IDC Announces Hong Kong Expansion and Corporate Update
CALGARY, Sept. 10, 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 excited to announce the incorporation of its Hong Kong subsidiary. Imaging Dynamics Company (Hong Kong) Limited ("IDC Hong Kong") is a wholly owned entity of Imaging Dynamics Company Limited ("IDC" or the "Company") based in Calgary, Alberta, Canada.
Under the direction of new Chairman and Chief Executive Officer, Mr. T. T. Lee, together with the Executive Management team, are pleased to report that since the announcement of the successful closing of its private placement in mid-July 2012, the Company has been working diligently toward a strategic growth plan to re-emerge as a leader in the competitive medical imaging market.
IDC Hong Kong will be a fully staffed business office structured to manage the increasing business in the target market of Asia Pacific. Under the direction of the IDC head office based in Canada, this new entity in Hong Kong will allow the Company to better respond and support the broad install base in this region and help drive the projected high growth strategy for this market segment by introducing new products and services.
Mr. T. T. Lee, IDC Chief Executive Officer commented on this development, "Many high tech manufacturing companies based in North America have moved their manufacturing to Asia Pacific for economic reasons. While this is a contributing factor to our decision, we expect this new office in Hong Kong to drive the development of new business for IDC and support its existing customers in the region." Lee continued, "I strongly believe this strategic move will provide significant benefits at all levels, supported by the current IDC Representative office in Beijing, China under the direction of Dr. Sidong Huang, Senior Vice President for IDC."
"It has been a long-term goal to launch strategic offices in target markets and together with the support of our new CEO, Mr. T. T. Lee, we now see a shift in the IDC business as the Company focuses on introducing new products and services for this high growth Asia Pacific region," commented Mr. Swapan Kakumanu, President and Chief Financial Officer of IDC. "At our Annual General Meeting of Shareholders held in July 2012, we communicated our plan to have a larger presence in the Asia Pacific region to grow market share and diversify with additional products and services. The establishment of IDC Hong Kong is the first step in that growth plan," stated Kakumanu.
The Company as a whole will continue to investigate new business opportunities as it focuses efforts on providing innovative technology to meet the growing needs of the global medical imaging market.
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 with approximately 3000 installations in 50 countries. IDC's product line of CCD-based X-Series direct capture technology and 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; 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 head office is based in Calgary, Canada with business offices in Hong Kong and China.
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.
SOURCE: Imaging Dynamics Company Ltd.For further information:
Mr. Swapan Kakumanu
President & Chief Financial Officer
Ms. Michelle Brown
Director, Global Marketing & Business Development