Suspect Detection Systems Announces Filing of Form 15 to Terminate the Registration of its Common Stock
NEW YORK, April 2, 2012/PRNewswire-FirstCall/ --
Suspect Detection Systems Inc., (OTCBB: SDSS and SVF.BE), a developer of counter
terror and crime prevention technology, announced today that the company has filed Form 15
with the Securities and Exchange Commission. The effect of this filing has effectively
suspended Suspect Detection Systems' reporting obligations under the Securities Exchange
Act of 1934 and to terminate the registration of its common stock. The Company expects the
deregistration to become effective upon its filing with the Securities and Exchange
Suspect Detection System's stock (SDSS) will continue to be traded on the OTC, on the
Pink Sheets Bulletin Board. The company intends to continue to maintain active status and
will fulfill the reporting obligations as required by the OTC markets in an ongoing and
Under the SEC's rules, a company with fewer than 300 record holders may voluntarily
terminate the registration of its securities by filing a Form 15 with the SEC. Suspect
Detection Systems currently has fewer than 300 record holders. The Company's duty to file
periodic and current reports with the SEC will be suspended immediately upon the filing of
the Form 15.
The Board of Directors of Suspect Detection Systems decided to take this action after
due consideration and careful analysis. It compared the advantages and disadvantages of
deregistering and continuing to operate as a publicly, reporting company. The Board of
Directors concluded that the net benefits of deregistering outweighed those of continuing
as a public reporting company.
Benefits included the elimination of direct and indirect costs associated with the
preparation and filing of the Company's periodic reports with the SEC. The Board also
considered the market value that the public markets have historically applied to the
Company's shares and took note of the fact that trading of the Company's stock has
historically been limited.
"The deregulation of our common stock is in no way an indication of our commitment to
continue to implement our business model," said Gil Boosidan, CEO of Suspect Detection
Systems. "The prospects for the company remain bright, and Cogito Technology continues to
be utilized in several noteworthy commercial markets, both by federal and local law
enforcement agencies, as well as by private security firms."
"In addition to servicing our ongoing security contracts, we remain confident in the
prospects for larger, additional sales in our existing markets, as well as in our
abilities to penetrate new markets. The demand for hi-tech security solutions remains
strong in the current uncertain global environment, and as such the demand for our
proprietary Cogito security system continues to grow."
"And while we will no longer be bound by the reporting obligations of the SEC, the
company does intend to resume regular communications with the investment community as a
stock traded on the Pink Sheets," Boosidan added.
About Suspect Detection Systems Suspect Detection Systems Inc., through its subsidiary
Suspect Detection Systems Ltd., is a developer of proprietary counter terrorism and crime
prevention technology designed to identify threats in real-time, and prevent incidents
before they are carried out. The technology detects the hidden "hostile intent" of
assailants - before they commit their intended acts - with a high degree of accuracy. The
system can also be used after a crime is committed to quickly identify criminals from
among a general population pool, including suspects.
Forward-Looking Statements This letter 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. All forward-looking statements are inherently
uncertain, based on current expectations and assumptions concerning future events or
future performance of Suspect Detection Systems and its technologies. Readers are
cautioned not to place undue reliance on these statements, which are only predictions and
speak only as of the date hereof. In evaluating such statements, prospective investors
should review carefully various risks and uncertainties identified in this release, as
actual results may differ materially from those indicated in the forward-looking
statements. Suspect Detection Systems' public filings may be viewed at http://www.sec.gov.