Imagis announces year-end results
VANCOUVER, March 29 /CNW/ - Imagis Technologies Inc. ("Imagis") (OTCBB:
IMTIF; TSX-V: WSI; DE: IGYA) announced today that its fiscal year revenues at
December 31, 2003 were $1,355,742, a decrease of 55 percent over the previous
fiscal year. The decreased revenues were primarily due to lower software
sales. Revenues in 2002 were primarily higher due to three major sales
totalling $1,966,449 that were completed during 2002 whereas during 2003 there
was only one large sale of $483,091. Imagis ongoing support revenues increased
36 percent from $344,456 in 2002 to $469,575 in 2003, a reflection of the
expanding customer base.
Operating expenses totalled $5,414,599 for 2003, which is 46 percent
lower than the 2002 operating expenses of $9,974,281. The 2003 expenses
include one-time charges of $467,876 that are not expected to be incurred in
the future. Excluding these items, the operating expenses for 2003 were
$4,946,723, which represents a 50 percent reduction in expenses over the prior
year. The lower costs over the prior period resulted from significant
decreases in the areas of administration, sales and marketing, and technology
development and technical services. Management has implemented significant
cost reduction strategies during the final quarter of 2002 and throughout
2003. The operating expense rate stabilized at approximately $3,500,000 per
annum after the second quarter of 2003 and has since remained at that level.
Overall, the Company incurred a net loss for the year ended December 31,
2003 of $4,058,857 or $0.74 per share, which is 42 percent lower than the net
loss incurred during the year, ended December 31, 2002 of $6,951,393 or $1.71
per share. The loss per share figure for 2002 has been adjusted to take into
account the Company's share consolidation that occurred in November of 2003.
Even though the Company experienced reduced revenues during the year, the loss
was reduced through management's cost reduction strategies.
Full details of Imagis financial results are available by reviewing the
Company's Form 10K-SB filed on both the SEDAR and EDGAR filing systems.
During the final quarter of 2003, Imagis completed its acquisition of
Briyante Software Corporation ("Briyante") through the issuance of 4,040,406
common shares to the shareholders of Briyante in a common share exchange
transaction. With the merging of the Briyante products, technologies, and
staff into the Company, management has focused on organizational restructuring
and focusing of its sales, marketing, and development efforts on the
newly-identified business opportunities available as a result of the
acquisition.
For the past two years, government legislation from across the US and
around the world has had, at its core, two key messages: the first is the need
for improved security and the second is the need for improved information
sharing. The Company has found that one need goes hand-in-hand with the other.
Effective security and identification requires having access to information.
The merger with Briyante in November of 2003 brought this capability to Imagis
and the Company's customers.
"The Company has expanded its horizons as a result of the Briyante
acquisition. Our new ability to connect databases and disparate computers has
generated a multitude of opportunities within our established public safety
sector vertical. We are also finding high value synergies between our
traditional biometrics expertise and our new technologies. However, the real
bonus comes from the business growth potential that the product suite opens up
into other vertical markets," says Roy Trivett, President and CEO, Imagis
Technologies Inc. "Our new partner program has been very well received with
business relationships and opportunities developing in many new areas
including financial services, health care, public services and
telecommunications."
The Company does not currently have sufficient cash flow from operations
to fund its operations. Management of the Company is seeking additional
financing and may complete an additional private placement. There is no
assurance that the Company will be able to complete any financing or that any
financing will be obtained on terms favourable to the Company.
About Imagis Technologies Inc.
Imagis, with its roots in the development of law enforcement applications
and Facial Recognition (FR) algorithms, has emerged as a leading international
supplier of Arrest and Booking software. The Company's sophisticated FR
capability is used, with notable success, in a variety of identity
investigation and verification applications ranging from victim identification
to 'alias' fraud detection.
With the acquisition of Briyante Software Corp. in November of 2003,
Imagis became a developer and supplier of software technology used to
integrate disparate systems containing unique and varied databases. Based on
industry standard "Web Services", the software provides a secure and
economical approach to 'real time' database and application integration. The
corresponding product suite is referred to as the Briyante Integration
Environment (BIE).
Numerous production deployments of BIE have demonstrated stunning
reductions in the time, complexity and risk associated with defining,
implementing and supporting integrated access to physically and
technologically disparate computers.
Imagis has substantial credibility and expertise in the law enforcement
arena and has had significant early successes in deploying BIE into this area.
There are growing numbers of extremely satisfied and reference-able customers.
The horizontal diversity of the BIE technology has been verified by a recent
installation of the product in the financial services vertical along with a
torrent of interest from other sectors.
Today, Imagis has compelling, high value, data management and biometric
solutions that are demonstrating significant, increasing demand across an
expanding range of diverse application markets. The future is bright.
For information about Imagis or the company's products and services,
please refer to www.imagistechnologies.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Roy Trivett"
President and CEO, Imagis Technologies Inc.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements: This press release may contain statements
that constitute "forward-looking statements" within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements, to differ
materially from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Factors that could cause actual
results to differ materially from anticipated results include the risks and
uncertainties described in Imagis Technologies Inc.'s Form 10-KSB filed with
the United States Securities and Exchange Commission. We disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
For further information: Media and Investor Inquiries: John Lyotier -
Manager, Marketing & Communications, Imagis Technologies Inc., Phone:
(604) 684-2449 Ext. 228, E-mail: info@imagistechnologies.com
cnw.ca
steve |
