Imagis announces financing
April 14, 2004 3:48pm
Canada Newswire
VANCOUVER, April 14 /CNW/ - Imagis Technologies Inc. ("Imagis") (OTCBB: IMTIF; TSX-V: WSI; DE: IGYA) announced today that it has reached agreement for a proposed private placement of up to CDN $1,000,000. The private placement will consist of up to 2,500,000 Units at $0.40 per Unit. Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder for two years from the date of issue of the Units to acquire one additional common share in the capital of Imagis at an exercise price of $0.50 in the first year and $0.75 in the second year. A portion of the private placement will pay a commission of 10 percent in cash. The private placement is subject to regulatory approval.
Concurrent with the proposed private placement the Company is seeking regulatory approval to settle up to $1,000,000 in existing debt. The debt will be settled through the issuance of up to 2,500,000 Units under the same terms as those of the private placement described above, with the exception of debt settled with non-arms length parties. The non-arms length parties will be issued common shares with no warrants.
The securities will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, "US persons", as such term is defined in Regulation S promulgated under the Securities Act, except in certain transactions exempt from the registration requirements of the US Securities Act.
This news release shall not constitute an offer to sell or an offer to buy the securities in any jurisdiction.
About Imagis Technologies Inc.
Imagis, with its roots in the development of law enforcement applications and facial recognition algorithms, has emerged as a leading international supplier of Arrest and Booking software. The Company's sophisticated facial recognition 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.
Numerous production deployments of Briyante 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 Briyante into this area. There are growing numbers of extremely satisfied and reference-able customers. The horizontal diversity of the Briyante technology has been verified by a recent installation of the product in the financial services vertical along with a strong 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. VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: newswire.ca
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