Company watch: Sense Holdings raises $2.45 million

Sunrise, Florida-based Sense Holdings (OTCBB: SEHO) (FWB: OUP), an interesting company developing both biometric solutions and explosive detection technologies, has completed a private placement financing totaling about $2.45 million. The proceeds will be used to continue the development of solutions in the company’s two areas of activity. Dore Perler, Sense Holdings CEO, said the financing will provide the company sufficient working capital to fund and accelerate a range of ongoing product sales and development programs. Among the company’s R&D activities is a joint program with the Oak Ridge National Laboratory, where Sense and Oak Ridge are developing a line of handheld explosive detection devices based on Sense’s proprietary microelectronics sensor technology.

Perler, who described his company as “a technology-driven homeland security innovator,” said the funding would allow the company “to transform the advanced technologies we already own into valuable and useful products to combat the threat of terrorism around the world to help protect the public.” Sense is developing a proprietary advanced Micro Electromechanical Sensor (MEMS) technology to create a line of handheld explosive detectors for both private and governmental markets in the United States and internationally. The company will position its bomb detection devices as low-cost, multi-use, portable units which may be used by security and law enforcement personnel to screen for concealed explosives, narcotics, and chemical and biological threats.

Sense Holdings has two wholly owned subsidiaries. Sense Technologies deploys proprietary biometric technology solutions for prisoner identification, time and attendance, access control applications, and more. The second subsidiary, MSTI, pursues emerging nanotechnology-based explosives detection technology to develop advanced bomb detection technologies.

The private placement was completed last week, and it involves approximately 11 million shares of common stock at a share price of $0.22, with 50 percent warrant coverage (approximately 5.5 million warrants) at an exercise price of $0.35. Through the financing, the company paid off $527,000 in debt, and converted $142,500 of debt into common shares priced at $0.22.