Imaging Dynamics announces successful closing of private placement and corporate update
CALGARY, July 16, 2012 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSX: IDL) a global leader in the high growth digital radiography (DR) equipment market, is pleased to announce that it has closed on the previously announced non-brokered private placement of 450,000,000 common shares in the capital of the Company (a "Common Share") at a price of $0.005 per Common Share for gross proceeds of $2,250,000 (the "Private Placement"). Proceeds from this Private Placement will be used for general working capital and corporate purposes. The Common Shares issued in connection with the Private Placement will be subject to a four month hold period from the date of issuance in accordance with applicable securities law. The Company also received Shareholder approval for this Private Placement at the Annual and Special Meeting of Shareholders of the Company held on July 4, 2012. After this Private Placement the Company currently has 608,441,782 issued and outstanding Common Shares.
The Company is also pleased to announce the following Board and Officer changes which are effective as of July 13, 2012; Mr. Ting Tsuen Lee ("Mr. Lee") and Dr. Sidong Huang ("Dr. Huang") are appointed to the Board of the Company. Their Board appointments were also approved by the Shareholders at the Annual and Special Meeting of Shareholders of the Company held on July 4, 2012. Mr. Lee has been appointed as the Chairman of the Board and in addition, has taken on the role of Chief Executive Officer of the Company. Dr. Huang has been appointed a Director and continues as the Senior Vice-President of the Company. Mr. Shameze Rampertab will continue on the Board as a Director and will be stepping down from his position as Chairman. Mr. Swapan Kakumanu will resign as the Chief Executive Officer and continue as a Director on the Board and as President and Chief Financial Officer of the Company.
Commenting on the closing of the Private Placement and Board appointments, Mr. Lee, IDC Chairman and Chief Executive Officer stated, "I am excited about the potential these changes may bring for the Company and its Shareholders. I look forward to working with the Board, Management Team and all Employees to improve the performance of the Company and work towards profitable operations."
About Imaging Dynamics Company (IDC):
IDC is a medical devices technology company and innovative force in the high growth field of digital radiography (DR) technology. IDC's product line of CCD-based X-Series direct capture technology and the new innovaXion Flat Panel technology replaces conventional film-based diagnostic imaging and provides a cost-effective solution for producing high quality diagnostic images, enhancing patient care and improving workflow.
Each IDC DR solution provides high resolution radiographic images in the digital format required for todays PACS (Picture Archiving & Communication Systems) and the growing requirements for the electronic health record, all without the use of film, environmentally unfriendly chemicals, and cassettes.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan, Deloitte Technology and PROFIT; for its dedication to innovation, global growth, and customer focused value proposition.
IDC is based in Calgary, Alberta, Canada.
Visit the IDC Web site: www.imagingdynamics.com
Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.For further information:
Mr. Swapan Kakumanu
President & Chief Financial Officer