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): August 4, 1999
Commission File Number: 0-17020
Sensar Corporation
(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
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code:
(801) 350-0587
1681 West 820 North, Provo, Utah 84601
(Former name, former address, and formal fiscal year, if changed since
last report)
ITEM 5. OTHER EVENTS
Sensar Corporation issued the following press release on August 4, 1999.
Salt Lake City, UT, August 4, 1999 - Sensar Corporation (Nasdaq symbol
"SCII"). Howard S. Landa, Chairman of the Board and Chief Executive Officer of
Sensar, announced that Sensar has completed a number of transactions and wishes
to update information concerning certain of the Company's operations so that
investors can ask questions of Mr. Landa at the conference call (details of
which are set forth below).
Subsequent to the announcement of July 27, 1999, that Sensar is entering
the web host and ISP business, the Company has received over 25 business plans
and inquiries from web hosts and ISP companies expressing interest in joining
with Sensar. Sensar plans to sift through these plans over the next several
weeks and launch due diligence investigations of two or three of those that
management deems best suited for inclusion in the network Sensar has proposed.
Mr. Landa stated that the Company had participated in the second round
funding of DURECT Corporation ("DURECT"), a pioneer in drug therapy treatments,
employing subcutaneous delivery technology. Lead investors were Brookside
Capital, a Bain Capital fund, J.P. Morgan Capital Investment, and Collinson Howe
& Lennox. DURECT was assisted in the placement by Hambrect & Quist. DURECT has
a technology license agreement with ALZA Corporation and management consisting
of proven ALZA personnel.
Sensar also announced that it had completed the sale of the real property
to PCB, resulting in a gain of approximately $700,000 and freeing up $1.35
million in working capital.
Mr. Landa then announced that the sale of units of Jaguar did not meet the
budget for June and July, principally due to certain technical problems in the
manufacturing of the units. As a result, the board of directors determined to
reclassify the Jaguar technology as an asset held for sale and terminated the
joint agreement with JEOL. The Company is currently in negotiations with a
potential buyer, but no agreement has yet been reached. In addition, the
application of the CrossCheck technology to a suitable commercial product has
not yet resulted in ongoing revenues and it appears that the most cost-effective
step is to return the CrossCheck technology to BYU.
Sensar's new website is www.sensarcorp.com.
A conference call is scheduled for 4:15 PM ET, Wednesday, August 4th. The
number to call is 1-888-550-5969, reference the Sensar Corporation Conference
Call. Interested parties who are unable to participate at the scheduled time
can access the recorded call for 72 hours following the conference call
(allowing 4 hours after the completion of the conference call) by dialing 1-800-
723-0549.
This press release contains certain forward-looking statements concerning
the future performance of some of the Company's technology and possible
acquisition and disposition activities, all of which are based upon assumptions
made by management and are not meant to be actual descriptions or predictions of
the future. 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.
SIGNATURES
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: August 4, 1999 SENSAR CORPORATION
By /s/ Howard S. Landa
Howard S. Landa, Chairman of the
Board (Chief Executive Officer and
Principal Financial and Accounting
Officer)
