IDC FILES PROSPECTUS AND ISSUES RIGHTS OFFERING
CALGARY, June 4, 2010 - Imaging Dynamics Company Ltd. (IDC) (TSX: IDL), a global supplier in the high growth digital radiography (DR) equipment market, announced that it has filed a preliminary short form prospectus dated June 3, 2010 to issue rights to all shareholders at the applicable record date to purchase common shares of the Company.
The rights and the common shares issuable on the exercise of the rights will be qualified by the prospectus. The rights will trade for a period of at least 21 days to allow shareholders who do not wish to exercise their rights an opportunity to sell such rights. Shareholders will be allowed to subscribe for as many common shares as they wish in order to participate in a pro-rate allocation of common shares issuable on rights not otherwise exercised. The Company anticipates that the rights offering will be closed by July 15, 2010.
The Company intends to use the net proceeds from the rights offering to provide working capital, new product introductions and for general corporate purposes. Completion of the rights offering is subject to receipt of applicable regulatory approvals and consents.
About Imaging Dynamics Company (IDC):
IDC is a medical devices technology company and innovative force in the high growth field of digital radiography (DR) technology. IDC's product line of CCD-based X-Series direct capture technology replaces conventional film-based diagnostic imaging and provides a cost-effective alternative to flat panel (TFT) technology and computed radiography (CR) systems.
Each IDC DR solution provides high resolution radiographic images in the digital format required for today's PACS (Picture Archiving & Communication Systems) and the growing requirements for the electronic health record, all without the use of film, environmentally unfriendly chemicals, cassettes or expensive imaging plates.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan, Deloitte Technology, MD Buyline, KLAS Enterprises and PROFIT; for its consistent dedication to innovation, global growth and customer focused value proposition.
IDC is based in Calgary, Alberta, Canada.
For further information:
Swapan Kakumanu,
Executive Vice President & Chief Financial Officer,
(866) 975-6737, investor@imagingdynamics.com