Imaging Dynamics Company announces closing of Private Placement and corporate update
CALGARY, Sept. 10, 2013 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSX:IDL), a global leader in the high growth medical imaging technology and digital radiography (DR) equipment market, today announced that it has closed on its previously announced non-brokered private placement of 300,000,000 common shares in the capital of the Company (the "Common Shares") with Kangda International Medical Canada Co. Ltd. ("Kangda Canada") at a price of $0.0046 per Common Share for gross proceeds of $1,380,000 (the "Private Placement"). The Private Placement coincided with a sale by Belfry Medical Investments Ltd. of 200,000,000 Common Shares to Kangda Canada at the same price per share as the Private Placement (the "Private Transaction") which also closed. After giving effect to the Private Placement, the Company currently has 908,441,782 issued and outstanding Common Shares.
Kangda Canada is a recently formed Canadian corporation that is associated with Kangda Medical Equipment International Group ("Kangda"). Kangda is a major worldwide China-based manufacturer of advanced medical equipment and professional products for clinics and hospitals. The investment by Kangda Canada in the Common Shares is a long term strategic initiative for Kangda.
Proceeds from the 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. IDC expects to conclude arrangements with Kangda, with the objective of leveraging both companies' sales and distribution channels and introducing new advanced product resources that will enable IDC to enter new markets.
The Company is also pleased to announce the following Board and Officer changes which are effective as of today: Mr. Ting Tsuen Lee ("Mr. Lee") has retired as director and officer of the Company; Fan Hong has been appointed as Chair of the Board; Dr. Sidong Huang ("Dr. Huang") has been appointed as President and Chief Executive Officer of the Company; and Murray Wigmore was reappointed to the Board of the Company.
Dr. Sidong Huang, the newly appointed IDC President and Chief Executive Officer commented on the Private Placement, "After the successful closing of the Private Placement with Kangda Canada, the new executive team and Board intends to lead IDC to a position of positive cash flow and will focus on improving the sales revenue of IDC from both China and other countries. A key element of success will be the marketplace and production collaboration between Kangda and IDC. With the assistance of Kangda, IDC will be able to access some of the world's most advanced medical imaging equipment and add to its product portfolio. This initiative will enable IDC to enhance its reputation and market the company for growth in North America, South America, Central America, the Middle East and Asia region".
Dr. Huang also thanks Mr. Lee for his leadership over the past year and wishes him well in his future endeavors.
The Company as a whole will continue to investigate new business opportunities as it will focus its efforts on providing innovative technology and products to meet the growing needs of the global medical imaging market.
About Imaging Dynamics Company (IDC):
IDC is a global medical imaging technology provider and innovative force in the high growth field of digital radiography (DR) technology.
The Company has over 3,000 installations in 50 countries of its proprietary, award winning direct capture DR technology, which replaces conventional film-based diagnostic imaging and provides a cost-effective solution for medical facilities of all sizes to provide high quality diagnostic X-ray images and improve the level of healthcare for their patients.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan and Deloitte Technology; for its dedication to innovation, global market growth, and customer focused value proposition.
The Company has its corporate office in Calgary, Canada and a representative office in Beijing, 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:
Dr. Sidong Huang
President & Chief Executive Officer
1.866.975.6737 Toll Free
Ms. Anna Lentz
Chief Financial Officer
1.866.975.6737 Toll Free