BOCA RATON, Fla., Aug. 26, 2005 (PRIMEZONE) -- Intelligent Security Networks, Inc. (Pink Sheets:ISNT) announced today that it entered into a definitive agreement with Suncoast Nutriceuticals, Inc. of Sunny Isles Beach, FL ("SNI") whereby SNI will acquire 100% of the Common Stock of its Caribbean Pacific Natural Products, Inc. subsidiary, together with associated trademarks, tradenames, and proprietary product formulations. In exchange, the Company will receive 2,500,000 shares of SNI Common Stock valued at $750,000, $500,000 in secured notes, and $250,000 in cash. The sale is scheduled to close on or before September 30, 2005.
The sale of the Company's suncare and skincare assets will facilitate the transition in business operations which will occur as a result of the pending acquisition by the Company of RADA Technologies, Inc. RADA 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 by RADA 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.