MINNEAPOLIS, Sept. 24, 2014 /CNW/ - IMRIS Inc. (NASDAQ: IMRS; TSX: IM)
("IMRIS" or the "Company") today announced it has entered into a Waiver
and Amendment Agreement with Deerfield Management Company, L.P.
("Deerfield") with respect to the Facility Agreement dated as of
September 16, 2013. Deerfield has agreed to waive the enforcement of
the requirement under the Facility Agreement that the Company have cash
and cash equivalents at the end of any calendar quarter greater than
$7,500,000 for the period commencing July 1, 2014 and ending September
In the ordinary course of its business, as a result of the high dollar
value associated with each of the Company's sales, the timing of cash
receipts and revenues recorded from quarter to quarter vary
significantly. There is uncertainty in the amount of accounts
receivable that will be collected by September 30, 2014, therefore, the
Company proactively sought the waiver so as to avoid a potential breach
of the requirement.
On September 16, 2013, pursuant to the Facility Agreement, Deerfield was
issued warrants to purchase 6.1 million shares of IMRIS common stock at
an exercise price of $1.94 per share. In connection with the waiver,
the Company has agreed to change the exercise price of the warrants to
$0.70 per share, representing the closing trading price of the common
shares on NASDAQ as of September 23, 2014.
IMRIS (NASDAQ: IMRS; TSX: IM) is a global leader in providing image
guided therapy solutions through its VISIUS Surgical Theatre - a
revolutionary, multifunctional surgical environment that provides
unmatched intraoperative vision to clinicians to assist in decision
making and enhance precision in treatment. The multi-room suites
incorporate diagnostic quality high-field MR, CT and angio modalities
accessed effortlessly in the operating room setting. VISIUS Surgical
Theatres serve the neurosurgical, spinal, cardiovascular and
cerebrovascular markets and have been selected by 61 leading medical
institutions around the world.
Deerfield is an investment management firm, committed to advancing
healthcare through investment, information and philanthropy. For more
information about Deerfield, please visit www.deerfield.com
Cautionary Note Regarding Forward-Looking Statements
This press release may contain or refer to forward-looking information
based on current expectations, including statements or assumptions
about the ability of IMRIS to meet its cash requirements, IMRIS'
ability to collect accounts receivable expediently or at all, IMRIS'
growth prospects, and any other statements regarding the IMRIS'
objectives (and strategies to achieve such objectives), future
expectations, beliefs, goals or prospects. In some cases,
forward-looking statements can be identified by terminology such as
"anticipate", "may", "expect", "believe", "prospective", "continue" or
the negative of these terms or other similar expressions concerning
matters that are not historical facts. These statements should not be
understood as guarantees of future performance or results. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements to
be materially different from those implied by such statements. Although
such statements are based on management's reasonable assumptions, there
can be no assurance that actual results will be consistent with such
statements. Forward-looking statements are subject to significant risks
and uncertainties, and other factors that could cause actual results to
differ materially from expected results. These forward looking
statements are made as of the date hereof and we assume no
responsibility to update or revise them to reflect new events or
SOURCE: IMRIS Inc.
For further information: