Sensar Confirms Completion of $29 Million Private Placement for Net2Wireless
SALT LAKE CITY, March 24 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII) confirmed today that Net2Wireless has completed a $29 million private placement which will convert into an aggregate of 1,041,140 shares of Sensar at the time of the merger. Among American and international firms who participated in this round of financing were SAC Capital, AENENEAS Portfolio, Kairos Fund Ltd. from Italy, Banque Multi Commerciale of Switzerland, Janon Holdings, B.V. of Holland, and Elkanit Development Ltd. in Israel.
Mr. Landa, CEO of Sensar, also announced that because of the additional funding Sensar had elected to exercise its option to proceed with the acquisition of 100% of Net2Wireless. In connection therewith, Sensar has agreed to increase the number of shares to be issued to Net2Wireless and options to be assumed by a factor of 7.4% to 17,185,183 shares, plus the new private placement shares, and 14,835,390 options (including the option held by Partner Communications Company, Ltd. for 3,020,576 shares).
Nechemia Davidson, CEO of Net2Wireless said, "We view the completion of the private placement as a sign of confidence in the Company's vision and technology. We believe that the funding will accelerate our efforts to become a leader in the field of Value Added Services for the wireless carriers. Net2Wireless will use the funds to increase research and development, marketing, and new business development worldwide."
Net2Wireless has developed a technology designed to enable digital cellular operators to provide applications that would typically be provided through a 3G network, using 2G existing infrastructure and mobile devices such as PDA's, smart mobile phones, and hand held computers, all over one backbone. Net2Wireless technology utilizes state-of-the-art digital content compression, advanced pattern recognition technology, and innovative streaming communication technology, supporting scalable communications from 9600 bps and higher, using ultra-low bandwidth.
This technology is designed to allow the cellular operator to provide content transmission and wireless multimedia, without bandwidth and infrastructure limitations, to its existing customers.
Additional information concerning Net2Wireless can be found at its website at www.net2w.com. |
