VANCOUVER, British Columbia, April 5, 2005 (PRIMEZONE) -- Imagis Technologies Inc. ("Imagis") (OTCBB:IMTIF) (TSX-V:WSI) (DE:IGYA) announced today that it has entered into an agreement with Bolder Investment Partners, Ltd ("Bolder") to complete a proposed brokered private placement ("the Offering") of up to CDN $1,500,000. The price of the private placement Units has yet to be determined. Each Unit will consist of one common share and one half common share purchase warrant. Each whole warrant will entitle the holder for one year from the date of issue of the Units to acquire one additional common share in the capital of Imagis at an exercise price to be determined. The private placement is subject to regulatory approval.
Bolder's consideration for acting as agent for the Offering will be:
a) a cash commission of 7.5% of the gross proceeds of the offering;
b) brokers' warrants entitling the holder to purchase up to such
number of common shares as is equal to 10% of the total number
of Units sold through the Offering, each warrant exercisable
for a period of one year for one common share at the price of
the Units;
c) a corporate finance fee of 60,000 Units, subject to a one year
hold period;
d) a work fee of $5,000 cash plus reasonable expenses.
The proceeds of the private placement will be used for general operating capital to fund the expansion of Imagis that will be necessary to deliver current contracts and future sales. Imagis is adding staff and equipment in all of its divisions and increasing the size of its facilities.
The securities 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.