2000/3/2000 - Imagis Technologies Closes Private Placement
Vancouver, B.C., March 22, 2000 - Imagis Technologies Inc. ("Imagis") announces the closing of a private placement of 875,000 units at $0.80 per unit for total proceeds of $700,000. Each unit consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase an additional common share at a price of $0.80 per share up to March 17, 2001. The securities issued pursuant to the private placement are subject to a hold period expiring on July 17, 2000.
Imagis also announces that following the completion of the acquisition of its subsidiary, Imagis Cascade, in February 1999, the original Venture Capital Pool Escrow Shareholders and the former shareholders of Imagis Cascade agreed to pool all of their shares under a Shareholders Agreement dated February 23, 2000. The first 1/3 release of these shares was to occur on February 23, 2000, however, the Shareholder group decided that it would be in the best interests of Imagis and its shareholders to extend the pooling arrangement of 820,000 shares until July 31, 2000 in order to maintain an orderly market and allow Imagis' aggressive expansion of its sales and marketing efforts world wide to be reflected in its financial performance.
About Imagis Technologies Inc.
Imagis Technologies Inc., is an independent software developer of biometric solutions. Its ID-2000 facial recognition technology is being used by international agencies in the justice and law enforcement market. ID-2000 forms the basis of some of the world's largest criminal justice digital imaging systems. Imagis' product suite includes the flagship criminal database application CABS, used by numerous law enforcement agencies. CABS provides an integrated view of data, arrest and booking information, evidence tracking and images, including faces. Imagis is currently expanding into new markets such as security, e-commerce and identity verification at high traffic locations including airports and casinos. Imagis markets its products through a global network of business partners.
Forward Looking Statements
Statements made in this press release that are not historical or current facts are "forward looking statements" made pursuant to the safe harbor provisions of federal securities laws. Forward looking statements represent certain risks and uncertainties that could cause actual results and events to differ materially from those presently anticipated or projected.
Symbol: NAB - CDNX Exchange, IGY - Frankfurt Exchange, IGSTF - OTCBB
Investor Relations/Media Contact: Sandra Buschau, Director
Tel: (604) 684-4691 Fax: (604) 684-4601
email: sandy@ipm.bc.ca
Product Sales: 1-800-667-2066
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