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Medipattern Announces Offer for Settlement of Debt and Corporate Restructuring

TORONTO, ONTARIO — (Marketwire) — 03/13/13 — Attention: Business/Financial Editors

The Medipattern Corporation (“Medipattern” or the “Company”) (TSX VENTURE: MKI), today announced it has received an offer for the settlement of approximately $5,673,876.36 (the “Indebtedness”), which includes principal and interest owning to certain holders (the “Lenders”) of notes issued by the Company in December 2012 (the “2012 Notes”), March 2011 (the “2011 Notes”) and May 2010 (the “2010 Notes”, together with the 2012 Notes and the 2011 Notes, the “Notes”).

The 2012 Notes are secured by a general security agreement (the “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 (the “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 (the “MOU”) in respect of the settlement of all outstanding Indebtedness owed by the Company to the Lenders (the “Debt Settlement”).

The principal terms of the MOU are as follows:

Pursuant to the terms of the MOU, the Company received $154,000 under the term debt facility (the “Facility”) announced on November 7, 2012. Medipattern issued $154,000 of secured notes under the Facility (the “New Notes”). The New Notes mature on June 30, 2013, and will bear interest at the rate of 6% per annum, calculated monthly and payable at maturity. The New Notes are secured by the General Security Agreement and are subject to certain redemption and repayment rights. The New Notes will be repaid as part of the Debt Settlement.

The New Notes are subject to a four month and one day resale restriction. The securities offered in the placement have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

The Corporation also announced the resignation of one of its directors, Howard Rosen. Mr. Rosen has advised Medipattern that he has decided to spend more time focusing on his other business pursuits. At this time, the Board of Directors would like to express its gratitude to Mr. Rosen for his time and efforts over the many years he has served as a director of Medipattern.

About the Medipattern Corporation:

MedipatternĀ® is an award-winning leader in the development and commercialization of healthcare solutions that positively impact people-s lives through the prevention of disease and analysis of medical images and data. Medipattern-s Knowledge-based Informatics (MKI) platform enables delivery of these streamlined solutions. 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: .

MedipatternĀ® is registered trademarks of The Medipattern Corporation. Visualize:Vascular is a registered trademark of Medipattern.

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 ). 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.

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

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