Ottawa, Ontario, Canada -- December 16, 2021 --
InvestorsHub NewsWire -- KWESST Micro Systems Inc.
(TSXV:
KWE) (OTCQB:
KWEMF) ("KWESST" or the
"Company") is pleased to announce that it has
completed the acquisition of Police Ordnance Company Inc. ("POC")
and its ARWEN less-lethal product line (the
"Acquisition").
Located in Bowmanville, Ontario, with ancillary operations in
Florida, POC owns all of the patents and trademarks to the ARWEN
product line of less-lethal launchers, and a proprietary line of 37
mm less-lethal cartridges designed for riot control and tactical
teams. The company has law enforcement customers across Canada, the
U.S. and abroad.
"ARWEN is a highly respected brand in the industry, with
under-exploited potential for global expansion under KWESST
ownership," said Jeff MacLeod, Founder, President and CEO of
KWESST. "We look forward to expanding sales and customer supporter.
Greg Sullivan and Glen Turpin, current executives at ARWEN are
staying with the company to lead the expansion of that part of
KWESST's business."
Terms of the transaction
In consideration for the Acquisition, KWESST issued to the
vendors 277,576 common shares (the "Shares"), for
an aggregate purchase price of $458,000, along with the issuance of
200,000 common share purchase of warrants of KWESST
("Warrants") to the shareholders of POC. Each
Warrant shall entitle the holders to acquire one common share of
KWESST (the "Warrant Shares") for a period of 36
months at an exercise price of $1.72 per common share.
Upon fulfilment of certain financial milestones, KWESST may
issue an additional 62,500 common shares for maximum additional
consideration of $100,000. All of the Shares, Warrants and Warrant
Shares, if issued, are subject to a four-month hold period from
their date of issuance.
About ARWEN and POC
ARWEN is an acronym for "Anti Riot Weapon ENfield" and was
originally developed by Royal Ordnance in the U.K before being
eventually acquired by POC. ARWEN products are used by law
enforcement across North America and internationally.
ARWEN is a 37mm less lethal system which is based off two firing
platforms, a multi-shot launcher and a single shot launcher, both
with multiple versions. ARWEN's full line of munitions cover the
range from impact to chemical rounds and has proven highly
effective in any dynamic situation to bring a safe conclusion to a
potentially violent incident.
To learn more about Arwen, please watch this short
video: https://vimeo.com/537635456
Update to December 14, 2021 announcement
On December 14, 2021 KWESST announced that a top global defence
contractor signed a Master Professional Services Agreement
("Master Agreement") with KWESST to support the
development of digitization solutions for future Canadian land
C4ISR programs under Strong,
Secure, Engaged: Canada's Defence
Policy, (1), with government
procurements estimated at $3 billion to $5 billion over five years.
KWESST is pleased to confirm that the global defence contractor is
General Dynamics Mission Systems - Canada.
"We are very pleased to have been selected by General Dynamics
Mission Systems - Canada for this important project. It leverages
our core expertise in the integration of tactical systems that
enable operational and strategic fires and effects information to
be shared through a digital network in near real-time."
(1) Source: https://canadianarmytoday.com/land-c4isr-the-bridge-to-a-better-way-to-buy-high-tech/
About KWESST
KWESST develops and commercializes breakthrough next-generation
tactical systems that meet the requirements of security forces and
personal defense for overmatch capability against adversaries. The
company's current portfolio of unique proprietary offerings include
its unique non-lethal Low Energy Cartridge (LEC) system with
application across all segments of the non-lethal market, including
law enforcement and personal defence. KWESST is also involved in
the digitization of tactical forces for shared situational
awareness and targeting with its signature
TASCSTM (Tactical Awareness and Situational Control
System) for real-time awareness and targeting information from any
source (including drones) streamed directly to users' smart devices
and weapons. Other KWESST products include counter-measures against
threats such as drones, lasers and electronic detection. These
include the autonomous GreyGhostTM soldier-portable
micro drone missile system that defends against small hostile
drones including swarms using high-speed kinetic impact; a Ground
Laser Defence system to counter the emerging threat of weaponized
lasers against personnel and the
PhantomTM electronic battlefield decoy system to
mask the electromagnetic signature of friendly forces with decoy
signatures at false locations to deceive and confuse adversaries.
These systems can operate stand-alone or integrate seamlessly with
OEM products and battlefield management systems. The Company is
headquartered in Ottawa, Canada, with representative offices in
Washington, DC, London, UK and Abu Dhabi, UAE. KWESST trades on the
TSX Venture Exchange under the symbol KWE
and on the U.S. OTCQB under the symbol KWEMF.
Contact: Jason Frame, Investor Relations: frame@kwesst.com
For more information, please visit https://kwesst.com/
Cautionary Note Regarding Forward-Looking
Statements
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation for the purpose of
providing information about management's current expectations and
plans relating to the future. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. Such factors
include, but are not limited to: general business, economic,
competitive, political and social uncertainties. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. KWESST
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Neither 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 news release.
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