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IDC ENTERS INTO CAD $3 MILLION STOCK PURCHASE GUARANTEE TERM SHEET

^{Published on 2011-01-26 05:20:30 - Market Wire}
 

CALGARY, Jan. 26 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSX: IDL) a global leader in the high growth digital radiography (DR) equipment market, today announced that it has signed a non-binding term sheet for a Stock Purchase Guarantee ("SPG") with Ocean Global Fund SPC ("OGF") whereby IDC would have an option, subject to certain trading liquidity conditions and at its sole discretion, to issue and sell up to CAD $3 million of its common shares to OGF. The term sheet is non-binding and the final binding SPG contract is being negotiated and it is expected to be finalized by February 10, 2011; which is subject to completion of due diligence to the satisfaction of both parties.

The SPG will not prevent IDC from exploring and entering into other potential financing agreements. Once the final binding SPG contract is signed, details of material terms and conditions will be disclosed.

Swapan Kakumanu, President and Chief Executive Officer of IDC stated, "We have started 2011 cautiously optimistic and are receiving positive feedback from our global distribution channel indicating there could be more purchase decisions made during 2011." Kakumanu continued, "This SPG will provide IDC with the necessary working capital, and allow for flexible draws as needed at its discretion, thus putting the Company in a more comfortable position as it supports its sales initiatives in 2011."

About Imaging Dynamics Company (IDC):

IDC is a medical devices technology company and innovative force in the high growth field of digital radiography (DR) technology. IDC's product line of CCD-based X-Series direct capture technology replaces conventional film-based diagnostic imaging and provides a cost-effective solution for producing high quality diagnostic images, enhancing patient care and improving workflow.

Each IDC DR solution provides high resolution radiographic images in the digital format required for today's (PACS) Picture Archiving & Communication Systems and the growing requirements for the electronic health record, all without the use of film, environmentally unfriendly chemicals, cassettes or expensive imaging plates. 

Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan, Deloitte Technology and PROFIT for its consistent dedication to innovation, global growth, and customer focused value proposition.

IDC is based in Calgary, Alberta, Canada. 

Visit the IDC Web site:  [ www.imagingdynamics.com ]

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.