TORONTO, Nov. 5, 2018 /CNW/ - Imex Systems Inc. ("Imex" or the "Company") (TSX VENTURE:IMEX), a software solution provider to Governments, Municipalities and Public Authorities, announces that further to the Company's press release on October 19, 2018, on Friday, November 2, 2018, a panel of commissioners of the British Columbia Securities Commission issued its decision on the Company's $2 million private placement completed in July 2018 (the "Private Placement"). The panel decided as follows: "Having considered all of the submissions on the appropriate orders, if any, in the circumstances, the panel, despite finding that the TSX-V should have required a shareholder vote before approving the private placement, declines to make any further orders in this proceeding. In the specific circumstances of this case, the panel considers that the actual and potential adverse consequences to the public interest of making any of the orders requested by the Arapakota Parties (or any alternative orders) outweigh the actual and potential benefits to the public interest of making any orders."
In addition, the temporary cease trade order previously imposed on the shares of the Company issued in connection with the Private Placement has now been revoked.
About Imex Systems
Imex Systems Inc. is a Canadian software products and solution provider to Governments, Municipalities and Public Authorities in Canada and internationally. Imex primarily focuses on E-Government and the Smart Cities market that also include the integration to payment processing. The company helps public sector entities to provide "Any Time, Any Where, Any Device and Any Channel" convenience for citizens to access government services and help with digital transformation of government operations and streamline revenue. Imex's various product and service offerings include: i-Gov - a Digital Government Platform for all levels of governments, which provides all the pre-built components for building an effective Digital Government and supporting payment processing through multiple channels; iCity - a Smart City Solution; and miGov - a Mobile Government Framework.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Imex Systems Inc.
For further information: Imex Systems Inc., Rob Klein, CEO, firstname.lastname@example.org