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MKI The Medipattern Corp.

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Share Name Share Symbol Market Type
The Medipattern Corp. TSXV:MKI TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Medipattern Announces Closing of the Acquisition of MYTRAK Mobile Health Solutions Division

20/07/2012 1:48pm

Marketwired Canada


Attention: Business/Financial Editors

The Medipattern Corporation ("Medipattern") (TSX VENTURE:MKI), a healthcare
leader in the development and commercialization of prevention and analysis
solutions that positively impact people's lives, announced today that it has
closed the acquisition (the "Transaction") of the Mobile Technology Business
Unit, including intellectual property and patented technology (the "Assets"),
from MYTRAK(R) Health System Inc. ("MYTRAK"). 


By combining Medipattern's patented knowledge-based imaging and pattern
recognition algorithms with MYTRAK's patented wearable personal lifestyle
activity technology and its proven behaviour modification system, Medipattern
will be in a unique position to deliver personalized health solutions that truly
change people's lives, helping them better manage disease and improve their
health. Medipattern intends to capitalize on this intellectual property by
expanding its core business to include the prevention and management of
Metabolic Syndrome, Cardiovascular Disease, Obesity and Diabetes through the
launch of a new mobile health business unit, called Medipattern mHealth
Solutions.


"The fusing of Medipattern's technology with MYTRAK's technology will provide
substantive opportunities for discovering patterns in each person's daily
activity data. The data may include aberrations in heart, health and energy
activity that could be an early indication of disease, or align each person's
routine with their metabolic rate to maximize health benefit. Creating and
delivering clinically relevant solutions from this information will allow us to
have real impact in the prevention and treatment of metabolic syndrome. Whether
the goals are set by each individual or by their healthcare practitioner, the
wearable device is designed to motivate every person to reach their health goals
and keep them on track to prevent disease. MYTRAK offers a remarkable tracking
solution where this data rich information can be logged and mined daily,"
commented Jeff Collins, CEO of Medipattern. 


Medipattern will continue to expand its core medical imaging analysis solutions
(Medipattern iaHealth Solutions), including Visualize:Vascular(TM) and its other
related products. For patients who need treatment, helping to clinically analyze
and correctly identify disease is key to developing each participant's tailored
life or treatment plan. Through its two business units, Medipattern iaHealth
Solutions and Medipattern mHealth Solutions, Medipattern assists in caring for
the patient by feeding clinically relevant daily prevention information to
healthcare professionals which can be aggregated with image analysis to identify
disease and monitor lifestyle changes directly.


"The trend in healthcare is to provide more support for the prevention of
disease with a view to avoid disease. This lowers healthcare costs while
increasing personal satisfaction as more and more people are able to control
metabolic syndrome. The other major trend in healthcare is to employ informatics
to identify disease as early as possible. Medipattern is positioned well with
innovative healthcare assessment technologies that can track and store each
Medipattern community member's health fingerprint(TM), mine clinically relevant
data, and analyze medical imaging to support these healthcare initiatives,"
stated Reed Hanoun, founder of MYTRAK Health Systems Inc. 


Under the terms of the Transaction, Medipattern issued 11,400,000 common shares
to MYTRAK and paid $500,000 on closing, with an additional $500,000 due to be
paid by Medipattern to MYTRAK upon completion of a predetermined future
milestone. The Transaction relates only to MYTRAK's mobile health solution
becoming Medipattern's mHealth Solutions Business Unit. MYTRAK's fitness center
business will remain part of MYTRAK Health Systems Inc.


Medipattern is pleased to announce that it has appointed Reed Hanoun to the
board of directors of Medipattern. He will lead the Medipattern mHealth
Solutions business unit. Mr. Hanoun has been granted an option to acquire up to
500,000 common shares of Medipattern, exercisable at $0.25 per share and
expiring on or before July 19, 2017. The Transaction, Mr. Hanoun's appointment
to the board of directors of Medipattern, and the granting of the options remain
subject to TSX Venture Exchange acceptance of applicable filings. 


Further to Medipattern's announcement on July 9, 2012 of the closing of the
$1,792,500 first tranche of the previously announced brokered private placement
and following closing of the Transaction, Medipattern and the agent, Industrial
Alliance Securities Inc., have determined not to seek additional financing at
this time.


About the Medipattern Corporation:

Medipattern(R) is a healthcare leader in the development and commercialization
of prevention and analysis solutions that positively impact people's lives
through Medipattern's Knowledge-based Informatics (MKI). 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) is a registered trademarks of The Medipattern Corporation.
Visualize:Vascular(TM) is a trademark of the Medipattern Corporation. MyTrak(R)
is a trademark of MYTRAK Health Systems and will be under temporary license to
Medipattern while the company reviews branding.


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). These factors should be
considered carefully, and readers should not place undue reliance on
Medipattern's forward-looking statements. 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.


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