SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): DECEMBER 14 1999
Commission File Number: 0-17020
SENSAR CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
NEVADA 87-0429944
________________________________________ ______________________________
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
50 WEST BROADWAY, SUITE 501
SALT LAKE CITY, UTAH 84101
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(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code:
(801) 350-0587
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N/A
___________________________________________________________________________
(Former name, former address, and formal fiscal year, if changed since
last report)
<PAGE>
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ITEM 5. OTHER EVENTS
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Sensar Corporation issued the following press releases on December 14, 1999
and December 16, 1999:
DECEMBER 14, 1999:
Salt Lake City, UT, December 14, 1999 - Sensar Corporation (Nasdaq symbol
"SCII") announced today that it has entered into a definitive loan and option
agreement with Net2Wireless, Inc., a Delaware corporation that is concurrently
acquiring the wireless division of ITES, Ltd. Net2Wireless is the new name
under which the resulting company will operate.
Sensar has the right to acquire Net2Wireless in exchange for the issuance
of 8,500,000 shares of common stock, increasing the issued and outstanding stock
for the combined company to approximately 12,500,000 shares. In addition,
options and other rights to acquire Net2Wireless stock then outstanding will be
converted into rights to acquire not in excess of 5,500,000 shares of Sensar
common stock. As part of this agreement, Sensar will provide Net2Wireless with
short-term financing of $2 million, secured by the assets of Net2Wireless. The
financing will be used to allow further recruitment of technical staff and
ongoing development work by Net2Wireless.
"The transaction with Net2Wireless is moving forward with full cooperation
between the parties. Recruitment of the senior executives required to
commercialize this technology is moving swiftly forward and we anticipate
announcing certain appointments over the coming weeks," stated Sensar CEO and
President Mr. Howard S. Landa.
This press release contains certain forward-looking statements concerning
the transaction with Net2Wireless which is subject to a number of conditions,
including the consent of the shareholders of both Sensar and Net2Wireless, and
the satisfaction of certain other contractual conditions that may or may not be
met. The above statements are not meant to be predictions of the future and are
subject to a number of conditions and uncertainties. For a discussion of some
of the additional contingencies and uncertainties to which the information
concerning future events is subject, please refer to the Company's report on
Form 10-K for December 31, 1998, and other SEC reports.
DECEMBER 16, 1999:
Salt Lake City, UT, December 16, 1999 - Sensar Corporation (Nasdaq symbol
"SCII") announced today that Mr. David Rubner has been appointed as Chairman of
the Board of Net2Wireless, Inc. and will become Chairman of the combined
entities upon completion of the acquisition of Net2Wireless, Inc. by Sensar.
Mr. Rubner has recently stepped down as President of ECI Telecom, Israel's
largest telecommunications business. He has been employed with ECI since 1970
and was appointed President and CEO in 1991. Prior to this position, Mr. Rubner
was Chief Engineer and Vice-President of Operations, Executive Vice-President
and General Manager of the Telecom Division.
"The technology developed by Net2Wireless is extremely exciting. The
seamless integration of the Internet to wireless communication offers tremendous
opportunities as the next generation of the WAP. I believe that Net2Wireless is
at the forefront of developing this enabling technology allowing all wireless
carriers to become ISP's and consequently I am delighted to join this young
dynamic company," said Mr. Rubner.
Mr. Rubner's appointment will be effective from January 1, 2000. His
initial focus will be to build the management team necessary to commercialize
the Net2Wireless development effort. He will leverage his long term
relationships with some of the largest wireless carriers in the world to
showcase Net2Wireless' turnkey wireless internet solution. In addition, he will
have responsibility for overseeing the pilot program for the Company's
technology with Partner Communications, the affiliate of Orange PLC in Israel.
This press release contains certain forward-looking statements concerning
the transaction with Net2Wireless which is subject to a number of conditions,
including shareholder consent and the satisfaction of certain other contractual
conditions that may or may not be met. The above statements are not meant to be
predictions of the future and are subject to a number of conditions and
uncertainties. For a discussion of the contingencies and uncertainties to which
the information concerning future events is subject, please refer to the
Company's report on Form 10-K for December 31, 1998, and other SEC reports.
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SIGNATURES
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Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange of 1934, as amended, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Dated: December 14, 1999 SENSAR CORPORATION
By /S/Howard S. Landa
Chairman of the Board
(Chief Executive Officer and
Principal Financial and
Accounting Officer)
