Sensar Corporation Announces Completion of Initial Financing
PROVO, Utah, May 4 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII) (formerly Larson-Davis Incorporated - Nasdaq symbol "LDII"), announced today that it has completed the private placement of 250,000 shares of its common stock at $4.00 per share for net proceeds to the Company of approximately $950,000. Included among the investors were the three new members of the board of directors.
This private placement will provide the Company with an additional capital base for its initial investigations and potential investments in start-up high-tech companies.
The Company also announced that it had entered into a consulting agreement with Steve Witzel to provide the Company with additional technical expertise. Mr. Witzel has most recently been executive vice-president of sales and marketing for Access Software, Inc., where he has been involved with the development and marketing of its products since 1988. In connection with Microsoft, Inc.'s acquisition of Access Software, Inc., Mr. Witzel will continue to provide consulting services to Access Software, Inc., and others in the computer industry. In addition to his experience at Access Software, Mr. Witzel obtained a United States Patent for "RealSound," a technology used to reproduce sound on computers without a sound board. Mr. Witzel received the Technical Achievement Award for RealSound from the Software Publishers Association and has received a Technical Excellence Plaque from PC Magazine. Mr. Witzel has a Masters of Science degree in electrical engineering from Virginia Polytechnic Institute and will bring significant expertise and experience to the Company in evaluating start-up opportunities. |
