(Elmsford, NY, February 7, 2012) – ImageWorks Corporation (OTC Pink:IWKS), announced an agreement in principal for the sale of its human NewTom CBCT Imaging operating division to CEFLA for an undisclosed valuation. In August 2009 ImageWorks’ predecessor, AFP Imaging, sold its QR Imaging Division to CEFLA and retained exclusive distribution rights for the NewTom products in the US, Canada, Latin America, Australia and parts of the Middle East. With the sale, CEFLA will assume sales and service responsibility for this territory for human NewTom 3DCT applications while ImageWorks will retain exclusive rights for distribution of the NewTom product for Veterinary applications.
During the past two years ImageWorks has created and maintains nearly 100% market-share in the fast-growing Mobile CBCT market-place with annual sales in excess of $5 million while maintaining approximately 12% share in the stand-alone office-based applications. The company has indicated that proceeds from the sale will be applied to the recapitalization of its debt facility.
R. Scott Jones, ImageWorks’ Chairman stated “We’re fortunate to capitalize on our success in growing this division significantly over the past three years having created substantial value for both ImageWorks and our partners. We will now dedicate all of our sales efforts to work exclusively through our network of over dental and veterinary 3,000 dealers and distributors in over 46 countries world-wide.”
The company reports that it has grown its Dental, Veterinary and Medical businesses significantly through its manufacturing and distribution of Dent-X, EVA and ImageVet product lines. ImageWorks pioneered the application of its imaging products to the Veterinary Dental market over ten years ago and has maintained its leadership in the field since that time.
Significant investments have been made on the development of a dedicated Customer Center with multi-modality communications and a World-class Training and Development Program, including a new Training Center for customers, distribution partners and the company’s employees at the company’s Elmsford, New York location where the company currently develops and manufactures its vertically-integrated EVA Dental Sensor, Mini-Med and dental Film Processing product lines.
Please visit the company’s web-site at www.ImageWorksCorporation.com.