Imaging3 Explains the 10-K Amendment Just filed
Burbank, CA, May 9, 2017 (GlobeNewswire): Imaging3, Inc. [OTCQB:IGNG] announced today that it filed an Amendment to the Annual Report of Form 10-K for the year ended December 31, 2016 to correct certain disclosures concerning the Company’s proprietary technology designated “Apparatus and Method for Three Dimensional Real-Time Imaging Systems” (the “Technology”), as set forth at page 3 of the Form 10-K.
The Form 10-K erroneously states that the active patent currently covering Imaging3’s Technology is U.S. Patent No. 6,754,297. In fact, on August 28, 2002 Dean Janes (“Janes”), the Company’s founder, filed the original patent application for the Technology; and, on June 22, 2004, the United States Patent and Trademark Office (“USPTO”) issued U.S. Patent No. 6,754,297 covering the Technology to the Company as assignee.
After making substantial improvements to the design and utility of the Technology, Janes, on June 21, 2004, filed a second patent application covering the Technology that described the aforementioned improvements. On January 8, 2008, the USPTO issued patent No. 7,317,819 covering the improved Technology to the Company as assignee. On June 22, 2008, subsequent to the issuance of U.S. Patent No. 7,317,819, the Company intentionally allowed U. S. Patent No. 6,754,297 to expire for non-payment of required maintenance fees.
Assuming continued payment of maintenance fees, U.S. Patent No. 7,317,819 expires no sooner than June 21, 2024; due to provisions in Title II of the Drug Price Competition and Patent Term Restoration Act, the patent term could be extended beyond this date.
President Dane Medley stated: “We sincerely apologize for the mix-up on the patent numbers. The takeaway here is that our unique ability to provide 3-D imaging, virtually in real time, is covered by an active patent.”
Imaging3, Inc., founded in 1993, has developed a patented medical imaging technology, called SmartScan™, that will produce 3D x-ray images, virtually in real time. The SmartScan technology will allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, resulting in higher throughput for the clinicians and fewer safety risks for the patient. In addition, Imaging3’s technology exposes patients to significantly less harmful radiation than current imaging technologies such as CT scans, which the company believes will allow scans to be used in more pediatric applications than are currently prescribed. The technology also allows for greater portability, easier installation, and a significantly reduced cost burden for the healthcare system overall. Imaging3 is planning to submit a 510K application to the FDA during 2017 in order to gain approval to commercialize the SmartScan technology.
Visit the company’s website at http://www.imaging3.com for detailed information about the Company’s technology.
Safe Harbor Statement
Imaging3 cautions you that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. 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 inherent in the Imaging3’s business, including, without limitation: the company may not ever obtain FDA approval for any of its devices; the company may not be able to secure the funds necessary to support its product development plans; and the company may not ever achieve the market success to sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger imaging companies, technological obsolescence, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Imaging3 and the risk factors that may affect the realization of forward-looking statements is set forth in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Imaging3 undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact: Dane Medley President firstname.lastname@example.org