Sensor System Solutions, Inc. Secures $15.6 Million Financing | Automation.com

Sensor System Solutions, Inc. Secures $15.6 Million Financing

October 102005
IRVINE, Calif., Oct. 10, 2005 (PRIMEZONE) -- Sensor System Solutions, Inc. (OTCBB:SSYO) ("3S") announced that it has secured a total of $15,600,000 in financing with Cornell Capital Partners, LP ("Cornell") to support the continued development and growth of the Company.

Under the agreement signed October 6, 2005, Cornell Capital has committed to provide up to $15 million of funding in the form of a Standby Equity Distribution Agreement (SEDA) to be drawn down over a 24-month period at 3S' discretion. In addition, 3S sold an aggregate of $600,000 of fixed price Secured Convertible Debentures to Cornell.

Michael Young, President & CEO of 3S, said: "This agreement with Cornell Capital will allow the Company to raise equity capital at appropriate times in accordance with the Company's expansion plans. 3S is introducing a number of new of sensor modules that have built-in network capability. This financial arrangement will allow us to proactively capitalize on these opportunities as well as further develop our current business, review acquisition opportunities and undertake our planned expansion to the USA and China market during 2006."

David Andresen, Vice President at Cornell Capital Partners, L.P., stated: "We are pleased to enter into a long-term relationship with 3S. The Company has developed advanced sensors and online applications for remote machine and business data management. We are impressed with the technology 3S has developed. Their sensors and software systems integrate with other emerging technologies and applications across many industries. Through its joint venture in China, 3S has positioned itself to become a major supplier to Chinese auto makers. We are looking forward to working with the Company's management team and providing them with expansion capital as 3S introduces new products and grows into other markets."

About Sensor System Solutions, Inc. ("3S")
3S manufactures Micro-Electro-Mechanical-Systems (MEMS) sensors and MEMS-device based solution modules including MEMS sensors, intelligent sensor interface electronics, intelligent embedded control systems and meters, wireless communication network interfaces, data appliances and mobile devices that facilitate machine-to-business data sharing, software & hardware to support web-based device diagnostics and data collection/data distribution, and web-based data management. 3S markets these products through various strategic partners.

For more information please visit: www.corp3s.com

About Cornell Capital Partners, LP
Cornell Capital Partners, LP is a U.S.-based private equity fund. The Fund is managed by Yorkville Advisors, LLC. The Fund is headquartered in New Jersey, with offices in California, New York, North Carolina and London (UK). Since inception in 2001, the Fund has made available in excess of $1.5 billion to over 250 publicly traded corporations.

For more information please visit: www.cornellcapital.com
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