CALGARY, July 2, 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 for a non-brokered private
placement of 300,000,000 common shares in the capital of the Company (a
"Common Share") with Kangda International Medical Canada Company 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 will coincide with a sale by Belfry Medical Holdings Ltd. of
200,000,000 Common Shares to Kangda Canada at the same price per share
as the Private Placement. Belfry, a company controlled by T.T. Lee,
currently holds 74% of the outstanding Common Shares and has consented
to the Private Placement.
Proceeds from this 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.
The Private Placement will also be subject to certain conditions,
including the execution of a definitive private placement agreement and
approvals from IDC's shareholders and the Toronto Stock Exchange
Current total outstanding Common Shares of the Company are 608,441,782.
The completion of the Private Placement and the Private Transaction
will result in Kangda Canada holding 55% of the outstanding Common
Shares and as a result, will effect a change of control of the
Company. Subsequent to the closing of the Private Placement there will
be 908,441,782 outstanding Common Shares of the Company.
This Private Placement is being subscribed for by Kangda Canada. Kangda
Canada is a recently formed Canadian company that is associated with
Kangda Medical Equipment (Shanghai) Co., Ltd. Kangda Canada does not
currently hold any Common Shares of the Company. An 11% shareholder
of Kangda is a family member of Sidong Huang, the Senior Executive Vice
President and a director of IDC.
The Private Placement has received unanimous approval from the Company's
board of directors.
The Company has scheduled its Annual and Special Meeting of Shareholders
to be held in Calgary, Alberta on August 6, 2013 (the "Meeting"). The
Management Information Circular in connection with the Meeting will be
mailed to Shareholders of record on the record date for the meeting,
which is June 17, 2013. Assuming the approval of the Private
Placement, Mr. T.T. Lee will be retiring at the Meeting as an officer
and director and upon the election of a new Board of Directors.
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