Clarification of CEO's Statements in WallSt.net Interview.PROVIDENCE Providence, city (1990 pop. 160,728), state capital and seat of Providence co., NE R.I., a port at the head of Providence Bay; founded by Roger Williams 1636, inc. as a city 1832. , R.I. -- On July 13, 2004, William B. Danzell, President & Chief Executive Officer of Nestor, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : NESO NESO New Employee Safety Orientation NESO NAVAIR Engineering Support Office NESO NAVSEA Engineering Support Office ), gave an interview to WallSt.net discussing Nestor and its business. In connection with that interview, Nestor wishes to clarify that neither the company, nor its subsidiary, Nestor Traffic Systems, Inc., currently offers a mobile speed detection product. Nestor is currently engaged in discussions with manufacturers of mobile speed detection products, with the objective of securing distribution rights to such a product, but there can be no assurance that the company will be able to obtain distribution rights. To date, there have been no agreements or understandings reached with any manufacturer of mobile speed detection products. In addition, Mr. Danzell's statement during the interview that the company's current cash position was "approximately $4 million" referred to the amount of cash, cash equivalents and marketable equity securities held by the company. Nestor Traffic Systems' CrossingGuard(R) system offers digital-video technology, the Collision Avoidance See collision avoidance system. (TM) safety feature and advanced client support capabilities. Compared to still film solutions that offer only a few images of a violation, CrossingGuard's multiple videos provide officers and court officials a complete picture of what actually happened at the intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. , enabling them to make accurate, objective decisions. Nestor, Inc., through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Nestor Traffic Systems, is an emerging leader in providing innovative, video-based monitoring systems and services for traffic safety. Its products incorporate Nestor's patented technology into intelligent, real-time solutions that promote traffic efficiency and intersection safety. Further information may be found at www.nestor.com. Statements in this press release about future expectations, plans and prospects for Nestor, including statements containing the words "expects," "will," and similar expressions, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 21E of the Securities Exchange Act of 1934. We may not achieve the plans, intentions or expectations disclosed in our forward-looking statements and investors should not place undue reliance on our forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including: market acceptance of our products, competition, patent protection of our technology, and other factors discussed in Exhibit 99.1 to our most recent annual report filed with the SEC. The forward-looking statements included in this press release represent our current views and we specifically disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation to update these forward-looking statements in the future. |
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