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): June 27, 2000
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
N/A
(Former name, former address, and formal fiscal year, if changed since last
report)
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ITEM 5. OTHER EVENTS
Sensar Corporation issued the following press release on June 27, 2000.
Salt Lake City, UT, June 27, 2000 - Sensar Corporation (Nasdaq: SCII)
announced today that Net2Wireless had established a new strategic business unit
to be called Fastnet Inc. ("Fastnet"). Fastnet will be a wholly owned
subsidiary of Net2Wireless and will focus on delivering Net2Wireless's
compression and pattern recognition technologies for fixed line applications.
Net2Wireless has recently recruited a specialist team of executives and
engineers from a leading telecom company to spearhead this initiative. The
technology allows accelerated transmission speeds of data over currently
available line based systems. Net2Wireless has achieved an improved
transmission rate of over 10 times existing capability in initial tests making
this an extremely attractive product for ISPs and the Corporate Server market
with wire line infrastructures.
Net2Wireless anticipates that its product for this market will be
commercially available towards the end of this year once pilot tests are
completed with possible end users.
"We have decided to establish a new subsidiary and recruit a team of
experts for this opportunity to ensure that each side of our business remains
focused on commercializing its core activities," said Nechemia Davidson, CEO of
Net2Wireless. "The application of our patented technology to wireless
applications remains our number one goal, however based on the market reaction
to demonstrations of our line based system we decided this was too exciting an
opportunity to ignore."
Net2Wireless has developed technologies to enable digital cellular
operators to provide applications that would typically be provided through a 3G
network, using 2G existing infrastructure and mobile devices such as PDA's,
smart mobile phones and handheld computers, all these over one backbone.
Net2Wireless technologies utilize state-of-the-art digital content compression,
advanced pattern recognition technology and innovative streaming communication
technology, supporting scalable communications from 9.6 Kbps and higher, using
ultra-low bandwidth.
Additional information concerning Net2Wireless can be found at its website
at http://www.net2w.com.
This press release contains certain forward-looking statements concerning
the potential products of Net2Wireless, which are still in the development and
testing stage. The potential products for fixed line applications have not been
finalized or submitted to third party beta testing. The products are not
commercially available and all are subject to all the risks associated with a
new market introduction including technical feasibility, efficacy, market
acceptance, acceptable pricing structures, and broad based consumer demand. The
above statements are not meant to be predictions of the future and are subject
to all of the uncertainties set forth above and many others that may develop in
the future. For a discussion of the contingencies and uncertainties relating to
the merger of Sensar and Net2Wireless to which some of the information
concerning future events is subject, please refer to Sensar's report on Form
10-K for December 31, 1999 and its initial filing on Form S-4, which is subject
to further completion and amendment.
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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: June 27, 2000 SENSAR CORPORATION
By /s/ Howard S. Landa
Howard S. Landa, Chairman of the Board
(Chief Executive Officer and
Principal Financial and Accounting Officer)
