TORONTO, July 18, 2018 (GLOBE NEWSWIRE) -- Imex Systems Inc. ("Imex" or the "Company") (TSX VENTURE:IMEX), a software solution provider to Governments, Municipalities and Public Authorities, has successfully closed its non-brokered private placement of equity units for of Imex for gross proceeds of $1,999,015.76. The Company will use the proceeds for working capital, accelerating near-term revenue opportunities and marketing purposes.
The Company continues to grow the existing consulting and staffing business. It has largely re-established the goodwill and Vendor of Record status with key North American clients for the Company's consultant staffing business. It will be expanding the products and services to its current municipal users. These Canadian clients are valuable references and play a key role in Imex's North American expansion.
The Company is in the final stages of discussion with an established mobile wallet company that is fast expanding its global presence both in government and private enterprises. The intent is to establish a joint venture leveraging the other party's IP along with Imex's iGov platform as the business process management platform for government payroll, tax collection, citizen benefits direct payments and solving critical issues in both G2B and G2C processes. In addition, the joint venture company will also offer a Blockchain based procurement and trade financing platform for secured and transparent management of these functions.
The Company is also in discussion with a cyber security software company to offer, as part of Imex iGov platform, the full suite of cyber security for government networks and applications
"With the addition of the above functions as an integration with the iGov platform, Imex will have a much broader reach into government sectors, particularly, in the developing economies. This will also enhance the Company's residual revenue potential through licencing, transaction and support fees," stated Kris Parthiban, Interim CEO.
The Company is also in dialogue with the Government of Botswana and expects to come to settlement terms in the near future.
About Imex Systems
Imex Systems Inc. is a Canadian software products and solution provider to Governments, Municipalities and Public Authorities in Canada and internationally. Imex primarily focuses on E-Government and the Smart Cities market that also include the integration to payment processing. The company helps public sector entities to provide "Any Time, Any Where, Any Device and Any Channel" convenience for citizens to access government services and help with digital transformation of government operations and streamline revenue. Imex's various product and service offerings include: iGov - a Digital Government Platform for all levels of governments, which provides all the pre-built components for building an effective Digital Government and supporting payment processing through multiple channels; iCity - a Smart City Solution; and miGov - a Mobile Government Framework.
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information in this news release include, but are not limited to, statements with respect to: increased sales from existing customers and new customers, potential joint ventures related to mobile payments and cyber security and a potential settlement with the Government of Botswana . Forward-looking information necessarily involve known and unknown risks, including, without limitation: the need for approvals from the relevant government body; definitive agreements being entered into with respect to the joint ventures; a definitive agreement being reached with the Government of Botswana; future capital needs and uncertainty of additional financing; the competitive nature of the industry; the effects of product development and need for continued technology change; and those risks set out in the Company's public documents filed on www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Imex Systems Inc.
Kris Parthiban, Interim President and CEO
416 899 9720
krisp@imexsystems.com