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TechniScan Secures $10 Million Equity Financing Facility
Date:1/18/2011

SALT LAKE CITY, Jan. 18, 2011 /PRNewswire/ -- TechniScan (OTC Bulletin Board: TSNI), a medical device company engaged in the development and commercialization of an automated 3D breast ultrasound imaging system, announced today that it has signed a $10 million equity purchase agreement with Southridge Partners II, LP.

"We are pleased to have secured this equity financing facility with Southridge, a forward thinking institutional investor, which provides future flexibility in capital raising," said Dave Robinson, chief executive officer of TechniScan. "We plan to use the proceeds, as needed, to support our clinical studies of Warm Bath Ultrasound breast imaging technology."

Pursuant to the purchase agreement, TechniScan has the right to sell to Southridge up to $10 million of its common stock over a twenty-four month period. TechniScan will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the purchase agreement.

"Southridge is committed to working with TechniScan in its vital research in developing better breast cancer diagnostics and is pleased to be the company's equity investor," said Stephen Hicks, chief executive officer of Southridge.

A more complete and detailed description of the purchase agreement is set forth in TechniScan's current report on Form 8-K filed today with the Securities and Exchange Commission.

The offer and sale of the shares of TechniScan's common stock issuable under the facility have not been registered under the Securities Act of 1933, as amended.  Accordingly, these securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.  TechniScan has agreed to file within 30 days a registration st
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SOURCE TechniScan
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