EXHIBIT 99.1
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WEDNESDAY JULY 12, 11:44 AM EASTERN TIME
COMPANY PRESS RELEASE
SOURCE: Imaging Technologies Corporation
IMAGING TECHNOLOGIES ANNOUNCES FINANCING COMMITMENT OF UP TO $36 MILLION
SAN DIEGO, July 12 /PRNewswire/ -- Imaging Technologies Corporation (OTC
Bulletin Board: ITEC - news), a pioneer in the development of digital imaging
solutions, today announced that it has signed an agreement for a financing
facility providing commitments to purchase up to $36 million of its common
shares over the next two years after the effective date of the registration
statement required to be filed with the Securities and Exchange Commission.
The investor will purchase shares at a small discount to market, in amounts that
vary in relationship to the market price at the time each purchase is made. In
addition, warrants to purchase additional shares have been granted at a price in
excess of the market. The financing will support ITEC's ability to carry forward
its strategic business plan.
"This commitment strengthens our cash position on favorable terms, providing us
the flexibility we need to manage the Company both in the short and long-term,"
said Brian Bonar, ITEC CEO. "We examined many financing plans and we are
confident that this private placement is the most advantageous to the long-term
valuation of ITEC. With this positive program in place, it is no longer
necessary for ITEC to pursue the international loan commitment that we announced
earlier this year."
"We are very pleased to have a new investor show its faith in our business
strategy and management team," Bonar said. "We are looking forward to working
with this new investor, who, through this program, has demonstrated that it
shares our belief in the future of ITEC."
About Imaging Technologies Corporation
Imaging Technologies Corporation (OTC Bulletin Board: ITEC - news) is a
worldwide pioneer in the development, manufacturing, licensing and distribution
of high- quality digital imaging solutions. Founded in 1982 and headquartered in
San Diego, California, the company produces imaging products for diverse market
segments. Beginning with a core technology in the design and development of
Adobe(R) PostScript(R) controllers for non-impacT printers and multifunction
peripherals, the company has expanded its product offerings to include
monochrome and color printers, printer controllers, external print servers, and
software to improve the accuracy of color reproduction. Information on the
company is available at the ITEC Web site at www.itec.net
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Forward-Looking Statements
Statements in this press release may constitute forward-looking statements and
are subject to numerous risks and uncertainties, including the failure to
complete successfully the development of new or enhanced products, the Company's
future capital needs, the lack of market demand for any new or enhanced products
the Company may develop, any actions by the Company's partners that may be
adverse to the Company, the success of competitive products, other economic
factors affecting the Company and its markets, seasonal changes, and other risks
detailed from time to time in the Company's filings with the Securities and
Exchange Commission. The actual results may differ materially from those
contained in this press release. The Company disclaims any obligation to update
any statements in this press release.
