ORLANDO, Fla., July 24, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., today announced that it has issued a first quarter 2008 research update for Imaging3, Inc. (OTCBB:IMGG), a manufacturer, distributor, and third-party service provider of medical devices with a breakthrough patented medical diagnostic imaging technology, the Dominion Vi Scanner.
Gaurav Aggarwal, MBA, RedChip Research Analyst, reported:
"The Company's top-line performance in 1Q08 beat our estimates, and we believe results will further improve as IMGG reaches closure on Food and Drug Administration (FDA) approval for its Dominion Vi Scanner. However, as IMGG continues to spend money on product development and marketing, we expect the Company is at least three quarters away from profitability."
"Being one step closer to full FDA approval, we see a potential upside in IMGG's stock. Although a lot of research and innovation is being pursued in the imaging technology domain, we are still not aware of any direct competition for IMGG's 3-D imaging technology," he continued.
"We believe that the Company will be able to get FDA approval for its Dominion Vi Scanner in 4Q08 and reach profitability in 1Q09. We reiterate our 'Speculative Buy' rating on IMGG with a target price of $0.91," Aggarwal concluded.
To receive a complimentary copy of the RedChip Visibility Research Update for IMGG, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=126&from=07223008pr.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Maitland, Florida; Bangalore, India; and Beijing, with affiliates in New York and San Diego. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Any investor should determine whether a particular security is suitable based on the investor's objectives, other securities holdings, financial situation needs, and tax status. Imaging3, Inc., paid RedChip Visibility, a division of RedChip Companies, Inc., $32,400 for RedChip Visibility Program services, which included the preparation of this equity research report. To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.