A Medical Device Daily
NanoSensors (Santa Clara, California) reported that it is parting ways with Dr. Ted Wong, its CEO/president, CFO and chairman and will become a shell company as the vehicle for the possible acquisition of a new operating business.
The company said it entered into a separation agreement with Wong dated Sept. 9, 2007, in which he agreed to resign from all positions with the company effective Aug. 31.
Wong’s departure coincides with a decision by the company’s board to terminate its business operations, to position the company as a shell company and to utilize its corporate assets as a vehicle for the acquisition of an operating business.
The company said it does not have any specific merger, stock exchange, asset acquisition, reorganization or other business combination under consideration or contemplation other than what it termed “two initial, exploratory conversations.” The company said it will not limit itself to any particular industry or geographic location in its efforts to identify prospective target businesses.
The board also dissolved the company’s Technical Advisory Board and terminated certain of the company’s consulting and license agreements. In addition, its non-binding letter of intent to acquire DKL International (Vienna, Virginia) expired Aug. 31.
The restructured company will be led by Robert Baron as acting CEO/president and chairman. In addition, Josh Moser has been appointed interim CFO.
NanoSensors agreed to pay Wong a severance equal to six months of his base salary, which amount to about $72,000 plus an additional amount of $5,125 for unused vacation benefits. The company also granted him a restricted stock award of 1,364,629 shares of common stock
NanoSensors describes itself as a nanotechnology package company that develops instruments and sensors to detect explosives, chemical and biological agents, principally a sensor device to detect E. coli and salmonella in food and water.