ImageWare Systems Increases Primary Line of Credit to $5 Million and Extends Maturity Date Through March 2017
(firmenpresse) - SAN DIEGO, CA -- (Marketwired) -- 11/18/14 -- ImageWare Systems, Inc. (OTCQB: IWSY) (ImageWare), a leader in mobile and cloud-based, multi-modal biometric identity management solutions, has increased the available borrowings under one of its existing lines of credit from $3 million to $5 million and extended the maturity date through March 2017. The line of credit was amended with the company''s largest shareholder.
Pursuant to the terms and conditions of the amendment, the holder has the right to convert up to $2 million of the incremental outstanding balance of the line of credit into shares of the company''s common stock for $2.30 per share, which reflects the closing price on November 17, 2014.
"This increased line of credit reflects the vote of confidence from our largest shareholder," said Jim Miller, chairman and CEO of ImageWare. "While we do not anticipate the use of this credit extension, we are appreciative to have his support and continued service on our board of directors."
The company''s total available borrowings under its aggregate lines of credit are now $5.5 million.
ImageWare Systems, Inc. (OTCQB: IWSY) is a leading developer of mobile and cloud-based identity management solutions providing biometric, secure credential, and law enforcement technologies. Scalable for worldwide deployment, ImageWare''s patented biometric product line includes a multi-biometric engine that is hardware and algorithm independent that enables the enrollment and management of unlimited population sizes. The company''s identification products are used to manage and issue secure credentials, including national IDs, passports, driver''s licenses, smart cards and access control credentials. ImageWare''s digital booking products provide law enforcement with integrated mug shots, fingerprint live scans, and investigative capabilities.
ImageWare is headquartered in San Diego, CA, with offices in Portland, OR, Washington, D.C., Mexico, and Ottawa, Ontario. For more information about ImageWare Systems, visit .
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Cody Slach
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Datum: 18.11.2014 - 13:06 Uhr
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