ImageWare Systems Closes $4.2 Million Financing
SAN DIEGO, CA, June 18, 2003 - Security technology company, ImageWare Systems, Inc. (AMEX:IW), which specializes in law enforcement and smart ID card solutions, has closed $4.2 million in 12.5% senior secured convertible debt financing with two private equity fund management companies. The notes are convertible into common equity of ImageWare at $2.11 per share. ImageWare will use the proceeds for working capital and to retire debt totaling $2.5 million in principal held by Perseus LLC, which initially invested in ImageWare in May 2002.
“This financing takes the place of the agreement we announced for a preferred stock financing in March of this year,” said Jim Miller, chairman and CEO of ImageWare Systems. “We appreciate the confidence and support shown by the private equity fund management companies in making this investment in our company.”
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.
