Nov 22, 2022
Liberty Defense Receives Top Industry Award for its HEXWAVE System
Wilmington, MA, USA – November 22, 2022 – Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (TSXV: SCAN, OTCQB: LDDFF, FRANKFURT: LD2A), a leading technology provider of detection solutions for concealed weapons and threats, is pleased to announce it was recently awarded an ‘ASTORS’ Homeland Security Award in the gold category for Best Weapons Detection Solution from American Security Today for its HEXWAVE™ walkthrough people screening portal.
American Security Today’s annual ‘ASTORS’ Homeland Security Awards highlight the most cutting edge and forward thinking security solutions coming onto the market today. The program is specifically designed to honor distinguished government and vendor solutions that deliver enhanced value, benefit, and intelligence to end users in a variety of homeland security, government, and public safety vertical markets.
“We are thrilled that the HEXWAVE technology is getting recognition in the industry, and we were honored to attend the awards ceremony amongst the industry’s best innovators, law enforcement, and homeland security agencies, ” said Bill Frain, CEO of Liberty Defense.
HEXWAVE walkthrough screening system can automatically detect hidden weapons and other potential threats, including both metal and non-metal items such as 3D-printed ghost guns and improvised liquid, powder, or plastic explosives. HEXWAVE leverages technologies such as millimeter wave, video-rate 3D imaging, and Artificial Intelligence to detect potential threats, and provides security operators with a real-time, automatic go/no-go decision.
In other news, Liberty’s Chairman and CEO have purchased 800,000 shares collectively in the latest financing, investing further to show their support for the future growth of the Company.
On October 27, 2022, the Company completed a private placement of 475,000 units (the “Units”) issued at the price of $0.275 per Unit. Bill Frain, the Company’s Chief Executive Officer, subscribed for 400,000 Units for an aggregate purchase price of $110,000. Mr. Frain is a “related party” of the Company. The Company is subject to TSXV Policy 5.9, which incorporates Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Subject to certain exemptions, MI 61-101 requires the Company to obtain minority shareholder approval and obtain a valuation for transactions with related parties. The Company is relying on the exemption from the valuation and minority shareholder approval requirements provided for under Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for transactions with a fair market value of less than 25% of the Company market capitalization.
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On Behalf of Liberty Defense
CEO & Director
About Liberty Defense
Liberty Defense (TSXV: SCAN, OTCQB: LDDFF, FRANKFURT: LD2A) 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 also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. 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
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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