BURBANK, Calif., Dec. 22, 2017 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG), a development stage company targeting disruptive technologies in the medical imaging industry, is finishing a transformative 2017 year and is now positioned to pursue FDA approval for its lead product, the Dominion SmartScan™.
Most recently, the company announced the appointment of John Hollister as CEO and chairman of the board, topping off a year filled with important milestones.
Mr. Hollister commented, “A number of people and firms have worked diligently for several years to bring Imaging3 and its technology out of a financial and legal quagmire. We are now positioned to recruit all the staff, board members, and advisors necessary to complete the regulatory filings and development work required to bring our proprietary, innovative technology to healthcare providers and their patients.”
To recap additional events in 2017:
On January 17, the company announced that it had closed a financing arrangement with five debtholders with an aggregate balance of about $770,000, whereby the related notes could be forced to convert to equity upon certain triggering events. In connection with a subsequent third-party financing, the maturity date of the related notes was pushed back to May 23, 2018.
On February 1, the Company announced that, on January 31, 2017, the United States Bankruptcy Judge for the Central District of California granted the company’s unopposed motion for entry of final decree. As a result, the Imaging3 Chapter 11 proceeding was closed.
On July 27, the company announced that it had successfully concluded the three-year term of certain mandatory self-remediation measures required by the SEC in connection with the consent agreement by and between the Company and the SEC executed on July 25, 2014.
On November 17, the company filed an 8K reporting that our shareholders approved (i) a change in the company’s state of incorporation from California to Delaware and (ii) a reverse split of all the outstanding shares of common stock at a ratio of not less than 1 for 8 and not greater than 1 for 30.
Today the Company advised FINRA that it is moving forward with a 1:20 reverse split, which will make Imaging3 more attractive to fundamental investors. Continued Mr. Hollister, “The reverse split will be coincident with developments unlocking the core value of our technology. We believe the value of our intellectual property has been veiled by the disclosures related to: the bankruptcy re-organization process, from which the company has successfully emerged; the Vuksich litigation, which the company ultimately won in the Supreme Court in 2017; and adverse publicity related to unattractive financing structures of the past. The reverse split is yet another step in the right direction, enabling a capital structure more acceptable to the mainstream capital markets. Having a smaller number of shares outstanding and a higher stock price will help us attract the capital we need to maximize the value of the Company’s technology.”
About Imaging3 Inc.
Imaging3, Inc., founded in 1993, has developed a patented medical imaging technology, called SmartScan™, that will produce 3D x-ray images, virtually in real time. The SmartScan technology will allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, resulting in higher throughput for the clinicians and fewer safety risks for the patient. In addition, Imaging3’s technology exposes patients to significantly less harmful radiation than current imaging technologies such as CT scans, which the company believes will allow scans to be used in more pediatric applications than are currently prescribed. The technology also allows for greater portability, easier installation, and a significantly reduced cost burden for the healthcare system overall. Imaging3 is planning to submit a 510K application to the FDA during 2018 in order to gain approval to commercialize the SmartScan technology.
Visit the company’s website at http://www.imaging3.com for detailed information about the company’s technology.
Safe Harbor Statement
Imaging3 cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in the Imaging3’s business, including, without limitation: the company may not ever obtain FDA approval for any of its devices; the company may not be able to secure the funds necessary to support its product development plans; and the company may not ever achieve the market success to sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger imaging companies, technological obsolescence, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Imaging3 and the risk factors that may affect the realization of forward-looking statements is set forth in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Imaging3 undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact:
John Hollister
Chief Executive Officer
info@imaging3.com