BURBANK, Calif., Feb. 06, 2017 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG) announced that, on January 31 2017, United States Bankruptcy Judge for the Central District of California, Neil Bason, granted the company’s unopposed motion for entry of final decree and also granted approval of the two stipulations regarding payment of court-approved fees. As a result, the Imaging3 Chapter 11 proceeding is now closed—the company is no longer subject to the jurisdiction of the Bankruptcy Court, and the case cannot be converted to a Chapter 7 proceeding.
Stated Dane Medley, president: “I would like to thank our noteholders, our vendors, and all the financial and legal advisors who worked tirelessly throughout this process. We are now poised to capitalize on the promising opportunities that lie ahead for Imaging3.”
Scott Pancoast, consultant to the company, said, “Dane Medley has shepherded Imaging3 through an extremely difficult process these last few years. His leadership and courage, along with the patience and support from many stakeholders, culminated in this successful outcome. “
He continued, “One month ago, Imaging3 was a company mired in bankruptcy, with twelve notes in default and an additional $1.5 million owed to various vendors. It has since restructured its notes, stretched out much of the vendor debt over three years, and negotiated down (or paid off) the remainder vendor debt….and is now clear of the bankruptcy and all the related constraints. This is an extraordinary accomplishment for Imaging3, as it can now focus on leveraging its technology and building a business.”
About Imaging3
Imaging3, Inc. has developed a patented medical imaging technology, called SmartScan™, that produces 3D x-ray images, virtually in real time. The SmartScan technology will allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, resulting in higher throughput for the clinicians and fewer safety risks for the patient. The technology also allows for greater portability, easier installation, and a significantly reduced cost burden for the healthcare system overall. Imaging3 is planning to submit a 510K application to the FDA during 2017 in order to gain approval to commercialize the SmartScan technology.
Visit the company’s website at http://www.imaging3.com for detailed information about the Company’s technology.
Safe Harbor Statement
Imaging3 cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in the Imaging3’s business, including, without limitation: the company may not ever obtain FDA approval for any of its devices; the company may not be able to secure the funds necessary to support its product development plans; and the company may not ever achieve the market success to sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger imaging companies, technological obsolescence, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Imaging3 and the risk factors that may affect the realization of forward-looking statements is set forth in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Imaging3 undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.