Sensar Signs Agreement with Net2Wireless, Inc.
SALT LAKE CITY, Dec. 14 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII) announced today that it has entered into a definitive loan and option agreement with Net2Wireless, Inc., a Delaware corporation that is concurrently acquiring the wireless division of ITES, Ltd. Net2Wireless is the new name under which the resulting company will operate.
Sensar has the right to acquire Net2Wireless in exchange for the issuance of 8,500,000 shares of common stock, increasing the issued and outstanding stock for the combined company to approximately 12,500,000 shares. In addition, options and other rights to acquire Net2Wireless stock then outstanding will be converted into rights to acquire not in excess of 5,500,000 shares of Sensar common stock. As part of this agreement, Sensar will provide Net2Wireless with short-term financing of $2 million, secured by the assets of Net2Wireless. The financing will be used to allow further recruitment of technical staff and ongoing development work by Net2Wireless.
"The transaction with Net2Wireless is moving forward with full cooperation between the parties. Recruitment of the senior executives required to commercialize this technology is moving swiftly forward and we anticipate announcing certain appointments over the coming weeks," stated Sensar CEO and President Mr. Howard S. Landa. |
