CALGARY, Feb. 19, 2013 /CNW/ - Imaging Dynamics Company, Ltd. ("IDC" or the
"Company") (TSX: IDL), a global leader in the high growth medical imaging
technology and digital radiography (DR) equipment market, today announced that
it has executed a term sheet with Kangda International Medical Canada Company,
Ltd. ("Kangda Canada"), providing for a non-brokered private placement of
138,000,000 common shares in the capital of the Company ("Common Shares") to
Kangda Canada, at a price of $0.01 per Common Share for gross proceeds of
$1,380,000 (the "Private Placement"). Proceeds of the Private Placement will
be used for general working capital and corporate purposes. The parties
propose to have representatives of Kangda Canada appointed to the Board of
Directors of the Company.
The Common Shares to be issued under the Private Placement will be subject to
resale restrictions during the four months following the date of issuance in
accordance with applicable securities law. The Private Placement will also be
subject to certain conditions including the approval of the Toronto Stock
Exchange ("TSX"), any required security holder approval and execution by the
Company and Kangda Canada of a subscription agreement satisfactory to Kangda
Canada and containing standard terms and conditions. A further announcement
will be made in connection with the progress of the Private Placement.
The current total outstanding Common Shares of the Company are 608,441,782 as
at February 15, 2013. Subsequent to the closing of the Private Placement and
upon issuance of the 138,000,000 Common Shares, Kangda Canada will own 18.5%
of the Outstanding Common Shares of the Company.
Mr. T.T. Lee, Chairman and Chief Executive Officer from IDC commented on the
Private Placement, "I am extremely pleased to have Kangda Canada invest in the
Company at such a key point in our business restructuring."
Additionally, the Company announces the departure of Mr. Donald Brown and Mr.
Earl Lande as Directors for the Company.
The Company continues to develop new financial and business plans and expects
to make further announcements.
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
Mr. T.T. Lee Chairman and Chief Executive Officer
1.403.251.9939 Office 1.866.975.6737 Toll Free email@example.com
Ms. Anna Lentz Chief Financial Officer
1.403.251.9939 Office 1.866.975.6737 Toll Free firstname.lastname@example.org
SOURCE: Imaging Dynamics Company Ltd.
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-0- Feb/19/2013 23:35 GMT
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