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.
Contact:
Investor Relations
alext@suspectinc.com
+1(646)863-9729
SOURCE Suspect Detection Systems
