VANCOUVER, British Columbia, Jan. 12, 2005 (PRIMEZONE) -- Imagis Technologies Inc. ("Imagis") (OTCBB:IMTIF) (TSX Venture Exchange:WSI) (DE:IGYA) announced today that it has closed the private placement and debt settlement announced on December 23, 2004. The private placement consists of 2,857,785 units at $0.35 per unit, totaling cash proceeds of $1,000,225 less cash finders' fees of $72,771 for net cash proceeds of $927,454. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share ("warrant share"), in the capital of Imagis at an exercise price of $0.45 until January 11, 2006 or at $0.55 until January 11, 2007. The common shares and warrant shares are subject to a four month hold period which expires on May 10, 2005.
The Company has settled $331,158 in debt with an arms-length party. The debt has been settled through the issuance of 946,166 units at $0.35 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 ("warrant share") in the capital of Imagis at an exercise price of $0.45 until December 24, 2006 or at $0.55 until December 24, 2007. The common shares and warrant shares are subject to a four month hold period which expires on April 24, 2005.
With respect to both the private placement and the debt settlement, 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 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. 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.