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Sensar Signs Agreement to Acquire Internet And Wireless Communications Company and Change Name to iNet2Wireless.com
SALT LAKE CITY, Oct. 7 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII) announced today that it has entered into an agreement to acquire all of the outstanding shares of I.T.E.S ltd. ("ITES"), an entity organized under the laws of Israel.
ITES is a startup company focused on developing wireless multimedia and internet communications applications. In particular, the company has developed technology to enable the real time broadcast of multimedia content via wireless to an array of hand-held devices including cellular phones. This technology will also significantly advance the delivery of internet applications, including video, web pages and email, on a real time and global basis without the difficulties and limitations of WAP based systems.
ITES is working with an Israeli wireless communications carrier to finalize the implementation of its wireless communication technology and has commenced preliminary discussions with a major Internet Service Provider to utilize ITES's unique wireless internet instant messaging technology. This technology will provide seamless internet-to-cell and cell-to-internet messaging services allowing end users to remain online when away from their traditional internet access sites.
"For the past six months we have analyzed numerous internet and communications companies. The ITES technology represents the most sophisticated we have seen. Furthermore, with over 300 million cellular users, the market potential of this technology is enormous," says CEO Howard Landa.
"Our technology will dramatically expand the role of the wireless cellular device. Consumers should be able to receive full color transmission of video, TV, audio, web pages and email either in text or voice anytime, anywhere in the world," added Hemi Davidson, founder of ITES.
Under the terms of the agreement, Sensar will issue 8,500,000 shares of its common stock to acquire ITES. It is anticipated that a new board of directors will be appointed at the closing and that the officers of ITES will become officers of Sensar.
Closing of this transaction is conditioned on approval of the transaction by the shareholders of Sensar and certain other regulatory approvals and contractual conditions. At closing, the newly enlarged group will be renamed iNet2Wireless.com, which will be more representative of the company's ongoing operations.
A conference call is scheduled for 4:30 PM ET, Tuesday, October 12. The number to call is (888) 550-5969, reference the Sensar Corporation Conference Call. Interested parties who are unable to participate at the scheduled time can access the recorded call for 72 hours following the conference call (allowing 4 hours after the completion of the conference call) by dialing (800) 723-0607. |
