Sense Holdings Announces Plans to Distribute Certain Technology Rights to Current Shareholders through Creation of New Subsidiar
January 09 2007 - 9:15AM
Business Wire
Sense Holdings, Inc. (OTCBB:SEHO), a developer of next-generation
biometric and explosive detection security technologies for
government and commercial security markets, today announced its
plans to distribute rights for its explosive detection project with
Oakridge National Laboratory and related technologies to its
current shareholders. The company plans to announce an ex-dividend
date in the near future. Sense Holdings, Inc. has formed a new
subsidiary, Explosive Sensing Systems, Inc., to hold the rights for
the technologies. All shareholders of Sense Holdings on the
ex-dividend date will receive full rights of the technologies on a
pro-rata basis. As disclosed in an 8K filing by the company on
December 22, 2006, Sense Holdings has entered into a Memorandum of
Understanding with Jinyang Coke Group Corp to acquire 60% of
Jinyang Energy Group. Sense Holdings has also formed a wholly owned
subsidiary, China Energy Group, to be a new division for any
potential acquisitions in China. Jinyang Energy Group generated
approximately $40 million in annual revenues in 2006 with
approximately 10% net profit margin on an un-audited basis.
Management intends to conduct a rigorous due diligence process,
including full auditing for this acquisition candidate. Upon
completion of satisfactory due diligence, Sense Holding intends to
enter into a definitive agreement. Dore Perler, CEO and President
of Sense Holdings, Inc. stated, �We are very pleased with the
progress that has been made in transitioning the company for the
future. As our goal in this effort is to bring value to our
shareholders, management believes that the steps being taken now
will position the company and its shareholders to benefit from our
previous investments in technology as well as the future
acquisition plans with Jinyang Energy Group.� About Sense Holdings,
Inc. Sense Holdings is a developer of next-generation biometric
identification systems, and nanotechnology-based micro-sensor
technologies for government, military and commercial security
marketplaces. The Company's wholly owned subsidiary, Sense
Technologies, deploys proprietary biometric technology based on
advanced fingerprint technology and biometric integration to create
a range of solutions for prisoner identification, time and
attendance, access control applications and other markets. Sense's
major customers include the U.S. Army, the U.S. Department of
Corrections, American Airlines and others. A second wholly owned
subsidiary, MSTI, is an emerging nanotechnology-based explosives
detection technology development division developing a pipeline of
advanced bomb detection technologies, including a prototype
handheld explosive detection wand device for homeland security
applications in airports and other security checkpoints. This
handheld detection alternative is designed to be a cost-effective
solution with extremely high detection sensitivity and real-time
operability. Currently, a proof-of-principle prototype is
undergoing further research and development at the U.S. Oak Ridge
National Laboratory. Fore more information about Sense Holdings,
please visit http://www.Senseme.com. Cautionary Statement This
presentation includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe," "estimate," "project," "expect" or similar expressions.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
continued acceptance of the Company's products and services in the
marketplace, the ability of the Company to develop effective new
products and receive governmental approvals of such products,
competitive factors, dependence upon third-party vendors, and other
risks detailed in the Company's filings with the U.S. Securities
and Exchange Commission. By making these forward-looking
statements, the Company undertakes no obligation to update these
statements for revisions or changes after the date of this release.