CALGARY, Aug. 12 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSX: IDL), a global supplier in the high growth digital radiography equipment market, announces that it has received a receipt dated August 11, 2010 for a final short form prospectus (the "Prospectus") filed with the securities commission in each of the provinces of Alberta, British Columbia, Manitoba and Ontario, relating to its previously announced rights offering (the "Offering"). The Company is seeking to raise $2,617,443 in gross proceeds from the Offering.
Under the terms of the Offering, shareholders of record on August 25, 2010 will be entitled to receive one right ("Right") for each common share held. Each Right will entitle eligible holder thereof to purchase one common share of the Company at a price of $0.03 per share. The exercise of Rights and the payment for common shares must be completed by 4:30 p.m. (Calgary time) on September 20, 2010 (the "Expiry Date"). Shareholders who fully exercise their Rights are entitled to subscribe, on a pro rata basis, for additional common shares, if available, that are not otherwise subscribed for on or before the Expiry Date.
Registered shareholders in eligible jurisdictions will receive a copy of the Prospectus and their Rights certificate by mail shortly after August 25, 2010. Shareholders who hold their shares in a brokerage account or with a nominee should contact such broker or nominee in order to exercise their Rights. More detailed information is contained in the Prospectus available on SEDAR at www.sedar.com. Shareholders should consult the Prospectus and their own legal and financial advisors to determine their rights and entitlements under the Offering.
The Company intends to use the net proceeds from the Offering to provide working capital, new product introductions and for general corporate purposes.
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 replaces conventional film-based diagnostic imaging and provides a cost-effective alternative to flat panel (TFT) technology and computed radiography (CR) systems.
Each IDC DR solution provides high resolution radiographic images in the digital format required for today's PACS (Picture Archiving & Communication Systems) and the growing requirements for the electronic health record, all without the use of film, environmentally unfriendly chemicals, cassettes or expensive imaging plates.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan, Deloitte Technology, MD Buyline, KLAS Enterprises and PROFIT; for its consistent dedication to innovation, global growth and customer focused value proposition.
IDC is based in Calgary, Alberta, Canada and trades on the TSX under the symbol "IDL" and has approximately 87.25 million shares outstanding. For more information, visit 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: For further information: Mr. M. Thomas Boon, President and Chief Executive Officer, Mr. Swapan Kakumanu, Executive Vice President and Chief Financial Officer, 1.866.975.6737, email@example.com