Burbank, CA / ACCESSWIRE / July 31, 2014 / Imaging3(tm), Inc. (OTCBB: IMGGQ) announces today that it has entered into a consent agreement to resolve the SEC enforcement action filed against Imaging3, Inc. on June 25, 2013 in the United States District Court for the Central District of California (the “Court”). The Court formally approved the resolution of the claims against Imaging3 on July 25, 2014. Copies of the consent agreement and judgment are available on Imaging3’s website, http://www.imaging3.com/.
As set forth in the consent and judgment, Imaging3 has undertaken and will continue to undertake self-remediation measures that it believes will strengthen the Company going forward. The judgment does not impose any civil financial penalties on Imaging3.
“We are appreciative of the SEC in their handling of the litigation action against Imaging3, Inc.” stated Dane Medley, Chairman/CEO of Imaging3. ‘Now that the SEC enforcement action against the Company has been resolved, Imaging3 will seek to complete its reorganization plan and reemerge as a publicly traded company. The Company is working to bring its SEC financial reporting current and will apply to obtain a trading symbol through FINRA. In addition, we are working hard on creating value for the company with a new business model and may pursue several strategic acquisitions or other business transactions by year-end. We are not moving away from our core competencies, but are instead attempting to enhance and widen our value to our customers. We will have more to follow on this very soon. We are also currently working towards resubmitting our 510k application to the Food and Drug Administration later this year or in early 2015. This process will be managed by an outside consulting firm to help expedite the FDA process.” Imaging3 will provide ongoing updates in the form of filings and press releases, all of which can be found on our website, http://www.imaging3.com/, under the news tab at the top of the page.
Imaging3, Inc., founded in 1993, has developed a medical imaging device that produces 3D medical diagnostic images of virtually any part of the human body in real-time. Because these 3D images are instantly constructed in real-time, they can be used for any current or new medical procedures in which multiple frames of reference are required to perform medical procedures on or in the human body. Visit the company’s website at http://www.imaging3.com for more information.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. 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. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, technological obsolescence, competition from other medical instrument(s) and imaging companies, lack of capital, unexpected costs, failure or delay of FDA approval, failure to obtain a trading symbol from FINRA, failure to consummate desired business combinations or transactions, delays or adverse rulings relating to its pending Chapter 11 bankruptcy action, absence of revenue, the impact on the national and local economies resulting from an economic recession or terrorist actions, and U.S. actions subsequently; unavailability of financing for the Company or its customers, product malfunction, potential product liability claims, and other factors detailed in reports filed by the Company. Imaging3 cannot assure that it will obtain regulatory approval for its products, successfully complete the Chapter 11 bankruptcy process, or obtain a trading symbol from FINRA.
Source: Imaging3, Inc.
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