CALGARY, Oct. 18, 2013 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSX:IDL), is pleased to announce that it has completed the consolidation of its
issued and outstanding common shares (the "Consolidation"). The
Consolidation was approved by the Company's shareholders at its annual
and special shareholders meeting held on August 6, 2013 and has been
accepted by the Toronto Stock Exchange. Effective today, the Company's
common shares have been consolidated on a basis of five
pre-Consolidation shares for each one post-Consolidation share. The
common shares of the Company will start trading on a consolidated basis
at the opening on Tuesday October 22, 2013.
The Company had 908,441,782 common shares outstanding and, following the
Consolidation, will have approximately 181,688,356 common shares
outstanding. No fractional common shares of IDC will be issued. If
as a result of the Consolidation a holder would otherwise be entitled
to a fraction of a common share, the number of shares of IDC the holder
will receive will be rounded up if the fractional share is equal to or
greater than 0.5 and rounded down if the fraction is less than 0.5.
Each registered holder will have his holdings aggregated and will be
entitled to receive only one whole common share for any fractional
interest resulting from the Consolidation of his holdings, as
determined on an aggregated basis.
A Letter of Transmittal will be sent to shareholders advising them that
the Consolidation has taken place and instructing them to surrender
certificates representing pre-Consolidation common shares of the
Company in exchange for certificates representing post-Consolidation
common shares of IDC. Until surrendered, each certificate will be
deemed for all purposes to represent the number of common shares to
which the holder thereof is entitled as a result of the Consolidation.
Sidong Huang, President and Chief Executive Officer of the Company,
stated, "We believe that the Consolidation will provide the Company
with greater flexibility in pursuing its plans to advance its projects
and to conclude any additional financings required by the Company in
the future." The Company has not changed its name or its trading symbol
as part of the Consolidation."
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:
President and Chief Executive Officer
1.866.975.6737 Toll Free
Ms. Anna Lentz
Chief Financial Officer
1.866.975.6737 Toll Free