The Capital Gainer Stock Report
Imagis Technologies Announces US $1.75 million Private Placement
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Company Information IMAGIS TECHNOLOGIES INC. Imagis Technologies is a leading developer of biometric systems using advanced facial and image recognition technology. This includes biometric security solutions and facial identification solutions for such industry sectors as law enforcement, airports, customs & immigration, driver's licenses & passports, and other government and corporate initiatives. Imagis also offers a Software Development Kit (SDK) to third-party integrators and other software providers who want to develop their own biometric solutions based on Imagis' technology.
The market for biometrics and biometric systems is growing rapidly. In the weeks leading up to the September 11 terrorist attacks, several research groups released reports touting the potential of the market. Analysts from Frost & Sullivan identified the non-fingerprint biometrics market growing from US$66 million in 2000 to US$900 million in 2005. While the International Biometric Group (IBG) projected the market for all biometric technologies would exceed US$1.9 billion by 2005, up from just US$250 million in 1999. The Company, who's Chairman
is Oliver "Buck" Revell, the former Associate Deputy Director
of the FBI, has over one hundred installations of its software in
the United States, the United Kingdom, Canada, and Mexico, including
Britain's National Crime Squad (NCS), more than 50 RCMP detachments
and police departments across Canada, over 40 police departments
across the US, and Toronto's International Airport. Imagis' face recognition software and law enforcement software has been endorsed by leading security agencies and police organizations around the world as an effective measure in identifying criminals, reducing fraud, assisting investigations, and preventing terrorism. Here are just a few highlights from the past quarter of Imagis Technologies Inc.:
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?The Bill I sign today ? requires every foreign visitor desiring entrance into the United States to carry a travel document containing biometric identification ? that would be fingerprints or facial recognition ? that will enable us to use technology to better deny fraudulent entry into America.? President George W. Bush upon signing The Enhanced Border Security & Visa Entry Reform Act, May 2002
CAPITAL GAINER'S: THE BIG PICTURE "If there’s one thing the experts agree on, it’s that there’s no single approach, whether it be profiling or using the latest biometrics technology, that will cure today’s aviation security woes."
Note the following technical indicators in support of upside movement: http://quotes.barchart.com/texpert.asp?sym=IGSTF
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Imagis Technologies Announces US $1.75 million Private Placement With OSI Systems, Inc. Strategic Alliance will develop and market biometric and imaging solutions for airport security and package screening applications. VANCOUVER, Canada, July 9, 2002; Imagis Technologies Inc. ("Imagis'') (OTCBB: IGSTF; CDNX: NAB; Germany: IGY), a leading developer of biometric systems using advanced facial and image recognition technology, announced today that it has entered into a brokered private placement (the "Private Placement") with OSI Systems, Inc. (NASDAQ: OSIS) of Imagis' common shares (the "Shares") at a price per share of US$1.50, which will result in gross proceeds to Imagis of US$1.75 million. Pursuant to the Private Placement, OSI Systems will purchase 1,166,667 common shares and 291,667 warrants to purchase common shares of Imagis exercisable over two years at an exercise price of US$1.50 per share. The purchase of the shares and warrants has been made for investment purposes and OSI may increase or decrease its beneficial ownership of, or control or direction over, any of the securities of Imagis as circumstances warrant. Imagis has received preliminary acceptance to the Private Placement from the TSX Venture Exchange. The net proceeds of the financing will be used to strengthen Imagis' working capital position and to carry out its strategic alliance with OSI Systems. Upon closing the Private Placement, OSI Systems will own approximately 6% of Imagis. OSI Systems, located in Hawthorne, California is a worldwide leader in providing security solutions to airports, customs agencies, correctional facilities, and governments. Under the terms of the investment, OSI Systems and Imagis will develop and market biometric and imaging hardware solutions for passenger and package screening applications. The companies will leverage OSI Systems manufacturing capabilities, global distribution channels, service organization, and significant installed base of walk-through metal gates and baggage x-ray systems at screening locations worldwide. Imagis will contribute its considerable software expertise in facial and image recognition technologies. "We have selected Imagis as a strategic partner after an extensive review of competitive technologies," said Deepak Chopra, OSI Systems Chairman and CEO. "Aside from the merits of their system, they have made significant advancements both in developing customer relationships as well as partnering with Sanyo Semiconductor of Japan, to develop embedded systems utilizing their advanced facial feature encoding. Walk-through metal gates may represent a key location for facial recognition systems. All passengers at an airport are required to pass through one and capturing a consistent facial image is thus facilitated." Iain Drummond, Imagis' President and CEO, said "Metal detectors
