Sensor System Solutions raises $15.6 million from equity line, convertible debentures

By Sheri Kasprzak

New York, Oct. 10 - Sensor System Solutions, Inc. said it has received a $15 million standby equity distribution agreement from Cornell Capital Partners, LP and also raised $600,000 from a convertible debenture offering.

Under the terms of the equity line, Cornell may buy shares of Sensor over two years.

The full details of the equity line and the debentures could not be ascertained Monday.

Proceeds will be used for business development, potential acquisitions and expansion to the United States and China.

Based in Irvine, Calif., Sensor System makes sensors and sensor interface electronics used in wireless communications, data appliances and mobile devices.

The company's stock remained unchanged at $0.51 Monday.

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