Sentelligence News
FOR IMMEDIATE RELEASE
Contact:
Wendy James, public relations, Sentelligence, Inc
704/651-8502
SENTELLIGENCE RECEIVES SECOND ROUND OF FUNDING FROM IEDC’S 21st CENTURY FUND FOR DEVELOPMENT OF INTELLIGENT FLUID DIOGNOSTIC SENSORS
INDIANAPOLIS (January 8, 2006) Sentelligence today announced a second round award from the Indiana Economic Development Corporation’s (IEDC) 21st Century Fund for the development and manufacturing of proprietary smart sensor technology, including a bio-fuels sensor. IEDC made 30 investments through the 21st Century Fund totaling $35.5 million in 2006.
“This grant demonstrates the State of Indiana’s commitment to developing new technology while creating jobs for local communities,” said Rob Qualls, Chairman and CEO of Sentelligence. “Indiana brought Sentelligence an opportunity to expand our product portfolio and market opportunity positioning the company for significant growth.”
The infusion of cash will be used to aggressively complete product prototypes which will be delivered to one of the largest original equipment truck and automotive manufacturers in the world in the next few weeks.
The development work of Sentelligence demonstrates promising market penetration and the potential of creating more than 100 jobs with this new technology,” said Nathan J. Feltman, Indiana Secretary of Commerce. “That is right in line with the expected outcomes of 21st Century Fund investments, and we expect to hear soon of more success from Sentelligence.”
The 21st Century Fund is an IEDC-administered state program focused on assisting Indiana innovators in the development and launch of market-changing innovations. First created in 1999 by the Indiana General Assembly, the Fund focuses on entrepreneurial ventures with proven commercial market potential. Awardees work closely with university research labs and researchers in order to gain access to cutting edge technologies and leading talent.
According to Bruce Kidd, IEDC Director of Entrepreneurship, “Sentelligence is an ideal investment for Indiana’s 21st Century Fund as we look to enhance our innovation driven economy by supporting entrepreneurial companies with market changing technologies, a talented management team and the opportunity to create high wage jobs in Indiana as well as shareholder wealth.”
About Sentelligence, Inc
Sentelligence is a technology provider of low cost, miniaturized optical and spectral sensors that monitor the condition of lubricants and related fluids in both mobile and stationary engine and equipment applications. The sensors are the fundamental building blocks used in condition-based and predictive maintenance systems for a wide range of industrial, military and commercial markets in order to, improve emissions systems performance, reduce energy consumption and increase equipment productivity. Sentelligence is based in Indianapolis, Indiana.
About IEDC
As a result of legislation passed by the Indiana General Assembly in 2005, the Indiana Economic Development Corporation has replaced the Department of Commerce as the premier entity charged with state economic development. The IEDC has a 12-member board chaired by Governor Mitch Daniels. Indiana Secretary of Commerce Nathan J. Feltman is also president of the IEDC. For more information about IEDC, visit www.iedc.IN.gov
Disclaimer Statement
This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of Sentelligence. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward looking statements may be identified by use of such words or phrases "should," "intends," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "we believe," "future prospects," or similar expressions. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; ability to raise additional funds; the outcome of any pending legal proceedings filed against the Company; conditions in the general economy and in the markets served by the Company; competitive factors, such as the potential emergence of rival technologies; timely development and market acceptance and warranty performance of new products; fluctuations in foreign currency exchange rates; Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Sentelligence, Inc. does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.
