SANTA CLARA, Calif., Sept. 13 /PRNewswire-FirstCall/ -- NanoSensors, Inc. (OTC Bulletin Board: NNSR) today announced that Dr. Ted L. Wong, its Chief Executive Officer, President, Chief Financial Officer and Chairman of the Board, has departed the company. NanoSensors entered into a separation agreement with Dr. Wong dated September 9, 2007, pursuant to which he agreed to resign from all positions with NanoSensors, including as a member of the board of directors effective as of August 31, 2007. Dr. Wong's departure coincides with a decision by the company's board of directors that the board believes it to be in the best interests of our shareholders to terminate its current business operations and to position the company as a shell company and to utilize our corporate assets as a vehicle for the acquisition of an operating business. The company does not have any specific merger, stock exchange, asset acquisition, reorganization or other business combination under consideration or contemplation and other than two initial, exploratory conversations, we have not, nor has anyone on our behalf, contacted any potential target business or had any discussions, formal or otherwise, with respect to such a transaction. NanoSensors will not limit itself to any particular industry or geographic location in its efforts to identify prospective target businesses. In connection with this determination, the board authorized the management to negotiate and execute the separation agreement with Dr. Wong, dissolve the company's Technical Advisory Board and to terminate certain of the company's consulting and license agreements. In addition, the Company's non-binding letter of intent with DKL International, Inc. expired August 31, 2007.
The restructured company will be led by Robert A. Baron as acting Chief
Executive Officer and President. Mr. Baron, who has served on the company's
board of directors since July 2006, will also assume the position of
Chairman of the Board. The
|SOURCE NanoSensors, Inc.|
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