Little Bear Investments LLC Participates in ImageWare Systems Inc. $7 Million Private Placement
Monday November 17, 2003, 9:00 am ET
NEW YORK, November 17 — Little Bear Investments LLC (“Little Bear”) announced today that it has participated in a $7 million private placement of common stock and warrants of ImageWare Systems, Inc. (Amex: IW – “IWS”). As part of the transaction, IWS expects to pay off all of its outstanding 12.5% convertible secured debt. For more information regarding the private placement visit IWS’ web site at http://www.iwsinc.com
Zachary Prensky, managing member of the Little Bear, commented that: “With the 12.5% convertible notes retired, the corresponding interest payments eliminated, and the continued growth of IWS’ core business, it is our strong belief that the company can rapidly turn cash flow positive. This type of restructuring, taking a debt-laden cash flow negative business and turning it around, is one of the core focuses of Little Bear. We are pleased to have participated in this transaction, brought to us by the professional bankers at Sands Brothers, and continue to look to deploy capital in similar transactions in both the private as well as the public marketplaces.”
About ImageWare Systems
ImageWare Systems, Inc. (AMEX:IW) is the leading global developer of digital imaging, identification and biometric software solutions for the corporate, government, law enforcement, professional photography, transportation, education and healthcare markets, among others. ImageWare’s secure credential and biometric product lines are used to produce ID cards, driver licenses, passports, national medical health cards, national IDs and more. The Company’s law enforcement and biometric product lines provide the public safety market with booking, investigative and identification solutions that can be accessed and shared via PC, Web and wireless platforms. ImageWare’s professional digital imaging product line provides professional photographers with automated, in-studio and mobile solutions to facilitate the transition from film-based photography to digital imaging. Founded in 1987, ImageWare is headquartered in San Diego, with offices in Canada, Europe and Asia.
About Little Bear
Little Bear Investments, located in the heart of Midtown Manhattan, is a merchant bank that focuses on investing in both public and private companies. Our broad range of investment experience includes: tender offers, private placements, PIPE’s, reverse mergers and bankruptcy auctions. Little Bear also offers financial, operational and strategic advisory services. Working with companies large and small, we bring the same disciplined approach to our clients as we do to businesses in which we have deployed our own capital.
If you have any questions regarding this press release, please contact Zachary Prensky at Zach@LittleBear.us or at 212-946-2736.