CLEVELAND, Jan. 10, 2007 (PRIME NEWSWIRE) -- Sentex Sensing Technologies, Inc.'s (OTCBB:SNTX) (http://www.sentextech.com) Henrik Rubinstein, President, presented the Sentex position yesterday to the creditors meeting held by the administrator under German Insolvency Law (BenQ Mobile GmbH & Co. OHG, Market Brand "BenQ -- Siemens"). This included the Sentex offer and future product models.
The previous Siemens Mobile Division filed insolvency and is under administration of Prager Insolvency Administration Team Munich, Germany. Sentex stated their interest was based on the strong technology and products of the previous Siemens R&D as well the market access in Europe which turned out almost 25 million high-end mobile phones in the last business year.
Henrik Rubinstein explained in detail its financial model, which showed its fair value as well as the incentives for the employees with strong growth in the NewCo -- SENSe Mobile GmbH. He provided the description of the mobile prototypes, which showed clearly what the SENSe Mobile Division could create versus the competition.
He explained the positive link between U.S. and German high tech ventures.
As a result of the meeting, the Insolvency team informed Sentex of the liquidation value of the assets and informed Sentex to prepare new financial information that demonstrates how to pay the liquidation value, and our acceptance of it. They started negotiations on the earn out model.
Sentex has received a written statement of Nord Rhein Westfahlen again on a country endorsement for working capital of EUR 25 million, which was forwarded to the Bank for approval.
Sentex is in serious discussions with several Financial Institutions for the strategic financing for the deal to succeed.
The Administration team for BenQ Mobile was very helpful in the due diligence process and created with Sentex a strong business model based on the previous $2 billion revenue from BenQ Mobile GmbH & Co. OHG.
About Sentex Sensing Technologies Inc.
Sentex Sensing Technologies, Inc. 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.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Sentex, and members of its management as well as the assumptions on which such statements are based, updated or revised forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.