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 situation. Mr. T.T. Lee Chairman and Chief Executive Officer 1.403.251.9939 Office 1.866.975.6737 Toll Free firstname.lastname@example.org Ms. Anna Lentz Chief Financial Officer 1.403.251.9939 Office 1.866.975.6737 Toll Free email@example.com SOURCE: Imaging Dynamics Company Ltd. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2013/19/c6808.html CO: Imaging Dynamics Company Ltd. ST: Alberta NI: HEA PVT
Imaging Dynamics Company Announces Private Placement
Press spacebar to pause and continue. Press esc to stop.