CALGARY, Feb. 19, 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 executed a term sheet with Kangda International
Medical Canada Company, Ltd. ("Kangda Canada"), providing for a
non-brokered private placement of 138,000,000 common shares in the
capital of the Company ("Common Shares") to Kangda Canada, at a price
of $0.01 per Common Share for gross proceeds of $1,380,000 (the
"Private Placement"). Proceeds of the Private Placement will be used
for general working capital and corporate purposes. The parties propose
to have representatives of Kangda Canada appointed to the Board of
Directors of the Company.
The Common Shares to be issued under the Private Placement will be
subject to resale restrictions during the four months following the
date of issuance in accordance with applicable securities law. The
Private Placement will also be subject to certain conditions including
the approval of the Toronto Stock Exchange ("TSX"), any required
security holder approval and execution by the Company and Kangda Canada
of a subscription agreement satisfactory to Kangda Canada and
containing standard terms and conditions. A further announcement will
be made in connection with the progress of the Private Placement.
The current total outstanding Common Shares of the Company are
608,441,782 as at February 15, 2013. Subsequent to the closing of the
Private Placement and upon issuance of the 138,000,000 Common Shares,
Kangda Canada will own 18.5% of the Outstanding Common Shares of the
Mr. T.T. Lee, Chairman and Chief Executive Officer from IDC commented on
the Private Placement, "I am extremely pleased to have Kangda Canada
invest in the Company at such a key point in our business
Additionally, the Company announces the departure of Mr. Donald Brown
and Mr. Earl Lande as Directors for the Company.
The Company continues to develop new financial and business plans and
expects to make further announcements.
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, a business
office in Hong Kong, 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:
Mr. T.T. Lee
Chairman and Chief Executive Officer
1.866.975.6737 Toll Free
Ms. Anna Lentz
Chief Financial Officer
1.866.975.6737 Toll Free