA SVU/SVS Annual Conference June 7 - 9, 2012 Baltimore, MD

About the Medipattern Corporation:

Medipattern?? is a pioneer in the development of imaging software solutions that help medical practitioners to better understand lesions and critical anatomy. Medipattern uses its Cadenza(TM) technology to process images, finding the salient region of interest and presenting them in 2D and 3D formats that enhance the reader's perception. For more information, please visit the Company's website: www.medipattern.com.

Medipattern?? is a registered mark of The Medipattern Corporation. Visualize:Vascular(TM) is a trademark of the Medipattern Corporation.

Forward-looking statements

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.

Contacts:
The Medipattern Corporation
Jeff Collins
CEO
(416) 744-0009 ext. 224
[email protected]
www.medipattern.com

Spinnaker Capital Markets Inc.
Kevin O'Connor
(416) 962-3300 ext. 226
[email protected]


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