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ImageWare Systems Reports Second Quarter 2008 Results

Raises $765,000 Gross Proceeds

SAN DIEGO, CA, Sep 17, 2008 (MARKET WIRE via COMTEX) -- ImageWare(R) Systems, Inc. (OTCBB: IWSY), a leading developer and provider of identity management solutions, reported financial results for the second quarter ended June 30, 2008.
Jim Miller, ImageWare's chairman and chief executive officer, stated, "For those of you that have followed ImageWare you will recall that we have, for some time, been chasing a number of what we consider to be significant near-term business opportunities that would change ImageWare's financial picture. We have continued to make progress toward reeling these opportunities in; however, we have been surprised and frustrated with the time it has taken. These opportunities have not gone away. They have progressed to advanced stages of discussion and negotiation and represent sales to government end users in both the United States and several foreign countries. In most cases, the sales would be through integrator partners and, in some cases, they will be direct to end users. Based on current advice from partners and customers, we believe in the remainder of 2008 we will deliver significant and dramatic improvement in the form of new contracts and vested partnerships."

Total net revenues for the second quarter 2008 were $1.7 million, compared to $1.8 million for the second quarter 2007. Second quarter 2008 operating expenses totaled $2.4 million, compared to $2.5 million in the second quarter 2007. Net loss available to common shareholders for the second quarter totaled $1.4 million, compared to $1.5 million in the second quarter of 2007. Net loss per share available to common shareholders was $0.08 for the second quarter, compared to $0.10 in the second quarter of 2007.

Total backlog was $3.7 million at June 30, 2008, including product orders of $2.6 million and maintenance and support backlog of $1.1 million. This compared to total backlog of $4.3 million at March 31, 2008, including product backlog $3.1 million and maintenance backlog $1.2 million, and $1.8 million at year end December 31, 2007, including product backlog $867,000 and maintenance backlog $883,000.

Capital Raise

Miller added, "This month we completed a small equity financing that we believe will provide us with sufficient funding to close one or more of these opportunities. In addition, the opportunities we are pursuing include up-front payments that would further enhance our working capital position."

On August 29, 2008, the board authorized the sale of 1,500 shares of the company's Series D 8% Convertible Preferred Stock at a stated value of $1,000 per share for aggregate gross proceeds of $1,500,000. On September 5, 2008, the company entered into a Securities Purchase Agreement with certain accredited investors selling an aggregate of 765 shares of Series D Preferred Stock for aggregate gross proceeds of $765,000 and issuing warrants to purchase up to an aggregate of 1,530,000 shares of common stock with an exercise price of $0.50 per share, which may be exercised at any time from February 28, 2009 until February 28, 2014. The warrants contain a cashless exercise feature. At any time on or before September 20th, the company may sell up to the balance of the authorized shares of preferred stock and warrants.

About ImageWare Systems, Inc.

ImageWare Systems, Inc. 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. 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.

