Medipattern Closes Acquisition Of Mytrak Mobile Health Solutions Division

7/20/2012 12:40 PM ET

Medipattern Corp.(MKI.V: Quote) announced that it has closed the acquisition of the Mobile Technology Business Unit, including intellectual property and patented technology, from Mytrak Health System Inc.

As per the terms of the Transaction, Medipattern issued 11.40 million 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 also announced that it has appointed Reed Hanoun to the board of directors of Medipattern. He will lead the Medipattern mHealth Solutions business unit. 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.

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by RTT Staff Writer

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