ImageWare Systems, Inc. has announced that its plan to issue 12,000 shares to pay off its debt has been a complete success. The stocks were issued at $1000 a share, and they brought in gross proceeds of about $10 million, just as the company had hoped.
This has allowed ImageWare to completely pay off its debt, and the company says it will use what’s left as working capital, and to invest in R&D. Biometric technology is advancing rapidly, and as the Internet of Things proliferates over the next few years there are going to be many opportunities for developers like ImageWare to find licensing partners and other clients – but the technology needs to keep pace, and that’s where R&D will be indispensable.
Given ImageWare’s recent business maneuvering, it’s probably a fair bet that it will continue to succeed in navigating the market. It was only last November that the company extended its credit line by $5 million; now that credit line is paid off. Moreover, in December a new VP of Sales and Marketing was appointed – a crucial figure as the company looks to close some deals and grow now that it’s free of debt.