Tables to Follow

ImageWare Systems, Inc.
SELECTED COMPARATIVE FINANCIAL HIGHLIGHTS
In thousands, except share and per share amounts
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenues
Product $ 1,020 $ 1,157 $ 1,797 $ 1,866
Maintenance 647 621 1,253 1,247
Total Revenues 1,667 1,778 3,050 3,113
Cost of Revenue
Product 270 296 409 482
Maintenance 289 296 604 590
---------- ---------- ---------- ----------
Gross Profit 1,108 1,186 2,037 2,041
66% 67% 67% 66%
Operating Expenses
General & administrative 944 957 2,045 2,100
Sales and marketing 548 674 1,214 1,367
Research and development 731 803 1,628 1,989
Depreciation and
amortization 194 79 395 139
---------- ---------- ---------- ----------
Total Operating
Expenses 2,417 2,513 5,282 5,595
---------- ---------- ---------- ----------
Loss from operations (1,309) (1,327) (3,245) (3,554)
Interest (income) expense,
net 0 (5) (5) 238
Other (income) expense, net (15) 82 (43) 44
---------- ---------- ---------- ----------
Loss from continuing
operations before income
taxes (1,294) (1,404) (3,197) (3,836)
Income taxes 0 0 0 0
---------- ---------- ---------- ----------
Loss from continuing
operations (1,294) (1,404) (3,197) (3,836)
Discontinued operations:
Gain (loss) from
operations of
discontinued Digital
Photography Component 7 11 7 11
Income tax benefit
(expense) 0 0 0 0
---------- ---------- ---------- ----------
Gain (loss) on
discontinued operations 7 11 7 11
Net loss $ (1,287) $ (1,393) $ (3,190) $ (3,825)
Preferred dividends $ (84) $ (88) $ (1,963) $ (503)
---------- ---------- ---------- ----------
Net loss available to
common shareholders $ (1,371) $ (1,481) $ (5,153) $ (4,328)
========== ========== ========== ==========
Per share data - basic
Net income (loss) from
continuing operations $ (0.07) $ (0.09) $ (0.18) $ (0.27)
Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.00
Preferred dividends $ (0.01) $ (0.01) $ (0.11) $ (0.04)
---------- ---------- ---------- ----------
Basic loss per share
available to common
shareholders $ (0.08) $ (0.10) $ (0.29) $ (0.31)
========== ========== ========== ==========
Basic common shares 18,087,528 14,669,170 17,962,113 14,218,699
ImageWare Systems, Inc.
CONSOLIDATED BALANCE SHEETS
June 30, Dececember 31,
2008 2007
-------------- --------------
Assets:
Cash $ 216 $ 1,044
Accounts receivable, net 490 425
Inventories 183 130
Other current assets 451 441
Property and equipment, net 233 288
Other assets 784 718
Intangible assets, net 2,164 2,437
Goodwill 3,416 4,452
-------------- --------------
Total Assets $ 7,937 $ 9,935
============== ==============
Liabilities and Shareholders' Equity:
Current liabilities $ 6,407 $ 5,269
Pension obligation 1,204 1,139
Shareholders' equity 326 3,527
-------------- --------------
Total Liabilities and Shareholders' Equity $ 7,937 $ 9,935
============== ==============

Company Contact:
Wayne Wetherell
ImageWare Systems, Inc.
(858) 673-8600

Investor Relations Contact:
Cathy Mattison
Lippert/Heilshorn & Associates
(415) 433-3777
Email Contact

