Suspect Detection Systems Announces Filing of Form 15 to Terminate the Registration of its Common Stock
NEW YORK, April 2, 2012 /PRNewswire/ --
Suspect Detection Systems Inc., (OTCBB: SDSS and SVF.BE), a developer of counter terror and crime prevention technology, announced today that the company has filed Form 15 with the Securities and Exchange Commission. The effect of this filing has effectively suspended Suspect Detection Systems' reporting obligations under the Securities Exchange Act of 1934 and to terminate the registration of its common stock. The Company expects the deregistration to become effective upon its filing with the Securities and Exchange Commission.
Suspect Detection System's stock (SDSS) will continue to be traded on the OTC, on the Pink Sheets Bulletin Board. The company intends to continue to maintain active status and will fulfill the reporting obligations as required by the OTC markets in an ongoing and timely fashion.
Under the SEC's rules, a company with fewer than 300 record holders may voluntarily terminate the registration of its securities by filing a Form 15 with the SEC. Suspect Detection Systems currently has fewer than 300 record holders. The Company's duty to file periodic and current reports with the SEC will be suspended immediately upon the filing of the Form 15.
The Board of Directors of Suspect Detection Systems decided to take this action after due consideration and careful analysis. It compared the advantages and disadvantages of deregistering and continuing to operate as a publicly, reporting company. The Board of Directors concluded that the net benefits of deregistering outweighed those of continuing as a public reporting company.
Benefits included the elimination of direct and indirect costs associated with the preparation and filing of the Company's periodic reports with the SEC. The Board also considered the market value that the public markets have historically applied to the Company's shares and took note of the fact that trading of the Company's stock has historically been limited.
"The deregulation of our common stock is in no way an indication of our commitment to continue to implement our business model," said Gil Boosidan, CEO of Suspect Detection Systems. "The prospects for the company remain bright, and Cogito Technology continues to be utilized in several noteworthy commercial markets, both by federal and local law enforcement agencies, as well as by private security firms."
"In addition to servicing our ongoing security contracts, we remain confident in the prospects for larger, additional sales in our existing markets, as well as in our abilities to penetrate new markets. The demand for hi-tech security solutions remains strong in the current uncertain global environment, and as such the demand for our proprietary Cogito security system continues to grow."
"And while we will no longer be bound by the reporting obligations of the SEC, the company does intend to resume regular communications with the investment community as a stock traded on the Pink Sheets," Boosidan added.
About Suspect Detection Systems Suspect Detection Systems Inc., through its subsidiary Suspect Detection Systems Ltd., is a developer of proprietary counter terrorism and crime prevention technology designed to identify threats in real-time, and prevent incidents before they are carried out. The technology detects the hidden "hostile intent" of assailants - before they commit their intended acts - with a high degree of accuracy. The system can also be used after a crime is committed to quickly identify criminals from among a general population pool, including suspects.
Learn more about Suspect Detection Systems and Cogito Technology at http://www.suspectinc.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.
SOURCE Suspect Detection Systems