|IDC Share Consolidation June 2016|
IDC ANNOUCES SHARE CONSOLIDATION
Calgary, Alberta, June 29, 2016 - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV:IDL) announces that the Company's Common Shares will trade on a consolidated basis on or about July 4, 2016. The Company will consolidate its common shares ("Common Shares") on the basis of one post-Consolidation Common Share for every five pre-Consolidation Common Shares (the "Consolidation").
The Consolidation was approved by the holders of Common Shares ("Shareholders") by special resolution at the Company's Special Meeting of the Shareholders held on February 29, 2016. It is expected that the Common Shares will commence trading on the Toronto Venture Exchange ("TSXV") on a post-Consolidation basis on or around July 4, 2016 The share consolidation has been approved by the TSXV. Pre-Consolidation, IDC has 294,288,356 shares outstanding. As a result of the Consolidation, IDC will have approximately 58.9 million post-Consolidated Common Shares outstanding.
No fractional Common Shares will be issued in connection with the Consolidation, and in the event a holder of pre-Consolidation Common Shares would otherwise be entitled to receive a fraction of a post-Consolidation Common Share, the number of post-Consolidation Common Shares to which such holder is entitled will instead be rounded down to the nearest whole number of post-Consolidation Common Shares.
Letters of transmittal with respect to the Consolidation have been mailed to all registered Shareholders. All registered Shareholders who submit a duly completed letter of transmittal along with their respective share certificate(s) representing pre-Consolidation Common Shares to the Corporation's transfer agent, Computershare Trust Company of Canada ("Computershare"), will receive share certificates representing their post-Consolidation Common Shares. Until so surrendered, each share certificate representing pre-Consolidation Common Shares will represent the number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation. Shareholders holding their Common Shares through a bank, broker or other nominee should note that banks, brokers or other nominees may have different procedures for processing the Consolidation than those put in place by the Company and Computershare. Such Shareholders will not be required to complete a letter of transmittal.
Further details regarding the Consolidation are contained in the Company's Management Information Circular dated February 2, 2016 which has been filed on SEDAR at www.sedar.com.
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 4,000 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 sales and marketing office in Beijing, China, and also an operations and research and development centres in Calgary, Canada and Shanghai, China.
Visit the IDC web site: www.imagingdynamics.com
For more information, please contact:
Assistant Corporate Secretary
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.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.