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ImageWare Systems Receives Compliance Notice from AMEX
SAN DIEGO, CA, Nov. 1, 2007 - ImageWare® Systems, Inc. (AMEX: IW) announced it received a letter from the American Stock Exchange (Amex) dated October 31, 2007, indicating that the company has resolved the continued listing deficiency referenced in Amex’s October 12th letter.
The compliance notice was based upon the approval of ImageWare’s most recent Listing Additional Shares application pertaining to the company’s issuance of 2,016,666 shares of common stock and warrants to purchase 1,008,333 shares of common stock in a private financing completed on September 25, 2007. As described in the company’s current report on Form 8-K filed with the Securities and Exchange Commission on October 18, 2007, Section 301 of the Amex Company Guide provides that a listed company is not permitted to issue, or authorize its transfer agent or registrar to issue or register, additional securities of a listed class until it has filed an application for the listing of such additional securities and received notification from Amex that the securities have been approved for listing. The company filed an additional listing application with Amex for the common stock and warrant shares issued in the financing on September 27, 2007, prior to receiving the letter from Amex on October 15, 2007 which indicated that the company was not in compliance with Section 301.
About ImageWare Systems, Inc.
ImageWare Systems, Inc. (AMEX: IW) is a leading developer of identity management solutions, providing biometric, secure credential and law enforcement 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. ImageWare is headquartered in San Diego, with offices in Washington DC and Canada. For more information visit www.iwsinc.com.
Safe Harbor Statement
This press release may contain forward-looking statements made pursuant to the “safe harbor’’ provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements regarding the company’s ability to comply with the rules and policies of Amex. Although the company believes the statements contained herein to be accurate as of the date they were made, it can give no assurance that such expectations will prove to be correct. The company undertakes no obligation to update these forward-looking statements.
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