emerging from the ashes, as the Coach says farwell
Sensar Announces Proposed Investment in Nex2 Inc.
SALT LAKE CITY, Jan. 17 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII) announced today that it has entered into a non-binding Letter of Intent to purchase a minority interest in Nex2, LLC. a specialized information service provider to the insurance and health care industries. Sensar anticipates closing this transaction prior to the end of January.
Nex2 is a private company based in Utah, which has developed proprietary software and systems for niche applications for delivery of pharmaceutical information. The company intends launching its products in the next couple of months and, in conjunction with this, is in negotiation with certain major industry participants both to raise additional financing and to enter into joint marketing relationships.
In conjunction with this investment, Mr. Larry Lunt, one of the founders of Nex2, will be joining the Board of Sensar. Mr. Larry Lunt is currently Chairman of Metalcraft Technologies, one of Utah's largest manufacturing companies, owner of Western Property Management, which owns and manages over 3,000 residential units, and a Board Member of American Investment Bank N.A. Mr. Lunt also serves as Chairman of the Board of Trustees of Southern Utah University, attained the rank of Brigadier General and is currently serving as Commander of the Utah Air National Guard and is active in the community in numerous other roles.
"The products about to be launched by Nex2 are focused on delivering substantial cost savings to the targeted market by facilitating and enhancing access to currently available data in a unique manner. Nex2 benefits from a relatively concentrated number of users operating in a multi-billion dollar marketplace. We believe Nex2 represents an exciting opportunity for Sensar," stated CEO Steven Strasser. "Sensar now has two strategic minority investments in emerging private technology companies. I intend making additional minority investments in private companies over the coming months as part of our new Business Development Strategy."
Details relating to Sensar's other minority investment, Net2wireless (Now operating as Jigami Inc.), are available at their web site at www.net2w.com.
Sensar Announces Appointment of CEO
SALT LAKE CITY, Jan. 17 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII) announced the appointment of Mr. Steven Strasser as CEO of Sensar Corporation. Mr. Strasser has been an outside Director of Sensar since April 1999.
On the appointment of Mr. Strasser, Mr. Howard Landa who was the CEO and Chairman and Mr. Brian Lewis who had served as an outside Director since April 1999 have resigned their positions with the Company.
Mr. Landa and Mr. Lewis have agreed to waive their rights to receive 500,000 and 60,000 options respectively at $2 per share. In addition Ms. Mickey Hale currently an outside Director of Sensar has agreed to waive her rights to receive 60,000 options. Mr. Andrew Bebbington who has served as a consultant to the Company has agreed to waive his rights to receive 150,000 options conditional upon his appointment to the Board of Directors and as Chief Operating Officer of the Company which, is anticipated to occur in the next few days.
In total, the rights to 770,000 options have been made available to the company. Of these 250,000 have been transferred to Mr. Steven Strasser upon his appointment as CEO. The remaining options will be used either to attract additional individuals as Directors or for other business development purposes.
All the foregoing individuals have also entered into contractual agreements restricting the sale of 50% of their option holdings during the six-month period ending on July 17, 2001. It is anticipated that all future Directors or beneficiaries of rights to options will be bound by a similar agreement. |
