DOYLESTOWN, Pa., Oct. 6, 2005 (PRIMEZONE) -- Intelligent Security Networks, Inc. (Pink Sheets:ISNT) announced today that its board of directors has approved a stock dividend to its shareholders whereby it will distribute all of the shares of common stock of Suncoast Nutriceuticals, Inc. ("SNI"), which it received from SNI as partial compensation for the purchase and sale of its sun care and skin care assets, and the shares of its Caribbean Pacific Natural Products, Inc. subsidiary. The share dividend will be one (1) share of SNI common stock issued for each three (3) shares of ISNT common stock owned of record by each shareholder as of the close of business on October 14, 2005. Fractional shares will be adjusted to the next highest number of shares.
The issuance and delivery of the dividend shares will be completed upon the effectiveness of a registration statement, which SNI is required to file with the U.S. Securities and Exchange Commission. Concurrent with this SEC registration, SNI will file an application to have its shares of common stock, including the dividend shares, quoted and publicly traded on the OTC Bulletin Board market.
SNI, based in Sunny Isles Beach, Fla., manufactures and distributes an all-natural line of sun care and skin care products for the spa, resort, and specialty boutique markets, utilizing eco-safe ingredients derived from organic and renewable resources. SNI has acquired from ISNT over 60 proprietary formulations for all-natural sun care, skin care, and spa products, as well as the "Suncoast Naturals," "Caribbean Pacific," and "Sabate Spa" trademarks. SNI intends to develop and manufacture additional private label skin care and sun care products for the wholesale, boutique, resort, and day spa markets, as well as for medical professionals.
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.