Press Releases
EGM Statement
14 June 2007
The Board of Image Scan, a leader in the field of real-time 3D and 2D x-ray imaging for the 'Homeland Security' and 'Industrial Inspection' markets, announces that at the Company's Extraordinary General Meeting (EGM) held earlier today, all resolutions set out in the Circular to Shareholders were duly passed.
Peter Woods, Chairman, provided the following statement:
"The Board would like to thank our Shareholders for their support in relation to the Placing. As stated, the funds raised will be used to further invest in product development to improve the Company's competitive position; expand sales, marketing and distribution to manage the strong pipeline of potential customers and secure additional orders; strengthen resources to better serve customers; repay loan stock; provide the necessary working capital for continued growth; and assess possible strategic acquisitions.
Before I address the formal business of today's meeting, I would like to take this opportunity to comment on behalf of the Board on both the progress made to date, and the positive outlook that lies ahead.
As Shareholders of Image Scan you will already be aware of the strong progress made to date in growth of our technology, the Company's product range and high quality blue chip customer portfolio. The Interim financial statements showed continued improvement with turnover increased by 50% to £1.1m, gross margins strengthened to 50% and the loss for the period down to £60,000. At the period end, prospects for the Company were strong with the order book at £945,000. As previously stated, since the period close we have seen new orders for our Service Division, in respect of installed equipment in the USA, and continuing progress on current contracts and development of our sales pipeline.
With your Board focused on driving the business into profitability, it plans to tackle the following key areas of opportunity:
- Quicken the pace of technology development, in order to protect and increase the Company's position, value and growth. Your company's strength lies in its advanced technology, and the Board plans to capitalise more on this strong marketing advantage;
- Seek to reduce costs further, strengthen our strong market position and support even higher profit margins, through rationalisation of products;
- Continue to target blue chip customers to provide further revenue and profit growth. The Board will also look to refine processes to improve efficiency and speed up responses to current and new customers;
- Look to hasten the widening and strengthening of Image Scan's product offering and distribution, in order to provide a more continuous level of steady sales to smooth out the peaks and troughs in the sales cycle; and
- Continue to change and strengthen the Company's internal organisation to support these objectives.
The key to future growth lies in the protection of the Company's working capital. The Board will seek to now concentrate on essential long term needs, as well as that of the immediate future; assess strategic acquisition options that might accelerate growth and earnings; and develop and enhance Image Scan's technology offering.
The Board remains confident about the long term future of Image Scan. It remains focused on driving shareholder value, and intends to accelerate and further develop opportunities already created."
-ENDS-
| For further information, please contact: | |
| Image Scan Holdings plc |
+44 (0) 1664 503 600 |
| Peter Woods, Chairman Nicholas Fox, CEO info@ish.co.uk |
|
| Bishopsgate Communications Ltd |
+44 (0) 207 430 1600 |
| Dominic Barretto Jenni Herbert |
|
| Seymour Pierce | +44 (0) 207 107 8008 |
| Sarah Jacobs David Newton |
About Image Scan Holdings plc
Image Scan Holdings plc (AIM: IGE) is focused on the development and commercialisation of market leading real-time 3D and 2D x-ray solutions for use in the global industrial and security inspection markets. The company's industrial inspection solutions include the MDXi unit and the X-Line systems. The security portfolio includes a unique 3D baggage inspection system for corporate and airport security and TPXi, a portable bomb and suspect package detection system.
Current Technology Portfolio
The Company's portfolio currently comprises of the following x-ray inspection systems: Axis-3d(R); X-Line; MDXi-400TM; TPXi-675TM; and the DEXTM x-ray vision engine for OEM applications.
For further information on the Company, please visit: www.ish.co.uk - and for further information on its products, please visit: www.3dx-ray.com.
