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medipattern corp/the (MKI) Details

The Medipattern Corporation develops and commercializes medical imaging software in Canada and internationally. Its software products use Cadenza technology suite to identify, render, characterize, and visualize medical abnormalities. The company’s lead product includes Visualize:Vascular, a carotid 3D reconstruction application that tracks the active intraluminal arterial pathway to the brain rendering the lumen in 3D. Its products also include B-CAD, a computer-aided-detection (CAD) software application designed to analyze breast ultrasound images; and B-CAD MRI, a breast magnetic resonance imaging that identifies and analyzes morphological features of lesions. The company’s software is used in ultrasound machines, picture archiving and communication systems, and reporting systems, as well as integrated into workstations or as standalone application. It has a collaboration and development agreement with GE Healthcare to create ultrasound-based vascular imaging quantification tools. The Medipattern Corporation was founded in 1999 and is headquartered in Toronto, Canada. As of November 1, 2013, Medipattern Corporation operates as a subsidiary of Salient Imaging Inc.

Founded in 1999

medipattern corp/the (MKI) Top Compensated Officers

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Compensation as of Fiscal Year 2014.

medipattern corp/the (MKI) Key Developments

Medipattern Announces Transfer Of Listing From TSX Venture To NEX

In accordance with TSX Venture Policy 2.5, Medipattern Corporation has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective July 4, 2013, the Company's listing will transfer to NEX, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Toronto to NEX. As of July 4, 2013, the Company is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies. Further to the TSX Venture Exchange Bulletin dated April 29, 2013, trading in the Company's securities will remain suspended.

Medipattern Corporation Not In Compliance With TSX Venture Exchange Requirements

Further to the TSX Venture Exchange (TSXV) Bulletin dated April 25, 2013, and Medipattern Corporation’s press dated April 25, 2013, effective at the opening on April 30, 2013, trading in the shares of the company will suspended for failure to maintain Exchange requirements. Members are prohibited from trading in the securities of the company during the period of the suspension or until further notice.

Medipattern Announces Offer for Settlement of Debt

The Medipattern Corporation announced it has received an offer for the settlement of approximately $5,673,876.36, which includes principal and interest owning to certain holders of notes issued by the company in December 2012, March 2011 and May 2010, together with the 2012 Notes and the 2011 Notes. The 2012 Notes are secured by a general security agreement, pursuant to which the company granted the holders a security interest over all of the assets and intellectual property of the company. The 2011 Notes are secured by a technology security agreement, pursuant to which the company granted the holders a security interest over certain intellectual property of the company. On February 17, 2013, the collateral agent under the General Security Agreement and Technology Security Agreement, on behalf of the holders of 2012 Notes, delivered a written demand to the company for the full redemption of the 2012 Notes, including all accrued interest in connection therewith. Also on February 17, 2013, the collateral agent, on behalf of the holders of the 2011 Notes and the 2010 Notes, delivered written notice to the company that an Event of Default (as defined in the 2011 Notes and 2010 Notes respectively) had occurred and declared the principal amount and all accrued and unpaid interest in connection therewith immediately due and payable. As part of the demand for payment under the Notes, the Lenders postponed enforcing their rights under the Notes, the General Security Agreement and the Technology Security Agreement for a period of thirty days in hopes of reaching a negotiated settlement with the company of all Indebtedness. The company and the Lenders have entered into a memorandum of understanding in respect of the settlement of all outstanding Indebtedness owed by the company to the Lenders. The principal terms of the MOU are: The company shall establish a wholly-owned subsidiary to be incorporated under the laws of the state of Delaware, United States, or such other state as the parties shall agree; The board of directors of Newco shall consist of a minimum of three members, with no fewer than two members to be appointed by the collateral agent and one member appointed by the company; Following the establishment of Newco, the company shall effect a transfer to Newco of the entirety of its operations and all of its assets relating to its "Visualize: Vascular(TM)" and "B-CAD(R)" product/service offerings and the commercial rights associated therewith; For regulatory purposes, the company shall maintain an office for Newco in such a location and for the necessary period of time that it takes to provide for a seamless transfer of all FDA, ISO, QSR and related approvals and certifications necessary to operate the 'Visualize: Vascular' and 'B- CAD' businesses; Transfer to Newco all of the Indebtedness owed to the Lenders pursuant to the Notes, including the New Notes, all additional accrued interest and any other costs or fees owing to the Lenders; The company and Newco will enter into a royalty agreement(s) relating to the 'Visualize: Vascular' and 'B-CAD' businesses.

 

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