ImageWare Systems Sets Annual Meeting of Shareholders
SANDIEGO, CA - April 25, 2007 - ImageWare® Systems, Inc. (AMEX: IW), a leading developer and provider of identity management solutions, announced its annual meeting of shareholders will be held on September 19, 2007, beginning at 10:00 a.m. PT, at the Radisson Suite Hotel - Rancho Bernardo, located at 11520 West Bernardo Ct. in San Diego, CA.
ImageWare’s Board of Directors has set August 10, 2007, as the date of record for this meeting. All shareholders who own ImageWare common stock on August 10, 2007 should expect to receive meeting materials that include an annual report on Form 10K, proxy materials, and a ballot.
Going Concern Audit Opinion on 2006 Form 10K
In compliance with the American Stock Exchange Company Guide sections 401 and 610, ImageWare is providing separate disclosure of a Going Concern Qualification received from its independent registered public accounting firm, Stonefield Josephson, Inc., as fully described in the company’s Annual Report on Form 10-K for the fiscal year-ended December 31, 2006, which was filed on April 17, 2007. Stonefield Josephson, Inc. included a similar explanatory paragraph in its 2005 report. This announcement does not amend or change the company's financial statements in any way for 2006.
Company’s Cash Position
At December 31, 2006, ImageWare Systems reported cash of approximately $940,000. As previously announced on March 12, 2007, ImageWare Systems received net proceeds of approximately $1.5 million in a private placement of Series D Convertible Preferred Stock and warrants. In addition, the company received approximately $1.1 million in proceeds from the exercise of warrants during the quarter ended March 31, 2007.
About ImageWare Systems, Inc.
ImageWare Systems, Inc. (AMEX:IW), is a leading developer and provider of identity management solutions, providing biometric, secure credential, law enforcement and digital imaging technologies. Scalable for worldwide deployment, the Company's biometric product line includes a multi-biometric engine that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. ImageWare's identification products are used to manage and issue secure credentials including national IDs, passports, driver licenses, smart cards and access control credentials. ImageWare's digital booking products provide law enforcement with integrated mug shot, fingerprint Livescan and investigative capabilities. The Company also provides comprehensive digital workflow solutions for the professional photography industry. ImageWare is headquartered in San Diego, with offices in Washington DC and Canada. For more information visit www.iwsinc.com.
Safe Harbor Statement
This news release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. While these statements are meant to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. While management believes such representation to be true and accurate based on the information available to the company, actual results may differ materially from those described. The company's operations and business prospects are always subject to risks and uncertainties. Important facts that may cause actual results to differ are set forth in the company’s periodic filings with the U.S. Securities and Exchange Commission.
