Liberty Defense and DKL International Agree to Terminate License Agreement and Grants Compensation Awards
Atlanta, Georgia, USA – June 11, 2021 – Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (TSXV: SCAN, OTCQB: LDDFF, FRANKFURT: LD2) a leading concealed weapons and threat detection solutions company, is announcing the termination of the exclusive license agreement for the development of a handheld gunpowder sensor.
As previously announced, Liberty has licensed new and innovative security technologies that will serve as the next generation of security at airports. As a result, the Company will focus its engineering and financial resources on this new technology and accelerate the continued development of the Company’s flagship product, HEXWAVE.
The Company and DKL have settled all outstanding debts and will release the technology back to DKL without any contingencies.
Pursuant to its omnibus long-term incentive plan, and subject to regulatory approval, Liberty has granted a total of 100,000 stock options (the “Options”) and 533,750 restricted share units (“RSUs”) to certain employees and consultants of the Company.
Each Option is exercisable for one common share in the capital of the Company (a “Share”) at an exercise price of $0.50 per Share. 12.5% of the Options will vest on August 1, 2021 and an additional 12.5% will vest every three months thereafter. The Options will expire on June 10, 2026. All 533,750 RSUs will vest immediately.
All Options and RSUs are subject to the terms of the Company’s omnibus long-term incentive plan and applicable securities law hold periods.
On Behalf of Liberty Defense
CEO & Director
About Liberty Defense
Liberty Defense provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more. Liberty’s HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons. Liberty has a license for the millimeter wave-based, High Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: libertydefense.com
For further information about Liberty, please contact:
Senior Vice President of Capital Markets, Liberty Defense 604-809-2500
When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although Liberty believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. Such statements and information reflect the current view of Liberty. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Liberty’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; limited business history of the parties; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses; and general development, market and industry conditions. The parties undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of their securities or their respective financial or operating results (as applicable).
Liberty cautions that the foregoing list of material factors is not exhaustive. When relying on Liberty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Liberty has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Liberty as of the date of this press release and, accordingly, are subject to change after such date. Liberty does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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