BURBANK, Calif., Sept. 25, 2017 (GLOBE NEWSWIRE) -- Imaging3 (OTCQB:IGNG) announced today that it has filed a preliminary proxy statement in connection with a special meeting of its shareholders scheduled for November 16, 2017 at the Company’s offices in Burbank, California. The special meeting is being held for the following purposes:
A. To approve an amendment to the Company’s articles of incorporation to effect a reverse split of all the outstanding shares of common stock, no par value, at a ratio of not less than 1 for 8 and not greater than 1 for 30, with the exact ratio to be established at the discretion of the Company’s board of directors;
B. To change the Company’s state of incorporation from California to Delaware; and
C. To transact such other business that may properly come before the special meeting.
Dane Medley, president, stated: “We are pleased with the progress we have made in recent years. Against all odds, Imaging3 has overcome frivolous—yet expensive— shareholder litigation, restructured its debts, become current with all of its SEC reporting requirements, and raised much-needed capital, all with an unwavering focus on the task of bringing the revolutionary SmartScan™ imaging technology to market. The changes to be effected at the special meeting will set the stage for a properly structured equity financing and an uplisting to NASDAQ or NYSE.”
Consultant Scott Pancoast added: “The reverse split and reincorporation will continue our momentum toward becoming an exchange-listed company offering a disruptive and much-anticipated imaging technology.”
About Imaging3, Inc. Imaging3, 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 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: Dane Medley President info@imaging3.com
