TORONTO, Nov. 5, 2018 /CNW/ - Imex Systems Inc. ("Imex" or
the "Company") (TSX VENTURE:IMEX), a software solution provider to
Governments, Municipalities and Public Authorities, announces that
further to the Company's press release on October 19, 2018, on Friday, November 2, 2018, a panel of
commissioners of the British Columbia Securities Commission issued
its decision on the Company's $2
million private placement completed in July 2018 (the "Private Placement"). The
panel decided as follows: "Having considered all of the submissions
on the appropriate orders, if any, in the circumstances, the panel,
despite finding that the TSX-V should have required a shareholder
vote before approving the private placement, declines to make any
further orders in this proceeding. In the specific circumstances of
this case, the panel considers that the actual and potential
adverse consequences to the public interest of making any of the
orders requested by the Arapakota Parties (or any alternative
orders) outweigh the actual and potential benefits to the public
interest of making any orders."
In addition, the temporary cease trade order previously imposed
on the shares of the Company issued in connection with the Private
Placement has now been revoked.
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: i-Gov - 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.
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.
SOURCE Imex Systems Inc.