FORT LAUDERDALE, Fla., April 23 /PRNewswire-FirstCall/ -- Imaging Diagnostic Systems, Inc., announced that on April 16, 2008, the Company received and accepted the resignations of its three outside directors Jay Bendis, Patrick Gorman, and Sherman Lazrus. These resignations were tendered to comply with a request by outside funding sources as a condition to such funding. In connection with their resignations, these directors received full vesting on the options for 200,000 shares each, which the Company granted in early 2008.
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Linda B. Grable, a co-founder of IDSI and its former Chairman of the Board and CEO, who retired in April 2004, agreed to come out of retirement and now serves as the Company’s Chairman of the Board and interim CEO.
Allan Schwartz, Executive Vice President and CFO stated that, “I am gratified that Linda has come out of retirement to serve IDSI as Chairman of the Board and Interim CEO. Her passion and experience will be a driving force to enable the Company to achieve its financial goals and to complete the PMA filing process.”
“As one of the original founders and a shareholder, I have a personal interest as well as a vested interest in IDSI’s success,” Grable commented. “I felt it was imperative for me to return to the company to help promote goodwill, bring value to the shareholders, and provide the avenue for the company to obtain the resources necessary to continue its operations and complete the PMA process. I am strongly committed to turning the original vision that I shared with my late husband Richard Grable, inventor of the CTLM system, into reality.”
On April 18th, 2008 the company entered into a new “Sixth Private Equity Credit Agreement with Charlton Avenue LLC providing a maximum commitment of $15,000,000 for a period of three years from the effective date of registration statement.(for detailed information see April 16th 2008 Form 8-K)
While the Company believes that it will be able to secure the additional funding necessary on commercially reasonable terms and follow the PMA timetable, there can be no assurance that the Company will be able to do so.
About Imaging Diagnostic Systems, Inc.
Imaging Diagnostic Systems, Inc. has developed a revolutionary new imaging device to aid in the detection and management of breast cancer. The CTLM(R) system is a breast imaging system that utilizes patented continuous wave laser technology and computer algorithms to create 3-D images of the breast. The procedure is non-invasive, painless, and does not expose the patient to ionizing radiation or painful breast compression. CT Laser Mammography (CTLM(R)) is designed to be used in conjunction with mammography. It reveals information about blood distribution in the breast and may visualize the process of angiogenesis, which usually accompanies tumor growth.
The FDA has determined that the Company’s clinical study is a non- significant risk (NSR) investigational device study under 812.3(m) of the investigational device exemptions (IDE) regulation (21 CFR 812). The company is currently conducting clinical studies to collect the data necessary to support the FDA PMA application. The CTLM system is limited by United States Federal Law to investigational use only in the United States.
For more information, visit our website: www.imds.com
As contemplated by the provisions of the Safe Harbor section of the Private Securities Litigation Reform Act of 1995, this news release may contain forward-looking statements pertaining to future, anticipated, or projected plans, performances and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates or predictions of future results or events and there can be no assurance that actual results or events will not materially differ from expectations. Further information on potential factors that could affect Imaging Diagnostic Systems, Inc., is included in the Company’s filings with the Securities and Exchange Commission. We expressly disclaim any intent or obligation to update any forward-looking statements.
CONTACT: Deborah O’Brien of Imaging Diagnostic Systems, Inc.,
+1-954-581-9800, obrien@imds.com
Web site: http://www.imds.com/
