SENSE Holdings Retains China Direct, Inc
SENSE Holdings, Inc., a developer of next generation biometric and explosive detection security technologies for government and commercial security applications, has retained China Direct, Inc., a diversified management and consulting organization servicing Chinese entities. Sense management desires to increase shareholder value while pursuing its long term business objectives. In coordination with China Direct, Sense Holdings will seek to formulate a comprehensive acquisition plan to secure an accretive acquisition partner.
Sense Holdings, Inc. will continue to pursue a joint project with Oakridge Laboratories to develop innovative explosive detection applications. The company’s financial commitments related to the Oakridge project have decreased as Oakridge will assume current financial obligations associated with the project. Sense Holdings, which retains commercialization rights to the project, remains an active partner in the goal of producing MEMS (micro-electromechanical systems) based explosive detection applications. Sense Holdings will seek to acquire a profitable Chinese entity while it continues its partnership with Oakridge to commercialize various explosive detection applications. The company plans to explore opportunities in which current shareholders will retain ownership of the intellectual property as well as a majority of the commercialization rights for its MEMS based explosive detection applications.
Dore Perler, CEO and President of Sense Holdings, explained, “Our Company has invested substantial resources to commercialize various explosive detection technologies. While we remain committed to the future potential of MEMS based applications, our current situation dictates that management develop a plan for a profitable future for Sense in 2007 and beyond. We believe a well crafted acquisition plan could enable our shareholders to benefit from the ownership of the intellectual property as well as a new, profitable business acquisition.”
Mr. Perler concluded, “We believe, in coordination with China Direct, Sense can identify an acquisition with a Chinese entity at a valuation which will be favorable to our current shareholders. All in all, we believe that this strategy will enhance the success of the company in the years to come and bring value to our shareholders.”