Proposed Transaction with Drawdown Detection Inc., Technology and Board Changes Update
Vancouver, BC and Atlanta, GA – Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (TSXV: SCAN, FRANKFURT: LD2, OTCQB: LDDFF), a leading concealed weapons detection company, announces that the Company has made further board changes associated with the previously announced proposed transaction with DrawDown Detection Inc. (“DrawDown”).
Proposed Transaction and Technology Update
The proposed transaction involving Liberty and DrawDown is anticipated to close near the beginning of Q4 2020. With the completion of the concurrent financing the Company will have funds to continue the development of the product for Beta trials for the HEXWAVE product. In past few months the team has made significant improvements in real-time performance, automatic threat detection algorithms, and mechanical form factor. Liberty looks forward to further mature the product for Beta testing with the announced Beta test partners.
Effective September 1st, 2020, Bill Riker has resigned as a non-executive director of the Company. Mr. Riker was the CEO of the Company from August 2018 through April 2020 and has served on the Board of Directors since April 2018. Aman Bhardwaj said, “it has been an honour working with Bill. His significant contribution to Liberty will not be forgotten”.
On Behalf of Liberty Defense
Interim CEO & Director
About Liberty Defense
Liberty provides security solutions for concealed weapon detection in high volume foot traffic areas and 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 that are packaged into the HEXWAVE product. The system is designed to provide discrete, modular and scalable protection to provide layered, stand-off detection capability. This is intended to provide a means to proactively counter evolving urban threats. The sensors with active 3D radar imaging and Artificial Intelligence (AI)-enhanced automatic detection are designed to detect metallic and non-metallic firearms, knives, explosives and other threats. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com
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LIBERTY INVESTOR RELATIONS:
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. The forward-looking statements and information in this press release include, amongst others, information relating to the proposed transaction with DrawDown and Beta testing of the Company’s technology 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,: the satisfaction of all conditions precedent to the DrawDown transaction including shareholder and TSX Venture Exchange approval,; currency fluctuations; 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 developmenty, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.