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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: Statement of Changes in Beneficial Ownership (4) 04/08/2019 04:06:35 PM
IWSY News: Current Report Filing (8-k) 04/03/2019 04:55:16 PM
IWSY News: Prospectus Filed Pursuant to Rule 424(b)(3) (424b3) 04/01/2019 05:28:17 PM
IWSY News: Annual Report (10-k) 03/28/2019 06:05:33 AM
IWSY News: Notification That Annual Report Will Be Submitted Late (nt 10-k) 03/18/2019 04:07:06 PM
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PostSubject
#1950   Good stuff tommyterrific 04/13/19 07:37:42 AM
#1949   Jim Miller, Chairman and CEO, ImageWare Systems, Talks subslover 04/11/19 11:47:31 AM
#1948   Here you go buddy subslover 04/01/19 11:37:16 PM
#1947   Most likely Miller blowing smoke as he has subslover 04/01/19 03:03:51 PM
#1946   Any news on the conference call. Stock taking Laster 04/01/19 02:36:25 PM
#1945   10k is out. Nothing new. Same horrible report subslover 03/28/19 09:32:35 AM
#1944   Thank you for posting the news! subslover 03/19/19 10:39:09 AM
#1943   News: $IWSY ImageWare® Systems Sets 2018 Year-End Investor whytestocks 03/19/19 09:40:43 AM
#1942   I know they have been doing that for subslover 03/18/19 08:11:35 PM
#1941   That's nothing tommyterrific 03/18/19 07:59:03 PM
#1940   NOTIFICATION OF LATE FILING subslover 03/18/19 05:28:38 PM
#1939   Another thing....this will get iwsy off the OTC... tommyterrific 03/18/19 09:43:55 AM
#1938   30m customers...with additional to follow...this is massive.... With tommyterrific 03/18/19 09:28:36 AM
#1937   The initial phase of the contract between Teleco subslover 03/18/19 08:26:43 AM
#1936   http://www.sec.gov/Archives/edgar/data/941685/000141588919000341/0001415889-19-0 Lowcountry15 03/18/19 07:50:15 AM
#1935   This sure looks like we're for a major tommyterrific 03/16/19 09:58:26 PM
#1934   Such a nice long run here,slow but up subslover 03/15/19 01:57:51 PM
#1933   So far so good on your prediction with subslover 03/04/19 04:11:45 PM
#1932   I going out on a limb and saying tommyterrific 03/01/19 10:01:22 PM
#1931   mageWare® Systems Introduces the ImageWare Digital Identity Platform™, subslover 03/01/19 04:08:33 PM
#1930   Crocker walks and the shares explode! Amazing as subslover 02/26/19 07:48:05 PM
#1929   Be patient, this is going to $5...when you tommyterrific 02/26/19 07:35:16 PM
#1928   Amazing day on Friday closing up over 25%. subslover 02/24/19 09:47:59 PM
#1927   tem 7.01 Regulation FD Disclosure. subslover 02/22/19 10:55:50 AM
#1926   Item 5.02 Departure of Directors or Certain Officers; subslover 02/19/19 10:04:18 AM
#1925   They took the block offer away. Guess they subslover 01/04/19 10:40:50 AM
#1924   it was 240k yesterday....already chipped away 90k West Coast Snapper 01/04/19 10:01:30 AM
#1923   150k share block offer @ .90 hmmmmmmmm subslover 01/04/19 09:37:56 AM
#1922   agree....should get to 1.25 pretty soon West Coast Snapper 01/02/19 03:32:20 PM
#1921   110k shares @ 2 block offers @ .90 subslover 01/02/19 03:30:21 PM
#1920   I took a slice in the upper 50's subslover 12/20/18 03:49:59 PM
#1919   coming back in West Coast Snapper 12/20/18 03:10:53 PM
#1918   ImageWare® Systems Reports 2018 Third Quarter and Nine-Month subslover 11/16/18 09:46:02 AM
#1917   Listen, I have been waiting for ,50 and subslover 11/08/18 12:27:41 AM
#1916   Congratulations! With your status as a preferred freddie me 11/07/18 01:20:06 PM
#1915   Well boys I'm down six figures on IWSY. blackpearl2004 11/07/18 09:45:21 AM
#1914   ImageWare® Announces Innovative 2FA and Biometric Security Solution subslover 09/14/18 03:47:39 PM
#1913   ImageWare® Systems Closes $8.9 Million Preferred Stock Private subslover 09/12/18 10:06:20 AM
#1912   Its like watching paint dry! Will it ever blackpearl2004 09/05/18 10:11:38 PM
#1911   You’re a god?!?!?! West Coast Snapper 08/19/18 05:53:29 PM
#1910   Aristides Capital is about to blow themselves up West Coast Snapper 08/19/18 05:52:03 PM
#1909   Yeah. That loser who runs that rinky dink West Coast Snapper 08/19/18 05:31:25 PM
#1908   Maybe, maybe not. All I know is this osiris 08/19/18 05:16:27 PM
#1907   Is that you? Nice short position West Coast Snapper 08/18/18 01:16:55 PM
#1906   $IWSY A brief history of ImageWare broken promises: osiris 08/18/18 12:29:38 PM
#1905   Bought a bunch back this week under $1. West Coast Snapper 08/17/18 07:45:47 PM
#1904   Firmly under $1.00 now and will sink to subslover 08/14/18 03:11:02 PM
#1903   ImageWare Systems' (IWSY) CEO Jim Miller on Q2 subslover 08/10/18 09:09:56 AM
#1902   ImageWare® Systems Reports 2018 Second Quarter and Six-Month subslover 08/09/18 06:57:51 PM
#1901   blackpearl2004 08/09/18 05:03:39 PM
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