Sensar Corporation Sells Jaguar Technology
SALT LAKE CITY, Aug. 31 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII). Howard S. Landa, Chairman of the Board and Chief Executive Officer of Sensar, announced that Sensar has completed the sale of its Jaguar technology, the sale of its final interest in the ANOMS product, a one-time licensing transaction in exchange for cash and receivables of approximately $3,200,000.
As previously reported in the Company's report on Form 10-Q for the quarter ended June 30, 1999, the Jaguar technology had been reclassified as an asset held for sale and Mr. Landa stated that, given the circumstances, he was very pleased with the terms of the sale.
Additional details concerning these transactions and their effect upon the Company's financial statements will be available in a periodic report on Form 8-K to be filed by the Company on Friday, September 3, 1999.
Mr. Landa went on to state that the Company's previous announced strategy concerning web-hosting and ISP companies had been put on hold after Microsoft's and AOL's recent announcements concerning the eventual ability of companies to charge fees for the providing of such services. The Company has turned its attention to due diligence investigation of operating companies, in anticipation of negotiating a suitable transaction to submit to the shareholders. |
