VANCOUVER, British Columbia, Nov. 5, 2004 (PRIMEZONE) -- Imagis Technologies Inc. ("Imagis") (OTCBB:IMTIF) (TSX Venture Exchange:WSI) (DE:IGYA) announced today that further to the news release of September 17, 2004, it continues to negotiate the completion of a private placement of up to CDN $1,500,000. The private placement will consist of up to 3,750,000 Units at $0.40 per Unit. Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder for two years from the date of issue of the Units to acquire one additional common share in the capital of Imagis at an exercise price of $0.50 in the first year and $0.75 in the second year. The private placement is subject to regulatory approval.
The proceeds of the private placement will be used for general operating capital to fund operations while implementing a number of projects, including the contract with PRIME Corp. announced yesterday, and to fund the expansion of the company that will be necessary to deliver this contract and future sales. Imagis is adding staff and equipment in its development, implementation and support divisions and has increased 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 stunning 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. Media and Investor Inquiries: Eric Westra -- Manager, Marketing & Communications Imagis Technologies Inc. Phone: +1-604-684-2449 Ext. 226 E-mail: info@imagistechnologies.com
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.