Business
Imaging Dynamics Company announces results of 2013 AGM
CALGARY , Aug. 8, 2013 /CNW/ - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (T...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"\n\n\nCALGARY, Aug. 8, 2013 /CNW/ - Imaging Dynamics Company Ltd. (\"IDC\" or\n the \"Company\") (TSX:IDL), a global leader in the high growth medical\n imaging technology and digital radiography (DR) equipment market, today\n announced results from its Annual and Special Meeting of Shareholders\n held in Calgary, Alberta on August 6, 2013 (the \"Meeting\").\n\n\nThe Company received disinterested Shareholder approval for the\n previously announced non-brokered private placement of 300,000,000\n common shares in the capital of the Company (the \"Common Shares\") with\n Kangda International Medical Canada Company Ltd. (\"Kangda Canada\") at a\n price of $0.0046 per Common Share for gross proceeds of $1,380,000 (the\n \"Private Placement\").  The Private Placement will coincide with a sale\n by Belfry Medical Holdings Ltd. of 200,000,000 Common Shares to Kangda\n Canada at the same price per share as the Private Placement (the\n \"Private Transaction\").  Kangda Canada is a recently formed Canadian\n corporation that is associated with Kangda Medical Equipment\n International Group (\"Kangda\").  Kangda is a major worldwide\n China-based manufacturer of disposable medical and pharmaceutical\n products for clinics and hospitals. The investment in the Common Shares\n is a strategic initiative for Kangda.\n\n\nProceeds from this Private Placement will be used for general working\n capital and corporate purposes. The Common Shares issued in connection\n with the Private Placement will be subject to a four month hold period\n from the date of issuance in accordance with applicable securities\n law.  Following the closing of the Private Placement and the Private\n Transaction, IDC expects to conclude arrangements with Kangda regarding\n the (i) the sales and distribution of IDC products in China and (ii)\n qualification for regulatory purposes, marketing and sale of the\n products of Kangda in North America. Mr. Ting Tsuen Lee, Chairman and\n Chief Executive Officer of the Company, stated as follows: \"We are\n delighted that Kangda has shown confidence in the future of IDC.  I\n have previously indicated that the management team was working on\n repositioning the Company.  We have faced some challenging times over\n the past year but our hard work has provided IDC with a very exciting\n future.\"\n\n\nThe ...