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| ImageWare Systems, Inc. |
| 10883 Thornmint Road, San Diego, CA 92127 * (858) 673-8600 |
| Business Description | The company develops, sells and supports a suite of modular software products that is used by law enforcement and public safety agencies to manage criminal history records. |
| Offering Information Company has | |||
| Trading As | IWWS (NASNTL) | Industry | High-Tech (SIC 7373) |
| Type of Stock Offered | Common Units | Filing Date | 12/20/99 |
| Domestic Shares Offered | 1,875,000 | Offer Date | 3/30/00 |
| Foreign Shares Offered | 0 | Filing Range | $8.00 - $10.00 |
| Company Shares | 1,875,000 | Offer Price | $8.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.580 |
| Gross Proceeds | $15,000,000 | Selling | $0.320 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 2,655,482 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Paulson Investment Company, Inc. | Lead Manager | (503) 243-6028 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 9/30/98 | 9/30/99 | |||
| Revenues | - | - | - | 2.896 | 4.236 | 3.088 | 3.495 |
| Income from Oper. | - | - | - | -0.187 | -3.230 | -2.288 | -2.193 |
| Net Income | - | - | - | -0.400 | -3.434 | -2.443 | -2.443 |
| E.P.S | - | - | - | -0.700 | -4.080 | -2.910 | -2.560 |
| Revenue Growth (%) | - | - | - | 46.278 | 13.17 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -1.94 | -1.23 | -0.75 | ||||
| Cash Flow - Inv. | -2.20 | -2.20 | -0.03 | ||||
| Cash Flow - Fin. | 1.88 | 1.18 | 0.82 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 9/30/99 | Financial Ratios | ||||
| Total Assets | 3.94 | Current Assets | 1.63 | Current Ratio | 0.25 |
| Total Liab. | 6.59 | Current Liab. | 6.43 | Debt Ratio | 167.43% |
| Total Equity | -2.66 | Working Cap. | -4.80 | Debt to Equity Ratio | - |
| Cash | 0.09 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of debt, sales and marketing, research and development, and working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Luce Forward Hamilton & Scripps |
| Bank's Law Firm | Tonkon, Torp, Galen, Marmaduke & Booth |
| Registrar/Transfer Agent | American Securities Transfer and Trust |
| Auditor | Pricewaterhouse Coopers LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Atlus Co., Ltd. | 30.90 | |
| S. James Miller, Jr. | 15.10 | |
| R Squared Limited | 10.50 | |
| Note: represents ownership of 5% or more prior to the offering. | ||
| Additional Underwriter Compensation |
| Warrant to purchase 150,000 shares/units at a nominal price. |
| Warrant Information | |||||||||||||||||||||||||||||||||||||||||
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