VANCOUVER, British Columbia, Dec. 1, 2004 (PRIMEZONE) -- Imagis Technologies Inc. ("Imagis") (OTCBB:IMTIF) (TSX Venture Exchange:WSI) (DE:IGYA) announced today that, subject to final regulatory approval, it has closed the private placement originally announced on September 17, 2004. The private placement for total net proceeds of $1,179,100(CDN) consists of 3,930,333 Units at $0.30 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share in the capital of Imagis at an exercise price of $0.40 in the first year and $0.50 in the second year.
The common shares and warrants are subject to a four-month hold period that expires on March 30, 2005. A total of $657,500(CDN) or 2,191,667 Units were subscribed for by Directors and Officers of Imagis. A further $39,000(CDN) or 130,000 Units were subscribed for by Imagis employees.
"We are very pleased that the financing has achieved the necessary capital to move forward with several important customer projects," said Roy Trivett, President and CEO of Imagis. "The level of participation in the private placement by Imagis Directors, management and staff, and by the investment community, continues to reflect a strong belief in the future of our company and the strength of our core technologies."
Imagis is also pleased to announce it has finalized an agreement to acquire advanced billing software from ITI Imagen Technologies Inc., as per the previous news release of November 24, 2004. To ITI Imagen, Imagis will pay $25,000 in cash, and the remaining $75,000 of the asset purchase price payable in units of the Company 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 $0.40 per share in the first year and $0.50 per share in the second year.
With respect to both the closing of financing and the final Imagen agreement, the securities in question will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons", as such term in defined in Regulation S promulgated under the Securities Act, except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
This news release shall not constitute an offer to sell or an offer to buy the securities in any jurisdiction.
About Imagis Technologies Inc.
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 stunning 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. 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,