are the ideal location in an airport environment to detect undesirables
attempting to board airplanes. We believe this investment by OSI
Systems clearly supports Imagis leading position in the biometric
and imaging sector. OSI Systems' international presence and its
position as a leading supplier of metal detectors and x-ray scanning
systems worldwide will accelerate the integration of biometrics
as a tool in the battle against terrorism." About OSI Systems OSI Security Group About Imagis Technologies Inc. The Company, who's Chairman is Oliver "Buck" Revell, the former Associate Deputy Director of the FBI, has over one hundred installations of its software in the United States, the United Kingdom, Canada, and Mexico, including Britain's National Crime Squad (NCS), more than 50 RCMP detachments and police departments across Canada, over 40 police departments across the US, and Toronto's International Airport. Imagis' technology has been endorsed by leading security agencies and police organizations around the world as an effective measure in identifying criminals, reducing fraud, assisting investigations, and preventing terrorism. More details on Imagis can be found on the Web http://www.imagistechnologies.com Companies interested in learning more about Imagis' face recognition
software, particularly as it relates to using the Company's software
development kit (ID-2000 SDK) to build or integrate third-party
solutions, can e-mail our business development team at info@imagistechnologies.com
or visit the Company's Web site at http://www.imagistechnologies.com. The securities offered in the Private Placement will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This news release shall not constitute an offer to sell or an offer to buy the securities in any jurisdiction. Forward-Looking Statements This press release contains statements that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include our expectations as to the success of our strategic alliance with OSI Systems and the anticipated benefits of that relationship. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: any unforeseen incompatibilities between our technology and the technology of OSI Systems; any technical difficulties related to integrating our technology and the technology of OSI Systems; the possibility of technical difficulties or delays in future product introductions and improvements; product development, product pricing or other initiatives of Imagis and our competitors; and the other risks and uncertainties described in our Form 10-KSB filed with the United States Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For Further Information: |
Disclaimer: Readers are advised that the material contained herein is solely for information purposes. This advertisement is an information report and not a product of an investment advisor or broker-dealer. Readers are encouraged to conduct their own research and due diligence, and/or obtain professional advice. Nothing contained herein constitutes a representation by the publishers, nor a solicitation for the purchase or sale of securities. The information contained here in is based on sources which the publisher believes to be reliable, but is not guaranteed to be accurate, and does not purport to be a complete statement or summary of the available data. Any opinions expressed are subject to change without notice. The editor and publisher are not responsible for errors or omissions. An investment in the subject companies is considered to be highly speculative and should not be considered unless a person can afford a complete loss of investment. The sender and related parties have been contracted by an independent third party to receive a fee for profiling companies featured in this advertisement. The Company is no way affiliated with Images Technologies Inc or its Management. The sender and related parties may or may not have a position in the above-mentioned security and may sell all or a portion of the stock in the subject companies at or about the time of publication, subsequently the sender and related parties may buy or sell shares in the open market. This advertisement contains forward-looking statements, which involve risk, and uncertainties that may cause actual results to differ materially from those set forth in the forward-looking statements. For further details concerning these risks and uncertainties, see the filings of the subject companies including the company's most recent annual and quarterly reports. Neither the sender nor related parties assume responsibility for any investment made. The recipient of this advertisement is on an opt-in mailing list and the sender has provided an opt-out mechanism for those that do not wish to receive future mailings associated with this stock advertisement.
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