SNTX -- Sentex Sensing Technology, Inc. Com (No Par)
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Headline Maker: Sentex Sensing Technologies, Inc. Signs Binding Memorandum of Understanding to Acquire Vitelcom Mobile Technology, S.A
Feb 13, 2007 (M2 PRESSWIRE via COMTEX) -- Sentex Sensing Technologies, Inc. (OTCBB:SNTX) is a multimodal biometric technology company. Sentex provides fingerprint, facial and voice biometric technologies, as well as systems, and critical system components that empower the identification of individuals in large-scale ID and ID management programs. At the time of writing shares are up 25% with over 226,000 in volume. This momentum comes as Henrik Rubinstein, President of Sentex Sensing Technologies, Inc. (OTC BB:SNTX.OB) (http://www.sentextech.com), signed a Memorandum of Understanding to acquire Vitelcom Mobile Technology, S.A. and their subsidiaries Purple Labs (France) and Vtech Holding (Mexico). This acquisition will support the future sale of Biometrics driven Sentex Mobile products. Carlos Carrero, the sole shareholder of Vitelcom agreed in a ''firm and binding'' MOU to exchange shares of SNTX.OB for 100% of Vitelcom's common shares.
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By virtue of this binding Letter of Intent, engineered by Balmoral Capital Holdings Inc. (''Balmoral'') http://www.balmoralfinancial.com and Miramar Capital, S.L. (''Miramar''), Vitelcom becomes a new subsidiary to SNTX.OB. Vitelcom produced over the last 4 years cumulative revenues in excess of $1.1 billion dollars
Henrik Rubinstein, Sentex President, stated, ''We agreed to an exchange of shares for 100% of Vitelcom to move Sentex products strategically into this strong market. More acquisitions should follow soon.''
The deal is subject to completion via comprehensive acquisition documentation.
About Vitelcom Mobile Technology, S.A.
Vitelcom Mobile Technology, S.A. (http://www.vitelcom.es) is a mobile phone manufacturer located in Malaga, Spain. The company has a product range that includes 3G, i-mode and Linux-based technologies and has manufacturing facilities capable of producing over 5 million phones a year. Vitelcom sales are distributed amongst Spain and Latin America mainly for the Telefonica Moviles group.
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Sentex Sensing Technologies Inc.
(216) 687-0289, ext. 125
Fax: (216) 687-0298
Vitelcom Mobile Technology, S.A.
+34 952 02 86 86
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CURRENT COMPANY INFO:
SNTX -- Sentex Sensing Technology, Inc.
Com (No Par)
Search for Dun & Bradstreet reports on this company.
1801 East Ninth Street
Cleveland, OH 44114
Phone: (216) 687-0289
Business Description: Not Available
Primary State of Incorporation: New Jersey
Country of Incorporation: USA
Robert S. Kendall, CEO; William R. Sprow, CFO; Julius L. Hess, Secretary
Fiscal Year End: November 30
Edgar Filing Status: Current EDGAR Filer
Outstanding Shares: 103,764,911 as of 2006-02-28
Float: Approx 25.3 million
Estimated Market Cap: Not Available
Number of Shareholders of Record: 1,211 as of 2005-07-22
Current Capital Change: