DOYLESTOWN, Pa., Sept. 27, 2005 (PRIMEZONE) -- Intelligent Security Networks, Inc. (Pink Sheets:ISNT) announced today that it had appointed Roy Stanley, President of RADA Technologies, Inc., as Chairman and Chief Executive Officer of the Company. The appointment is in accordance with the terms of the acquisition agreement whereby the Company will acquire RADA Technologies, Inc. The acquisition of RADA is scheduled to be completed on or before October 15, 2005.
The Company also announced that it had completed the previously-announced sale of its suncare and skincare assets, including the shares of its Caribbean Pacific Natural Products, Inc. subsidiary, trademarks, and product formulations, to Suncoast Nutriceuticals, Inc. of Sunny Isles Beach, FL. "This sale completes the first major step in the reorientation of our business operations to focus on industrial, commercial, and homeland security. The appointment of Roy Stanley as Chairman and CEO and the acquisition of RADA are the next steps we are taking to achieve our goal," stated William J. Reilly, Company President.
ISNT is a provider of advanced hardware and supporting "intelligent" software security systems for airports, seaports, public transportation systems, and strategic industrial and commercial facilities, using the proprietary Clarity Visual Intelligence technology licensed from Safehouse Technology Pty. Ltd. of Australia. This advanced technology integrates machine vision, networked digital video and database technology to enhance significantly the effectiveness of surveillance systems.
Certain statements in this press release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.