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