Sensar Corporation Announces Transactions
SALT LAKE CITY, July 27 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII). Howard S. Landa, Chairman of the Board and Chief Executive Officer of Sensar announced that Sensar had entered into a Letter of Intent to acquire 100% of the internet assets of Galaxy-Net Telecom, located in Campbell, California.
Galaxy-Net Telecom ("Galaxy-Net") provides multimedia content broadcast services as well as web hosting and ISP services. The company has recently entered into a contract with ONRADIO.COM to provide Audio/Video Content Hosting for 670 radio stations. IMAGEMIND.COM has chosen Galaxy-Net as its multimedia broadcasting platform. Galaxy-Net is the featured ISP on the RealNetworks website (www.real.com). RealNetworks provides streaming media technology to approximately 60 million users.
Galaxy-Net, the top performing channel partner for Level 3 Communications (www.level.3.com) will continue to provide a broad array of web hosting and ISP services using scalable Silicon Graphics Origin 2000 Super Computers. By offering speed and service capability greatly exceeding traditional ISP's generated by these super computers, Galaxy-Net is well positioned to meet the demands of Multimedia Content Broadcasting as well as provide superior performance for the broad array of internet communication requirements.
The agreement calls for payment by Sensar of an undisclosed amount of cash and stock, and the assumption of debt. As part of the transaction, Sensar would also receive the right to purchase approximately 4% of a related corporation, WebCash Corporation ("WebCash").
WebCash has developed WebCash 4.2, which consists of a full featured shopping cart for merchants along with an integrated billing system whereby customers can pay by credit card or check. WebCash will also provide customer service via live operators and different levels of fraud protection depending upon the business' needs. This service will be available August 1, 1999.
For further information see www.galaxy-net.net and www.webcash.com.
Subject to the completion of mutual due diligence and the execution of a definitive agreement approved by the Board of Directors, the transaction should close on or before August 12, 1999.
Mr. Landa stated that he was anxious to welcome Galaxy-Net Telecom as part of the Sensar group and felt that its presence will complete the team necessary to commence an assertive acquisition program of web host and ISP entity as part of Sensar's overall business plan.
Mr. Landa also announced that Sensar had settled its differences with Brian Larson, one of the company's original founders. All claims and counter-claims between the parties are to be dismissed. As part of the settlement, Mr. Larson will deliver 32,800 shares of common stock, which will be cancelled, and a note for $35,000. Mr. Larson will retain a 25,000 share option.
Mr. Landa has set a telephone conference call for investors after the close of market on August 4, 1999. More details concerning the conference call will be made available later in the week. |
