Imex Systems Inc.
TSX VENTURE : IMX

Imex Systems Inc.

June 14, 2016 08:00 ET

Imex Systems - Business Update

TORONTO, ONTARIO--(Marketwired - June 14, 2016) - Imex Systems Inc. ("Imex" or the "Company") (TSX VENTURE:IMX), a software solution provider to Governments, Municipalities and Public Authorities, is pleased to announce the following update to its business operations.

  • Imex commenced operations as a subcontractor in an African country in 2013, liaising via the contractor's project manager to deliver services to the government client in that country focused on re-platforming that government's e-Government portal to Imex's iGov, iPay and miGov solutions. The Company's involvement has since evolved to a direct relationship with the government and it is now in advanced negotiations to secure a direct contract for its services to design, develop and implement the IGov and Eservices solutions for that government. Imex is expecting to finalize the contract in the third quarter and the value of the services to be provided under the contract is expected to be in the tens of millions of dollars to be delivered over the span of three years.
  • In 2015-16, Imex conducted a number of pilot projects in the Middle East and South Asia. As a result of these efforts, Imex has signed a memorandum of understanding with a government in South Asia with a population base of approximately 60 million for the development and implementation of interactive e-government services for that government.
  • Imex is also working on various opportunities in Canada and the United States across municipal, state, and provincial governments as the demand for e-government electronic services is growing at a strong pace in these markets. According to International Data Corporation, civic technology spending is expected to grow 14 times faster than spending on traditional IT from 2013 to 2018.

Damodar Arapakota, CEO of Imex: "The whole Imex team is excited to commence trading on the TSX Venture Exchange, and with so many opportunities in the pipeline, we look forward to providing shareholders with updates on our progress in the coming months."

About Imex Systems

Imex Systems Inc. is a Canadian software solution provider to Governments, Municipalities and Public Authorities. Imex primarily focuses on the E-Government and Smart Cities market. It helps public sector entities to provide "Any Time, Any Where, Any Device and Any Channel" convenience for citizens to access government services. Imex's various product and service offerings include: iGov - an eGovernment Platform for all levels of government, which provides all the pre-built components for building an effective eGovernment and supporting payment processing through multiple channels; iCity - a Smart City Solution; and miGov - a Mobile Government Framework.

Forward-Looking Statements

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates with respect to the future revenue of the Company. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the need for approvals from the relevant government body; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; unproven markets for the Company's product offering; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; use and storage of personal information and compliance with privacy laws; and those risks set out in the Company's public documents filed on www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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