Imaging Dynamics Company Ltd.

March 01, 2005 09:19 ET

Imaging Dynamics Company Ltd. Announces $8,800,000 Million Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: IMAGING DYNAMICS COMPANY LTD.

TSX VENTURE SYMBOL: IDL

MARCH 1, 2005 - 09:19 ET

Imaging Dynamics Company Ltd. Announces $8,800,000
Million Offering

CALGARY, ALBERTA--(CCNMatthews - March 1, 2005) - IMAGING DYNAMICS
COMPANY LTD. (TSX VENTURE:IDL)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE U.S.

IMAGING DYNAMICS COMPANY LTD. is pleased to announce that it has entered
into an agreement with a syndicate of underwriters co-led by Sprott
Securities Inc., Dlouhy Merchant Group Inc., and Paradigm Capital Inc.
(the "Underwriters") pursuant to which the Underwriters have agreed to
purchase 4,000,000 common shares on an underwritten private placement
basis, at a price of $2.20 per common share for aggregate proceeds to
the Company of $8.8 million. The Company intends to use the proceeds to
finance expansion into China, India and other emerging country
opportunities; to conduct preliminary research into alternative product
financing methods with the goal of accumulating recurring revenue
streams; and to finance growth in working capital requirements arising
from recent acceleration in sales.

The offering is scheduled to close on or about March 16, 2005 and is
subject to certain conditions including, but not limited to,
satisfactory due diligence and the receipt of all necessary approvals
including the approval of the TSX Venture Exchange.

The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an application exemption from
the registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Imaging Dynamics Company Ltd.
    Mr. Karim Teja
    Chief Financial Officer
    (403) 251-9939
    (403) 251-1771 (FAX)
    info@imagingdynamics.com
    www.imagingdynamics.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.