NEW YORK, June 18, 2012 /PRNewswire/ --
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.
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.
CEO, Suspect Detection Systems Inc.
Learn more about Suspect Detection Systems and Cogito Technology at http://www.sdss-corp.com.
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.
Gil Boosidan, CEO
SOURCE Suspect Detection Systems