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Metiscan announces its sole non-operating subsidiary, Metiscan-CC, Inc., has filed a petition seeking relief under Chapter 7 of the Bankruptcy Code.

Metiscan, Inc., a holding company focused on growing its organization by making key acquisitions and developing companies and emerging technologies, announced that its sole non-operating subsidiary, Metiscan-CC, Inc., has filed a petition seeking relief under Chapter 7 of the Bankruptcy Code.

Metiscan-CC, Inc. ("Corpus") operated an independent medical imaging facility located in Corpus Christi, TX and was one of the imaging centers acquired by the Company in 2008. Corpus was an insolvent entity at the time of the acquisition and the Company acquired Corpus with the intent of providing marketing and managerial support to the assist the facility in achieving profitability. Due to the high saturation of imaging centers located in the Corpus Christi area, Corpus was unable to attract enough patients to stay in business and officially closed its doors in February of 2009. Corpus had examined and explored a number of potential strategic options to address its financial situation.

"It was a very difficult, but necessary decision, to file a petition for relief under Chapter 7 of the Bankruptcy Code for Metiscan-CC, Inc," commented Bryan A. Scott, Metiscan's President and CEO. "Management had worked tirelessly throughout the last 12 months to successfully market the imaging facility in Corpus in order to bring it to a level of financial stability, and eventual, profit. The high saturation of imaging facilities located in the area made it difficult to attract referring physicians and new patients and the Board of Directors felt it to be in the best interest of the Company to close the facility and protect Corpus to claims from its creditors."

Corpus was the Company's sole non-operating entity and represented approximately $3.6 million of the total liabilities as listed on the Company's consolidated balance sheet as of the date of bankruptcy filing.

About Metiscan, Inc.

Metiscan, Inc. is a holding company focused on growing its organization by making key acquisitions and developing companies and emerging technologies. Previously, Metiscan had been focused on healthcare related businesses and is currently pursuing acquisitions and opportunities related to healthcare and non-healthcare products and services.

Source: Metiscan, Inc.

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