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TechniScan, Inc. Announces Restructuring of Convertible Debt
Date:11/8/2010

SALT LAKE CITY, Nov. 8, 2010 /PRNewswire-FirstCall/ -- TechniScan, Inc. (OTC Bulletin Board: TSNI) a medical device company engaged in the development and commercialization of an automated breast ultrasound imaging system, today announced a restructuring of its convertible debt.

TechniScan entered into amendments with each note holder, effective as of October 28, 2010, to extend the maturity date of its entire portfolio of secured convertible promissory notes from October 31, 2010 to January 31, 2011. The maturity date of the notes may be further extended to April 15, 2011 at request of the company and with agreement from first lien holders of the notes.

"This restructuring of the debt instruments currently owed TechniScan will allow us time to focus on the financing, FDA approvals, and other activities we will need to accomplish to be successful," said David Robinson, TechniScan's CEO. "The fact that our note holders were all willing to work with us is a sign that we're on the right track with our focus and priorities."

As part of the extension of the maturity date of the notes, the company issued the holders of the notes their pro rata share of an aggregate of 275,000 shares of its restricted common stock and warrants to purchase 1,026,126 shares. The exercise price per share is $2.68, subject to customary adjustments set forth in the warrants. The warrants will expire five years from the date of grant.

Additionally, all note holders have agreed to forego their conversion rights until the maturity date of the notes, provided they are repaid within five days of the closing of a qualified financing occurring prior to the maturity date.  If TechniScan closes a qualified financing prior to the maturity date of the notes, it has the option to allow the note holders to choose whether to convert their notes or be repaid.

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