Suspect Detection Systems Publishes Letter to Shareholders
Poster: SySAdmin
Posted on June 18, 2012 at 8:35:01 AM
Suspect Detection Systems Publishes Letter to Shareholders
NEW YORK, June 18, 2012/PRNewswire-FirstCall/ --
Suspect Detection Systems Inc., (OTCBB: SDSS), a leading developer of counter terror
and crime prevention technology, has published the following letter to all stockholders.
The letter highlights the company's recent activities. The letter is signed by Gil
Boosidan, CEO of Suspect Detection Systems Inc.
Dear Shareholders,
Despite relative quiet from the company in terms of public announcements, Suspect
Detection Systems has continued to make forward progress in several areas during 2011 and
the first half of 2012.
In late 2011, the company published the signing of a letter of intent to enter into a
potential merger agreement with DVTEL. Management determined that the company should not
publish any announcements throughout the negotiation process. After appropriating a
significant amount of management time and company resources, it was determined that the
terms of negotiation would ultimately not lie in the best of interests of the company and
its shareholders. As such, all negotiations have been closed, and the company is no longer
pursuing the merger agreement.
Further, company plans to authorize an increase in shares became unnecessary.
Management has refocused its efforts to realize other areas of its business
development plan. To that end, the company has several major potential customers in large
nations with significant counter terror and crime prevention operations. Each one of these
customers bears the potential to sign major contracts. The company is working hard to
complete such deals.
Perhaps more importantly, the company has developed a new product within its
proprietary Cogito line. The product passed rigorous testing in a major city in one of the
world's largest nations. Details of the new product and the real-time pilot will follow in
the coming weeks.
Moving from the OTCBB to the Pink Sheets will save the company valuable cash resources
and management time. Management is committed to reinvesting these resources back into the
business. The company fully intends to satisfy any and all OTC Pink Current Information
requirements, and to remain fully transparent in operations.
As the company has developments to report and is no longer restricted by the terms of
a potential merger, we expect to increase communications, by releasing timely
announcements to the satisfaction of our shareholders, both through the publication of
press releases as well as updates on our corporate website.
The demand for Cogito technology is strong as ever, and our company has proven its
ability to deliver products that effectively reduce instances of terror and crime on large
scales.
We greatly appreciate the patience of our shareholders in sticking with the company
during this period of relative quiet. It is your support that has enabled us to
successfully continue our business development pursuits. We certainly hope that your
patience will be rewarded.
Sincerely,
Gil Boosidan
CEO, Suspect Detection Systems Inc.
Learn more about Suspect Detection Systems and Cogito Technology at
http://www.sdss-corp.com.
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of
1934, as amended. All forward-looking statements are inherently uncertain, based on
current expectations and assumptions concerning future events or future performance of
Suspect Detection Systems and its technologies. Readers are cautioned not to place undue
reliance on these statements, which are only predictions and speak only as of the date
hereof. In evaluating such statements, prospective investors should review carefully
various risks and uncertainties identified in this release, as actual results may differ
materially from those indicated in the forward-looking statements. Suspect Detection
Systems' public filings may be viewed at http://www.sec.gov.
Contact:
Gil Boosidan, CEO
+1-201-446-3859
gil@sdss-corp.com
Source: Suspect Detection Systems
NEW YORK, June 18, 2012/PRNewswire-FirstCall/ --
Suspect Detection Systems Inc., (OTCBB: SDSS), a leading developer of counter terror
and crime prevention technology, has published the following letter to all stockholders.
The letter highlights the company's recent activities. The letter is signed by Gil
Boosidan, CEO of Suspect Detection Systems Inc.
Dear Shareholders,
Despite relative quiet from the company in terms of public announcements, Suspect
Detection Systems has continued to make forward progress in several areas during 2011 and
the first half of 2012.
In late 2011, the company published the signing of a letter of intent to enter into a
potential merger agreement with DVTEL. Management determined that the company should not
publish any announcements throughout the negotiation process. After appropriating a
significant amount of management time and company resources, it was determined that the
terms of negotiation would ultimately not lie in the best of interests of the company and
its shareholders. As such, all negotiations have been closed, and the company is no longer
pursuing the merger agreement.
Further, company plans to authorize an increase in shares became unnecessary.
Management has refocused its efforts to realize other areas of its business
development plan. To that end, the company has several major potential customers in large
nations with significant counter terror and crime prevention operations. Each one of these
customers bears the potential to sign major contracts. The company is working hard to
complete such deals.
Perhaps more importantly, the company has developed a new product within its
proprietary Cogito line. The product passed rigorous testing in a major city in one of the
world's largest nations. Details of the new product and the real-time pilot will follow in
the coming weeks.
Moving from the OTCBB to the Pink Sheets will save the company valuable cash resources
and management time. Management is committed to reinvesting these resources back into the
business. The company fully intends to satisfy any and all OTC Pink Current Information
requirements, and to remain fully transparent in operations.
As the company has developments to report and is no longer restricted by the terms of
a potential merger, we expect to increase communications, by releasing timely
announcements to the satisfaction of our shareholders, both through the publication of
press releases as well as updates on our corporate website.
The demand for Cogito technology is strong as ever, and our company has proven its
ability to deliver products that effectively reduce instances of terror and crime on large
scales.
We greatly appreciate the patience of our shareholders in sticking with the company
during this period of relative quiet. It is your support that has enabled us to
successfully continue our business development pursuits. We certainly hope that your
patience will be rewarded.
Sincerely,
Gil Boosidan
CEO, Suspect Detection Systems Inc.
Learn more about Suspect Detection Systems and Cogito Technology at
http://www.sdss-corp.com.
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of
1934, as amended. All forward-looking statements are inherently uncertain, based on
current expectations and assumptions concerning future events or future performance of
Suspect Detection Systems and its technologies. Readers are cautioned not to place undue
reliance on these statements, which are only predictions and speak only as of the date
hereof. In evaluating such statements, prospective investors should review carefully
various risks and uncertainties identified in this release, as actual results may differ
materially from those indicated in the forward-looking statements. Suspect Detection
Systems' public filings may be viewed at http://www.sec.gov.
Contact:
Gil Boosidan, CEO
+1-201-446-3859
gil@sdss-corp.com
Source: Suspect Detection Systems