Image Sensing Systems Prices Public Offering of Common Stock
Contacts: Greg Smith, Chief Financial Officer
Image Sensing Systems, Inc., Phone: 651.603.7700
Saint Paul, Minn., April 16, 2010-- Image Sensing Systems, Inc. (NASDAQ: ISNS), announced today the pricing of its underwritten public offering of 798,000 shares of newly-issued common stock at $12.25 per share before underwriting discounts and commissions under its shelf registration statement that became effective on December 15, 2009. The offering is expected to close on or about April 21, 2010, subject to customary closing conditions.
Image Sensing Systems intends to use the approximately $8.9 million in anticipated net proceeds for general corporate purposes, including acquiring or investing in businesses, products or technologies.
Wedbush Securities Inc. is serving as the sole book-running manager for the offering and Craig-Hallum Capital Group LLC is acting as co-manager for the offering.
The offering is being made pursuant to Image Sensing Systems’ effective registration statement filed with the Securities and Exchange Commission (“SEC”), including a prospectus and a related prospectus supplement. Copies of the final prospectus supplement and accompanying prospectus may be obtained from Wedbush Securities Inc., One Bush Street, Suite 1700, San Francisco, California 94094, or by calling (415) 273-7307.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Image Sensing Systems, Inc. is a technology company focused on infrastructure productivity improvement through the development of software-based detection solutions for the Intelligent Transportation Systems (ITS) sector and adjacent markets. We are headquartered in St. Paul, Minnesota. Visit us on the web at imagesensing.com.
Safe Harbor Statement: Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations or beliefs, and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectations, which variations could be material and adverse. Factors that could produce such a variation include, but are not limited to, the following: the inherent unreliability of earnings, revenue and cash flow predictions due to numerous factors, many of which are beyond the Company's control; developments in the demand for the Company's products and services; relationships with the Company's major customers and suppliers; unanticipated delays, costs and expenses inherent in the development and marketing of new products and services; the impact of governmental laws and regulations; and competitive factors. Our forward-looking statements speak only as of the time made, and we assume no obligation to publicly update any such statements. Additional information concerning these and other factors that could cause actual results and events to differ materially from the Company's current expectations are contained in the Company's reports and other documents filed with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2008 as updated by Form 10-Q filings made in 2009.
