Visiphor Corporation
TSX VENTURE : VIS
OTC Bulletin Board : VISRF

Visiphor Corporation

September 02, 2005 07:00 ET

Visiphor Reaches Settlement With OSI Systems

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 2, 2005) - Visiphor Corporation ("Visiphor") (TSX VENTURE:VIS)(OTCBB:VISRF)(DE:IGYA) is pleased to announce today it has reached a settlement in a long standing dispute with OSI Systems of Hawthorne, California. The terms of the settlement include a series of payments from Visiphor to OSI totaling $400,000 (US). The first payment of US$100,000 has been made and the remaining two payments of US$125,000 and US$175,000 will be made on October 31, 2005 and December 31, 2005, respectively. The settlement is more than the previously recorded liability amount by US$150,000. Management felt that absorbing this cost now was far better than the incurring the significant costs and risks associated with arbitrating the matter.

Roy Trivett Visiphor's President and CEO commented, "I am extremely pleased to have this matter amicably retired. The pending drain on management time and the financial resources of the company were major considerations in reaching this settlement. A large part of the negative impact had already been recorded in our books and the overall positive effect is very good for Visiphor shareholders."

About Visiphor

Based in Vancouver, British Columbia, Visiphor specializes in developing and marketing software products that enable integrated access to applications and databases. The company also develops solutions that automate law enforcement procedures and evidence handling. These solutions often incorporate Visiphor's proprietary facial recognition algorithms and tools. Using industry standard "Web Services", Visiphor delivers a secure and economical approach to true, real-time application interoperability. The corresponding product suite is referred to as the Briyante Integration Environment (BIE).

Numerous production deployments of BIE have demonstrated remarkable reductions in the time, complexity, and risk associated with defining, implementing, and supporting integrated access to physically and technologically disparate computers. The broad ranging applicability of BIE into a variety of areas (e.g., health care, financial services, government services, telecommunications, etc.) has been clearly demonstrated by recent, highly successful deployments in the United States and Canada. Visiphor's booking and facial recognition systems are deployed in Canada, the United Kingdom, United States, Mexico and the Far East. Visiphor is a Microsoft Certified Partner. For information about Imagis or the company's products and services, please refer to www.visiphor.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Roy Trivett"

President and CEO, Visiphor Corporation

Forward Looking Statements: This press release may contain 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. Factors that could cause actual results to differ materially from anticipated results include the risks and uncertainties described in Imagis Technologies Inc.'s 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Visiphor Corporation
    Media Inquiries:
    Eric Westra - Manager, Marketing & Communications
    +1 (604) 684-2449 Ext. 226
    E-mail: eric.westra@visiphor.com
    or
    Visiphor Corporation
    Investor Inquiries:
    Rick Peterson - VP Capital Markets
    +1 (604) 684-2449 Ext. 223
    E-mail: rick.peterson@visiphor.com