Navigation Links
Imaging Diagnostic Systems Accepts Resignations of Outside Directors

Company Increases Focus on PMA Study

FORT LAUDERDALE, Fla., April 23 /PRNewswire-FirstCall/ -- Imaging Diagnostic Systems, Inc., (OTC Bulletin Board: IMDS) announced that on April 16, 2008, the Company received and accepted the resignations of its three outside directors Jay Bendis, Patrick Gorman, and Sherman Lazrus. These resignations were tendered to comply with a request by outside funding sources as a condition to such funding. In connection with their resignations, these directors received full vesting on the options for 200,000 shares each, which the Company granted in early 2008.

(Logo: )

Linda B. Grable, a co-founder of IDSI and its former Chairman of the Board and CEO, who retired in April 2004, agreed to come out of retirement and now serves as the Company's Chairman of the Board and interim CEO.

Allan Schwartz, Executive Vice President and CFO stated that, "I am gratified that Linda has come out of retirement to serve IDSI as Chairman of the Board and Interim CEO. Her passion and experience will be a driving force to enable the Company to achieve its financial goals and to complete the PMA filing process."

"As one of the original founders and a shareholder, I have a personal interest as well as a vested interest in IDSI's success," Grable commented. "I felt it was imperative for me to return to the company to help promote goodwill, bring value to the shareholders, and provide the avenue for the company to obtain the resources necessary to continue its operations and complete the PMA process. I am strongly committed to turning the original vision that I shared with my late husband Richard Grable, inventor of the CTLM system, into reality."

On April 18th, 2008 the company entered into a new "Sixth Private Equity Credit Agreement with Charlton Avenue LLC providing a maximum commitment of $15,000,000 for a period of three years from the effective date of registration statement.(for detailed information see April 16th 2008 Form 8-K)

While the Company believes that it will be able to secure the additional funding necessary on commercially reasonable terms and follow the PMA timetable, there can be no assurance that the Company will be able to do so.

About Imaging Diagnostic Systems, Inc.

Imaging Diagnostic Systems, Inc. has developed a revolutionary new imaging device to aid in the detection and management of breast cancer. The CTLM(R) system is a breast imaging system that utilizes patented continuous wave laser technology and computer algorithms to create 3-D images of the breast. The procedure is non-invasive, painless, and does not expose the patient to ionizing radiation or painful breast compression. CT Laser Mammography (CTLM(R)) is designed to be used in conjunction with mammography. It reveals information about blood distribution in the breast and may visualize the process of angiogenesis, which usually accompanies tumor growth.

The FDA has determined that the Company's clinical study is a non- significant risk (NSR) investigational device study under 812.3(m) of the investigational device exemptions (IDE) regulation (21 CFR 812). The company is currently conducting clinical studies to collect the data necessary to support the FDA PMA application. The CTLM system is limited by United States Federal Law to investigational use only in the United States.

For more information, visit our website:

As contemplated by the provisions of the Safe Harbor section of the Private Securities Litigation Reform Act of 1995, this news release may contain forward-looking statements pertaining to future, anticipated, or projected plans, performances and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates or predictions of future results or events and there can be no assurance that actual results or events will not materially differ from expectations. Further information on potential factors that could affect Imaging Diagnostic Systems, Inc., is included in the Company's filings with the Securities and Exchange Commission. We expressly disclaim any intent or obligation to update any forward-looking statements.

Media Contact:

Deborah O'Brien

(954) 581-9800

SOURCE Imaging Diagnostic Systems, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Imaging Diagnostic Systems New Laser Breast Imaging Scanner Introduced in Malaysia
2. Largest Asian Cancer Hospital to Evaluate New CT Laser Breast Imaging System
3. Imaging Diagnostic Systems Generates Cash From Building Sale
4. Imaging quantum entanglement
5. Glycominds Joins Biomolecular Photonic (BMP) Consortium to Develop New Molecular Imaging Technique
6. Elbit Medical Imaging Ltd. Announces Definitive Agreements for a Large Scale Luxury Mixed Use Project in Bangalore, India
7. Elbit Medical Imaging Ltd. Announces that Plaza Centers Has Entered into a Joint Venture Partnership to Develop Residential and Office Projects in Romania
8. Elbit Medical Imaging Ltd. Announces Results of Its Annual General Meeting
9. Imaging Diagnostic Systems Expands Key Patent Coverage
10. Imaging Diagnostic Systems Exhibits CT Laser Breast Imaging Results at Major Italian Multidisciplinary Breast Cancer Meeting
11. New Optical Breast Cancer Imaging Technology Garners Cover Story in National Radiology Magazine
Post Your Comments:
(Date:11/24/2015)... 2015 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ:  AEZS) (TSX: AEZ) ... of the Toronto Stock Exchange, confirms that as of ... corporate developments that would cause the recent movements in ... --> About Aeterna Zentaris Inc. ... Aeterna Zentaris is a specialty biopharmaceutical company engaged ...
(Date:11/24/2015)... Muncie, IN (PRWEB) , ... November 24, 2015 , ... ... its newest Special Interest Group (SIG), MultiGP, also known as Multirotor Grand Prix, to ... in the last few years. Many AMA members have embraced this type of racing ...
(Date:11/24/2015)... CITY , Nov. 24, 2015 /PRNewswire/ - ... "Company") announced today that the remaining 11,000 post-share ... Share Purchase Warrants (the "Series B Warrants") subject ... were exercised on November 23, 2015, which will ... Shares.  After giving effect to the issuance of ...
(Date:11/24/2015)... ... 2015 , ... Creation Technologies would like to extend our ... Technology Fast 500 list of the fastest growing companies in North America. , ... device that speeds up orthodontic tooth movement by as much as 50 percent. ...
Breaking Biology Technology:
(Date:10/26/2015)... 2015  Delta ID Inc., a company focused on ... PC devices, announced its ActiveIRIS® technology powers the iris ... launched by NTT DOCOMO, INC in Japan ... smartphone to include iris recognition technology, after a very ... in May 2015, world,s first smartphone to have this ...
(Date:10/23/2015)... California , October 23, 2015 ... (SMI) announce a mobile plug and play integration of ... real-world tasks SensoMotoric Instruments (SMI) present ... wearable solutions for eye tracking and physiological data registration. ... SMI Eye Tracking Glasses 2w and physiological ...
(Date:10/22/2015)... Oct. 22, 2015  Synaptics (NASDAQ: SYNA ), a leading ... first quarter ended September 30, 2015. --> ... fiscal 2016 grew 66 percent over the comparable quarter last year ... 2016 was $23.8 million, or $0.62 per diluted share. ... the first quarter of fiscal 2016 grew 39 percent over the ...
Breaking Biology News(10 mins):