DOYLESTOWN, Pa., Sept. 19, 2005 (PRIMEZONE) -- Intelligent Security Networks, Inc. (Pink Sheets:ISNT) announced today that its private placement of $1,000,000 of its common stock at $0.35 per share has been fully subscribed and is expected to be funded this week.
Roy Stanley, president-elect of ISNT and president of RADA Technologies, Inc. stated: "The completion of this funding will provide the working capital necessary to fulfill pending contracts for surveillance systems at several major airports and other facilities critical to homeland security. It will also trigger the completion of the previously announced share exchange agreement between ISNT and RADA Technologies, Inc., by which all assets of RADA, including intellectual property and pending contracts, will be acquired by ISNT."
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 significantly enhance 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.