SOURCE: Detex Security Systems, Inc.

May 10, 2006 09:30 ET

Detex Security Systems, Inc. Changes Corporate Name to Avoid Consumer Confusion in the Marketplace; Reports Unauthorized Fax Campaign

ROSH HAAYAN (RAANANA), ISRAEL -- (MARKET WIRE) -- May 10, 2006 -- Management of Detex Security Systems, Inc. (OTC: DXSC) or the "Company" announced today that by consent of a majority of its shareholders on May 5, 2006, the shareholders of the DXSC voted to change its corporate name from Detex Security Systems, Inc. to Detection Security Systems, Inc. in order to avoid consumer confusion in the marketplace. A company with a similar name, Detex Corporation, is engaged in physical access control and physical security, which is not the business of DXSC. DXSC holds the technology for the detection of plastic explosives and other technology related to terrorist activity and detection. DXSC was served with a Temporary Restraining Order with notification of a possible name conflict with Detex Corporation. As a result of this Order, DXSC took immediate action to eliminate any possible conflict. The change of corporate name to Detection Security Systems, Inc. was effective in the State of Washington on Monday, May 8, 2006 and the NASD was notified of the change of name as of May 9, 2006 after obtaining a new CUSIP number from Standard & Poors, CUSIP Division. The change of symbol is scheduled to become effective as of the opening of market on Monday, May 15, 2006. Further, the Company's current website of will be changed to within the next few days with a link from the previous website.

Additionally, DXSC has recently become aware of an unauthorized campaign involving the sending of large numbers of unsolicited faxes by an unknown source. The information contained in those faxes appears to have been already released by the Company and taken directly from the Company's prior press releases and website. The sending of such faxes was not authorized by the Company, not paid for by the Company, or any officer, director or control person of the Company.

The Company has changed its stock transfer agent to National Stock Transfer, Inc. 801.485.7978.

This press release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. For a brief discussion of the risks and uncertainties that may affect our business and future operating results, please refer to Form 10-K and Form 10-Q's and the filings which are on file with the SEC and the subsequent filings to be filed with the SEC. Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected, or described pursuant to similar expressions.

Contact Information

  • For further information, please contact:
    Gabriel Bitton
    President & CEO