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IWSY News: Quarterly Report (10-q) 05/10/2018 05:31:32 PM
IWSY News: Securities Registration: Employee Benefit Plan (s-8) 04/20/2018 06:08:27 AM
IWSY News: Annual Report (10-k) 03/19/2018 05:14:59 PM
IWSY News: Notification That Annual Report Will Be Submitted Late (nt 10-k) 03/19/2018 06:09:50 AM
IWSY News: Current Report Filing (8-k) 02/13/2018 06:17:07 AM
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#1574  Sticky Note ImageWare Debuts First Ever Multimodal Biometric Authentication Solution subslover 11/14/16 10:41:49 PM
#1888   Blackbeard - always good to exit an investment awalkinthesun 06/18/18 02:21:10 PM
#1887   Hope this stock does not become the death blackpearl2004 06/07/18 03:13:50 PM
#1886   http://wsw.com/webcast/ldmicro14/iwsy/ Presentation and audio from conference awalkinthesun 06/05/18 03:13:05 PM
#1885   Anytime buddy! Someone is high bidding 50k shares subslover 06/05/18 02:02:24 PM
#1884   Subs thanks for the info.! blackpearl2004 06/05/18 12:14:52 AM
#1882   Hi blackpearl ,,unsolicited means the buyers have no subslover 06/02/18 09:41:58 AM
#1881   Subs can you explain to me what that blackpearl2004 06/01/18 05:59:19 PM
#1880   The International Market Maker INTL is buying on subslover 05/31/18 03:32:40 PM
#1879   Watching paint dry.... awalkinthesun 05/30/18 04:59:53 PM
#1878   Blackpearl2004 - on last call someone asked this awalkinthesun 05/24/18 04:26:06 PM
#1877   WCN - MicroCap, awalkinthesun 05/21/18 06:16:14 PM
#1876   shouldn't be a shock, they said on the West Coast Snapper 05/19/18 10:58:45 AM
#1875   Agree. I listened to and read the transcript. awalkinthesun 05/15/18 11:50:55 AM
#1874   10Q -Looks like used ass wipes as usual subslover 05/10/18 06:24:19 PM
#1873   i'd like to see the stock hit the awalkinthesun 04/19/18 11:14:33 AM
#1872   What is your timeline guess when IWS would awalkinthesun 04/13/18 04:07:37 PM
#1871   $IWSY will be bought out most likely by subslover 04/12/18 06:37:31 PM
#1870   Although low volume, nice to see yesterday's PR awalkinthesun 04/12/18 03:46:59 PM
#1869   ImageWare® Provides Sales Update of GoVerifyID® Biometric Authentication Technol subslover 04/10/18 09:28:41 AM
#1867   We need an active board and currently most awalkinthesun 04/08/18 04:48:49 PM
#1866   see yahoo mb - poster CS knows his stuff... awalkinthesun 03/29/18 12:30:06 AM
#1865   Somebody please tell me this company does not blackpearl2004 03/28/18 08:01:54 PM
#1864   still long and strong...I didn't buy it for West Coast Snapper 03/23/18 12:12:56 PM
#1863   For those that believe IWS has a shot awalkinthesun 03/23/18 10:01:45 AM
#1862   no worries! Welcome to the board, new perspective awalkinthesun 03/23/18 06:45:17 AM
#1861   And short term objectives...phone is having a field day! Lowcountry15 03/22/18 06:30:25 PM
#1860   Not sure what happened at the end of Lowcountry15 03/22/18 06:27:53 PM
#1859   I don’t know that Fujitsu isn’t going to Lowcountry15 03/22/18 06:25:06 PM
#1858   Lowcountry15 awalkinthesun 03/22/18 12:11:02 AM
#1857   You were @ the Roth conference! Had to subslover 03/21/18 09:36:32 PM
#1856   In need of a “miracle” is a stretch. Lowcountry15 03/21/18 09:21:45 AM
#1855   IWSY is finding it more difficult to source awalkinthesun 03/21/18 12:21:26 AM
#1854   Well, if this thing goes back to the blackpearl2004 03/20/18 06:02:50 PM
#1853   Investors and speculators were holding / buying a awalkinthesun 03/20/18 05:51:59 PM
#1852   And the stock punishment begins! blackpearl2004 03/20/18 03:23:20 PM
#1851   ImageWare Systems' (IWSY) CEO Jim Miller on Q4 subslover 03/20/18 10:28:00 AM
#1850   Year End Call Highlights (more like low lights...) awalkinthesun 03/19/18 08:21:32 PM
#1849   MicroCap- awalkinthesun 03/19/18 07:57:42 PM
#1848   2017 Year End Results Investor Update Call subslover 03/19/18 01:28:36 PM
#1847   Chaka did you read it? awalkinthesun 03/19/18 12:19:14 PM
#1846   NEWS! Chaka 03/19/18 08:49:23 AM
#1845   Highly recommend listening to Miller talk during the awalkinthesun 03/13/18 11:29:11 PM
#1844   https://www.foxbusiness.com/features/millennials-disrupting-security-landscape-s blackpearl2004 03/12/18 04:49:33 AM
#1843   awalkinthesun 03/07/18 02:01:33 AM
#1842   I read it a different way, that Fujitsu awalkinthesun 03/07/18 02:01:01 AM
#1841   According the the earnings pr from the other West Coast Snapper 03/05/18 06:44:31 PM
#1840   which partner are you referring to? Fujitsu? Any awalkinthesun 03/05/18 05:52:37 PM
#1839   the first partner revenue was generated in Q1, West Coast Snapper 03/05/18 03:47:11 PM
#1838   I hope so, Im going to be skeptical awalkinthesun 03/05/18 03:44:10 PM
#1837   I'm flying out and staying on my own subslover 03/03/18 04:44:10 PM
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