Imagis Reports Significant Revenue Growth for the Third Quarter 2002
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 14, 2002-- Imagis Technologies Inc., ("Imagis"), (OTCBB:IGSTF)(TSX VENTURE:NAB) (Germany:IGY), a leading developer of biometric security and identification systems using advanced facial and image recognition technology, announced today that its fiscal third quarter revenues at September 30, 2002 were $679,509 an increase of 160% over the same period last year. The increased revenues were primarily due to higher software sales. The increase in software sales revenue during the third quarter is attributable to a UK national law enforcement agency and an overall increase in the number of customers.
Overall, the Company incurred a net loss for the quarter of $1,643,367 or $.09 per share, which is higher than the net loss in the third quarter of 2001 of $648,756 or $.04 per share. While revenues rose 160% in the quarter, the Company continues to invest in the areas of sales and marketing, technology development, and administration resulting in the higher operating expenses.
"For the first nine months of 2002 our revenues have doubled compared to the same period in 2001," said Iain Drummond, President and CEO of Imagis. "The revenue growth is the result of continuing to succeed with existing and new opportunities for biometric software security applications domestically and internationally. Prior expenditures in the areas of product development and improvement, sales and marketing, and management have helped drive our strong revenue growth to date while current expenditures are laying the foundation for what we believe will be strong future growth."
Imagis revenues for the third quarter were lower than in the second quarter of 2002, consistent with the pattern in prior years.
During the third quarter, Imagis made several important achievements including the introduction of prototype products developed in conjunction with Imagis partners Zixsys Inc. (a subsidiary of Sanyo Inc.) and Metorex Security Products Oy, (a subsidiary of OSI Systems Inc.), including Zixsys' Display ID Controller and Metorex's METOR-ID, an intelligent identification and metal detection unit. In addition, Imagis facial recognition technology employed in conjunction with Tecnica Comercial Vilsa SA, HP (NYSE:HPQ), TAL Digital Solutions, and Milestone Systems was successfully deployed at the recent APEC Conference in Cabo San Lucas, Mexico. In addition, Imagis and Orion Scientific Systems Inc. completed the deployment of one of the largest digital image sharing systems in the United States located in Alameda County, CA.
About Imagis Technologies Inc.
Imagis Technologies Inc. (OTCBB:IGSTF; TSX:NAB; Germany:IGY) 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 located across the United States, the United Kingdom, Canada, Latin America and Asia-Pacific. This includes one of the UK's leading 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 about Imagis Technologies Inc., please visit http//www.imagistechnologies.com.
On Behalf of the Board of Directors
Iain Drummond, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
CONTACT: Imagis Technologies Inc.
Michael O'Connor (Investors' Contact), 604/684-2449
Email: michaelo@imagistechnologies.com
or
Typhoon Capital Consultants
Sanjay Sabnani (US Investors' Contact), 310/349-2245
Email: sanjay@typcap.com
Website: www.imagistechnologies.com
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