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NanoSensors, Inc. (OTC Bulletin Board: NNSR.OB), a nanotechnology development company that develops instruments and sensors to detect explosives, chemical and biological agents, announced today that it has signed an extension to its non-binding letter of intent to acquire DKL International, Inc., a privately-held company. The letter of intent, which was signed in January 2007, will now expire on August 31, 2007.
"The Company strongly believes in the merits of this transaction. We
believe that the combination of DKL and our company offers an outstanding
and unique opportunity to grow the combined company into a successful
enterprise," stated Dr. Ted Wong, NanoSensors' CEO. Dr. Wong continued,
"This extension is needed to provide the parties with additional time to
finalize a definitive acquisition agreement and to allow the Company the
time to raise the financing to complete this transaction."
The completion of the transaction is subject to numerous closing
conditions, including the negotiation and execution of a definitive
acquisition agreement, the completion of due diligence by the parties, the
approval of the Board of Directors and shareholders of each entity and
several other conditions. As a result of the foregoing uncertainties, there
can be no assurance that a definitive agreement will be executed or that if
it is, the transaction will be completed.
About NanoSensors, Inc.
NanoSensors, Inc. was incorporated in December, 2003 and is a
nanotechnology development company based in Santa Clara, California. The
Company's principal business is the development, manufacturing and
marketing of sensors and instruments to detect explosive, chemical and
biological agents, along with the management of intellectual property
derived there from that will enable NanoSensors to create nanoscale
About DKL International
DKL International, Inc. is a supplier of passive detection technology
and related products to the homeland security, defense, military, law
enforcement, security, safety, and rescue markets. Patented in eighteen
countries, DKL International adds SilentGuard to its initial product, the
DKL International LifeGuard(TM). The LifeGuard(TM) can locate and track a
standing adult at a distance of 500 meters in the open, and at shorter
ranges through concrete walls, steel bulkheads, brick, earthworks,
plastics, heavy foliage, water, and other barriers. The LifeGuard(TM) is
used in Asia and Europe for port security, mine safety, and by law
enforcement and search and rescue groups. SilentGuard is a silent and
passive electronic tripwire that detects only living humans. The
SilentGuard can be concealed in walls or doorways or buried underground,
and can reduce the false alarms associated with other sensor systems as
part of an integrated perimeter system for military, security or medical
use. SilentGuard expects to install its first production systems in the
spring of 2007.
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements involve known and unknown risks, uncertainties
and other facts that could cause the actual future results of the Company
to be materially different from such forward looking statements. Closing of
the proposed transaction is subject to numerous conditions, including: (i)
negotiation and execution of a definitive acquisition agreement, as well as
ancillary agreements; (ii) completion of due diligence by the parties as to
their respective operations and financial condition; (iii) completion of
audited financial statements for DKL International. There can be no
assurance that the proposed transaction will be completed, or as completed
upon the terms as described above. These forward-looking statements are
made only as of the date hereof, and we disclaim any obligation to update
or revise the information contained in any such forward-looking statements,
whether as a result of new information, future events or otherwise.
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