CALGARY, Alberta, Oct. 25, 2017 (GLOBE NEWSWIRE) -- Imaging Dynamics Company Ltd. (TSXV:IDL) ("IDC" or the "Company") today announces that it will delay the payment of interest (the "Interest Payments") due and owing on certain convertible debentures (the "Convertible Debentures") issued on each of September 15, 2015 and October 7, 2016 to certain Convertible Debenture holders. The Interest Payments on the Convertible Debentures cannot be made to the Convertible Debenture holders on the basis that the Company is in financial difficulty.
The Company is a reporting issuer, under the securities legislation of each of British Columbia, Alberta, Manitoba and Ontario and, as such is subject to regular reporting and disclosure obligations under the laws of those jurisdictions. The Company is also subject to the timely disclosure policy of that exchange (the "Policy"). Section 3.8 of the Policy requires an issuer to immediately disclose certain events that are deemed to be material in nature. In respect of applicable Canadian securities law and the Policy, an issuer has an obligation to disclose, amongst other things, any developments relating to the business and affairs of the issuer that would reasonably be expected to significantly affect the market price or value of any of the issuer’s securities or that would reasonably be expected to have a significant influence on a reasonable investor’s investment decisions.
About IDC
IDC is a global medical imaging technology provider and innovative force in the high growth field of digital radiography (DR) technology.
The Company has thousands of installations in 50 countries of its proprietary, award winning direct capture DR technology, which replaces conventional film-based diagnostic imaging and provides a cost-effective solution for medical facilities of all sizes to provide high quality diagnostic X-ray images and improve the level of healthcare for their patients.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan and Deloitte Technology; for its dedication to innovation, global market growth, and customer focused value proposition.
The Company has its corporate office in Calgary, Canada, a sales and marketing office in Beijing, China, and also operations, research and development centres in Calgary, Canada and Shanghai, China. Visit the IDC web site: www.imagingdynamics.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains certain forward-looking statements and forward-looking information that are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intent", "estimate", "anticipate", "plan", "should", "believe" or "continue" or the negative thereof or variations thereon or similar terminology and include statements with respect to the use of proceeds of the Transactions and the performance of IDC and the Subsidiary.
By their very nature, forward-looking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of the Company, may cause actual results to differ materially from the expectations expressed in the forward-looking statement. These factors include, but are not limited to, changes in commodity prices and foreign exchange as well as the risk that the Company and the Subsidiary will not be successful in penetrating the Chinese medical device market. For a description of the principal risks of the Company, see the heading "Risk Factors" in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2017, a copy of which is available at www.sedar.com.
These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward-looking statements. Except where required under applicable securities legislation, the Company does not undertake to update any forward-looking information statement.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Mr. Liu Yi
Interim Chief Financial Officer
1.403.251.9939 Office
1.866.975.6737 Toll Free
yliu@imagingdynamics.com