Suspect Detection Systems Receives Funding From Israel-Publicly Traded Biomedix Ltd.
NEW YORK, April 3, 2013 /PRNewswire/ --
Funding can support enhancing the Cogito Solution's marketing efforts, that management believe, can assist in Preventing Potential School/Mall Massacres
Suspect Detection Systems Inc. (OTCBB: SDSS), (SDSS.pk), a developer of counter terror and crime prevention technology, today announced that it has entered into a share swap agreement with BioMedix Ltd., a publicly traded company on the Tel Aviv Stock Exchange (TASE). BioMedix, a leading Medical Device/Technology incubator, has agreed to purchase 5,229,659 restricted SDSS shares at a valuation of $.04 per SDSS share, via share swap of its publicly traded Israeli subsidiary, Gefen Biomed Investments Ltd. (GEFEN:TASE). In connection with this share swap transaction; SDSS received 921,790 shares of Gefen, which values the sdss shares at $.04 at the transaction's date.
The transaction with BioMedix was disclosed at the IL Maya system (Israeli SEC website) and can be viewed (in Hebrew) at:
Gil Boosidan Suspect Detection Systems Inc.'s CEO, stated "SDSS continues to progress in its efforts to bring added value to our shareholders. The funding that we receive upon from our sale of our Gefen shares can be used to enhance our ability to add personnel and acquire resources and support our marketing efforts to achieve projects with strategic partners. We believe that the need and desire, in the US, to prevent these nonsense acts of violent on US school grounds and malls can be better pursued with the use of the Cogito solution.
Mr. Boosidan further stated that "Suspect Detection Systems Inc. is continuing its efforts to improve cash flow, which will also improve our financial condition and should result in share price appreciation. Our long-term plan includes seeking to upgrade our share listings to higher level exchanges including foreign listings in the future."
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.sdss-corp.com.
About Biomedix and Gefen: Biomedix and its subsidiary, Gefen, are Israel-based, publicly-traded companies listed on TASE. Biomedix is an investment management company focused primarily on Israeli-based Medical Device and Technology companies, from early stage to later stage/mature companies presenting high growth potential. Biomedix controls two of Israel's largest incubators, ATI and Meytav, as well as a late-stage investment entity, SpearHead. Gefen's risk management leverages its investment funds through the Israeli incubator program under the direction of the Office of the Israel Chief Scientist.
This release 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 Inc., and its technologies. 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. Suspect Detection Systems Inc. public filings may be viewed at http://www.sec.gov.
SOURCE Suspect Detection Systems