IMRIS enters into Waiver and Amendment Agreement with Deerfield Management Company

IMRIS Inc. (NASDAQ: IMRS; TSX: IM) ("IMRIS" or the "Company") today announced it has entered into a Waiver and Amendment Agreement with Deerfield Management Company, L.P. ("Deerfield") with respect to the Facility Agreement dated as of September 16, 2013. Deerfield has agreed to waive the enforcement of the requirement under the Facility Agreement that the Company have cash and cash equivalents at the end of any calendar quarter greater than $7,500,000 for the period commencing July 1, 2014 and ending September 30, 2014.

In the ordinary course of its business, as a result of the high dollar value associated with each of the Company's sales, the timing of cash receipts and revenues recorded from quarter to quarter vary significantly. There is uncertainty in the amount of accounts receivable that will be collected by September 30, 2014, therefore, the Company proactively sought the waiver so as to avoid a potential breach of the requirement.

On September 16, 2013, pursuant to the Facility Agreement, Deerfield was issued warrants to purchase 6.1 million shares of IMRIS common stock at an exercise price of $1.94 per share. In connection with the waiver, the Company has agreed to change the exercise price of the warrants to $0.70 per share, representing the closing trading price of the common shares on NASDAQ as of September 23, 2014.