Sense Holdings Announces Plans to Distribute Certain Technology Rights to Current Shareholders through Creation of New Subsidiary
FORT LAUDERDALE, Fla.--(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.
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.