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Imagis Technologies Granted Final Acceptance On OSI Systems' $1.75 Million Investment

VANCOUVER, Oct 25, 2002 /PRNewswire-FirstCall via COMTEX/ -- Imagis Technologies Inc. ("Imagis" or the "Company") (OTCBB:IGSTF), a leading developer of biometric systems using advanced facial and image recognition technology and database management software, announced today that the TSX Venture Exchange (the "Exchange") has granted final acceptance to the previously-announced private placement investment of $US1.75 million by OSI Systems, Inc. ("OSI") in Imagis.

Further to the Company's news release dated July 8, 2002 and the Exchange bulletin dated October 21, 2002, the Company advises as follows:

1. On July 9, 2002, having received conditional acceptance from the Exchange, the Company closed its private placement with OSI by issuing 1,166,667 common shares at a price of US$1.50 per share and 291,667 non-transferable share purchase warrants entitling OSI to acquire an additional 291,667 shares at a price of US$1.50 per share for a two- year period. Under the Exchange's policies the Company was permitted to close the placement prior to receiving final acceptance. The Company advises that it has agreed to pay Roth Capital Partners ("Roth") a finder's fee of US$140,000 and issue 105,000 non- transferable share purchase warrants to purchase 105,000 common shares in the capital of the Company at a price of US$1.80 per share for a two-year period.
2. The Finder's Fee is in accordance with the terms of an Engagement Agreement dated November 29, 2001 and Addendum thereto dated January 30, 2002 (collectively the "Agency Agreement") between the Company and Roth, which was approved by the Exchange on January 18, 2002.
3. The securities issued to OSI have a hold period in British Columbia expiring on November 9, 2002 and are also subject to US resale restrictions. The Company has filed a registration statement with the Securities and Exchange Commission (SEC) to register the securities in the United States.
4. The securities issued to Roth have a hold period in British Columbia expiring on February 21, 2003 and are also subject to US resale restrictions.

About OSI Systems, Inc.

OSI Systems, Inc. is a diversified global developer, manufacturer and seller of optoelectronic-based components and systems. The company has more than 30 years of optoelectronics experience, and through its family of subsidiaries, competes in four specific growth areas: OEM Manufacturing, Security, Medical and Fiber Optics. OSI Systems Security Group is comprised of Rapiscan Security Products Inc., an X-ray systems developer and Metorex, a leading provider of metal detector solutions. OSI Systems Security Group products have been deployed worldwide for use in airports, customs facilities, courthouses, government buildings, prisons, embassies and other locations.

For more information on OSI Systems, Inc. please visit http://www.osi-systems.com.

About Imagis Technologies Inc.

Imagis Technologies Inc. (OTCBB:IGSTF) is a leading developer of biometric systems using advanced facial and image recognition technology and database management software. This includes identification and security solutions for use in law enforcement and public safety, airports, customs and immigration, driver's licenses and passports, and other government agency and private-sector industries.

The Company, whose Chairman is Oliver "Buck" Revell, the former Associate Deputy Director of the FBI, has over 140 installations of its software in the United States, the United Kingdom, Canada, Latin America, and Asia-Pacific. This includes one of the UK's national police agencies, more than 50 RCMP detachments and police departments across Canada, over 40 police departments across the US, New Zealand Customs, and Toronto's Pearson International Airport.

For more information on Imagis, please visit http://www.imagistechnologies.com. ON BEHALF OF THE BOARD OF DIRECTORS "Rory Godinho" Corporate Secretary CONTACT: Investors' Contact US Investors' Contact Michael O'Connor Typhoon Capital Consultants Director of Investor Relations Sanjay Sabnani, President Tel: [phone] Tel: [phone] [e-mail] [e-mail]

SOURCE Imagis Technologies Inc.

CONTACT: Investors' Contact: Michael O'Connor, Director of Investor Relations, Tel: [phone], [e-mail]; US Investors' Contact: Typhoon Capital Consultants, Sanjay Sabnani, President, Tel: [phone], [e-mail]

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