VANCOUVER, Canada, Nov. 24, 2004 (PRIMEZONE) -- Imagis Technologies Inc. ("Imagis") (OTCBB:IMTIF) (TSX Venture Exchange:WSI) (DE:IGYA) is pleased to announce the acquisition of two proprietary software packages -- Wirebill and NTPaymaster, including all source code, technical documentation and related intellectual property (the "Assets"), from ITI Imagen Technologies Inc., a private British Columbia company. The purchase price is $100,000 (CAN), payable by a combination of cash, shares, and warrants of Imagis. Completion of this transaction is subject to the approval of the TSX Venture Exchange.
Wirebill is a proven and successful application for enterprise billing automation. By combining this software with Imagis' interoperability platform -- the Briyante Integration Environment -- the result will be a highly-sophisticated, Web Services-based billing solution able to gather various transactional data from multiple disparate systems.
To provide the support and technical assistance necessary to integrate the assets into Imagis operations and solutions, ITI Imagen's Chief Software Developer has joined Imagis as a full-time employee.
"Billing is a mission-critical application for all businesses," said Imagis President and CEO Roy Trivett. "The combination of billing applications with Web Services represents an important step toward simplifying the complexity involved in deploying billing software. For Imagis, there is also applicability for introducing improved event tracking and bill-back capabilities within a data sharing network."
In consideration for the assets, the Company will pay $25,000 in cash, with the remaining $75,000 payable in units of the Company (the "Units") having a deemed value of $0.40 each, for a total of 187,500 units. Each unit consists of one common share of the Company and a two-year share purchase warrant, exercisable for an additional common share at a price of $0.50 per share in the first year and $0.75 per share in the second year.
About Imagis Technologies
Based in Vancouver, British Columbia, Imagis 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 Imagis' proprietary facial recognition algorithms and tools. Using industry standard "Web Services", Imagis 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. Imagis booking and facial recognition systems are deployed in Canada, the United Kingdom, United States, Mexico and the Far East.
Imagis is a Microsoft Certified Partner.
For information about Imagis or the company's products and services, please refer to www.imagistechnologies.com.
ON BEHALF OF THE BOARD OF DIRECTORS "Roy Trivett" President and CEO, Imagis Technologies Inc.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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.