|IDC AGM Meeting|
Imaging Dynamics Company announces results of 2013 AGM
CALGARY, Aug. 8, 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 results from its Annual and Special Meeting of Shareholders held in Calgary, Alberta on August 6, 2013(the "Meeting").
The Company received disinterested Shareholder approval for the previously announced non-brokered private placement of 300,000,000 common shares in the capital of the Company (the "Common Shares") with Kangda International Medical Canada Company Ltd. ("Kangda Canada") at a price of $0.0046 per Common Share for gross proceeds of $1,380,000 (the "Private Placement"). The Private Placement will coincide with a sale by Belfry Medical Holdings Ltd. of 200,000,000 Common Shares to Kangda Canada at the same price per share as the Private Placement (the "Private Transaction"). Kangda Canada is a recently formed Canadian corporation that is associated with Kangda Medical Equipment International Group ("Kangda"). Kangda is a major worldwide China-based manufacturer of disposable medical and pharmaceutical products for clinics and hospitals. The investment in the Common Shares is a strategic initiative for Kangda.
Proceeds from this Private Placement will be used for general working capital and corporate purposes. The Common Shares issued in connection with the Private Placement will be subject to a four month hold period from the date of issuance in accordance with applicable securities law. Following the closing of the Private Placement and the Private Transaction, IDC expects to conclude arrangements with Kangda regarding the (i) the sales and distribution of IDC products in China and (ii) qualification for regulatory purposes, marketing and sale of the products of Kangda in North America. Mr. Ting Tsuen Lee, Chairman and Chief Executive Officer of the Company, stated as follows: "We are delighted that Kangda has shown confidence in the future of IDC. I have previously indicated that the management team was working on repositioning the Company. We have faced some challenging times over the past year but our hard work has provided IDC with a very exciting future."
The Company also received Shareholder approval for the following Board appointments effective immediately: Fan Hong, Alfred Yu, Qiang Jin Liu, Paul Lin and Steve Delaney. Mr. Ting Tsuen Lee and Dr. Sidong Huang have been reappointed. Mr. Lee will continue as a Chairman and Chief Executive Officer of the Company until the closing of the Private Placement and Private Transaction, at which time he will be retiring as an officer and director. In addition, IDC received approval from Shareholders to consolidate its Common Shares at a ratio of 5 Common Shares to 1 consolidated Common Shares.
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.
SOURCE Imaging Dynamics Company Ltd.
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