Image Sensing Systems, Inc. (NasdaqCM:ISNS) announced that its Board of Directors has initiated a comprehensive review of strategic alternatives to maximize shareholder value. The Board of Directors has formed a Special Committee chaired by James Bracke, who is an independent director and chair of the Audit Committee. In addition to Bracke, the Board has appointed Paul Lidsky, Geoffrey Davis, and Joseph Daly, all of whom are independent directors of Image Sensing Systems, and Brian VanDerBosch, who is an independent consultant of Image Sensing Systems, to the Special Committee. The Special Committee will oversee the review. "The company's Board is committed to maximizing value for all shareholders and has initiated a strategic review of the company's business and assets, including exploring a potential sale or merger of the company, the ongoing execution of its strategic plan, or continuing as a standalone public company," said Bracke. "We expect this to be a thorough process, and we will report our findings and conclusions to the full Board when the review is complete. We will consider all reasonable options, but we cannot guarantee that any actions will be taken as a result of this review." Image Sensing System has retained Craig-Hallum Capital Group LLC to advise it in this process. "Image Sensing Systems continues to execute on its long-term strategy. We believe Image Sensing Systems will continue to perform well and generate positive cash flow. Although we cannot guarantee that this process will culminate in any transaction or other action, we believe that now is the right time to review a full range of options in an effort to maximize value for all shareholders," Bracke continued. The company has not set a formal timetable for the review process, and it has not made any decisions related to strategic alternatives at this time.