MWN AI Summary *
Liberty Defense Holdings Ltd. has announced the delivery of its first HEXWAVE units to the Texas Department of Criminal Justice (TDCJ) as part of a purchase agreement for 20 devices. This marks a significant advancement in security measures at correctional facilities across Texas. The HEXWAVE technology is designed to enhance contraband detection capabilities, identifying concealed weapons, drugs, and electronic devices while improving search efficiency and minimizing entry wait times. TDCJ is responsible for overseeing approximately 155,000 inmates and operates 51 state prisons, making enhanced security measures critical to their operations.
The HEXWAVE system utilizes cutting-edge millimeter wave technology, advanced 3D imaging, and artificial intelligence to detect both metallic and non-metallic threats, including explosives and other prohibited items. This modernized approach is not just about heightening security; it seeks to improve the overall experience for individuals entering these facilities by streamlining the screening process.
In addition to the deployment announcement, Liberty Defense has successfully closed previously announced financing. The recent prospectus supplement will facilitate the distribution of securities linked to 4,650,333 special warrants issued on June 27, 2024. Each warrant grants holders the option to acquire common shares at an exercise price of $0.20 for a duration of three years. This financing initiative is expected to strengthen Liberty Defense’s operational capabilities and support its continued growth in the security detection market.
Liberty Defense remains committed to safeguarding communities through innovative security solutions and emphasizes responsiveness to evolving security threats. Further details regarding corporate updates can be found through their official channels.
MWN AI Analysis *
Liberty Defense Holdings (TSXV: SCAN), following its recent delivery of HEXWAVE units to the Texas Department of Criminal Justice (TDCJ), has positioned itself strongly within the security technology market. The deployment of 20 HEXWAVE systems significantly enhances TDCJ's contraband detection capabilities, catering to a facility that manages over 155,000 inmates. This contract not only underscores the growing demand for advanced security solutions but also serves as a testament to Liberty’s innovative offerings.
The HEXWAVE technology, known for its advanced 3D imaging and AI-based detection capabilities, addresses a critical need in modern security. Given the rise in concerns around public safety, Liberty’s focus on high-throughput, contactless detection systems could yield substantial demand across various sectors, including airports, schools, and larger public venues. As such, investors may find Liberty Defense to be well-positioned for growth, especially as security threats evolve and regulatory pressures for enhanced safety measures increase.
Additionally, Liberty's recent financing move, qualifying the distribution of approximately 4.65 million common shares through special warrants, strengthens its financial footing. The exercise price of $0.20 per warrant provides an attractive entry point for potential investors, presuming the company's valuation increases in line with market expectations and operational growth.
Investors should consider the broader implications of Liberty’s strategic initiatives. The successful implementation of HEXWAVE systems could pave the way for future contracts with governmental and private entities, potentially leading to revenue growth and operational efficiency. However, prospective investors should also weigh any potential risks, including market volatility and the evolving landscape of security technologies.
In summary, Liberty Defense presents a compelling investment opportunity with its cutting-edge solutions and recent expansion. Analysts would do well to monitor its growth trajectory and market reception of the HEXWAVE systems as indications of long-term viability.
* MWN AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Canada NewsWire
WILMINGTON, Mass. , Aug. 13, 2024 /CNW/ - Liberty Defense Holdings Ltd. (" Liberty " or the " Company ") (TSXV: SCAN) (OTCQB: LDDFF) (FRANKFURT: LD2A), a leading technology provider of AI-based next generation detection solutions for concealed weapons and threats, is pleased to announce that its HEXWAVE systems were delivered to Linev Systems US for deployment at correctional facilities throughout the state of Texas . This is in support of the purchase of 20 HEXWAVE's by the Texas Department of Criminal Justice (TDCJ). The HEXWAVE units will be deployed at the screening entrances to improve contraband detection capabilities such as weapons, cell phones and drugs while increasing search capacity and consistency.
The selection of Liberty Defense's HEXWAVE technology reaffirms TDCJ's commitment to securing their facilities with a modern-day security approach, ensuring minimized entry wait times and enabling the most secure and safe access for all entering the facilities.
The TDCJ is responsible for the supervision of approximately 155,000 incarcerated inmates. The Texas Department of Corrections contains 51 state prisons along with several other facilities for inmates. Their mission is to provide public safety, promote positive change in inmate behavior, reintegrate inmates into society and assist victims of crime.
HEXWAVE uses millimeter wave, advanced 3D imaging and AI to detect concealed metallic and non-metallic threats and other prohibited items. The system allows for rapid, automated screening using a high-throughput, contactless, walkthrough portal to detect liquid, powder and plastic explosives, 3D printed ghost guns and other contraband that enhanced metal detectors on the market do not detect.
In other news, Liberty is pleased to announce that it has filed a prospectus supplement dated August 8, 2024 (the "Prospectus Supplement") to its short form base shelf prospectus dated October 13, 2022 (the "Shelf Prospectus") to qualify the distribution of securities underlying 4,650,333 special warrants (the "Special Warrants") issued by the Company on June 27, 2024 (the "Offering").
The Prospectus Supplement qualifies the distribution of 4,650,333 common shares (each a "Common Share") and 4,650,333 Common Share purchase warrants (each a "Warrant") comprising the units of the Company issuable on the exercise or deemed exercise of the Special Warrants in the Provinces of British Columbia and Alberta . Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.20 until the date that is three years following the date of issuance of the Warrants.
The Special Warrants will be deemed converted into Common Shares and Warrants on August 13, 2024 . No action is required on the part of any holder of Special Warrants to convert their Special Warrants into underlying securities.
The qualification rights of holders of Special Warrants are further described in the Prospectus Supplement and the Shelf Prospectus, which can be found under the Company's profile on SEDAR+ at www.sedarplus.ca .
Access to the Shelf Prospectus and the Prospectus Supplement, and any amendment to the documents, is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Shelf Prospectus and the Prospectus Supplement are accessible on SEDAR+ at www.sedarplus.ca . An electronic or paper copy of the Prospectus Supplement, the corresponding Shelf Prospectus and any amendment to the documents may be obtained, without charge, from the Company at 187 Ballardvale St., Suite 110, Wilmington, MA 01887, or by email at info@libertydefense.comand by providing the contact with an email address or address, as applicable.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States . The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release is not for distribution to U.S. newswire services nor for dissemination in the United States . Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
For updates and news, please visit www.libertydefense.com to subscribe to email alerts or follow Liberty Defense on social channels.
On Behalf of Liberty Defense
Bill Frain
CEO & Director
About Liberty Defense
Liberty Defense ( TSXV: SCAN , OTCQB: LDDFF , FRANKFURT : LD2 A ) 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
FORWARD-LOOKING STATEMENTS
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.
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.
SOURCE Liberty Defense Holdings, Ltd.
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MWN AI FAQ **
How does the deployment of HEXWAVE systems by Liberty Defense Holdings Ltd. SCAN:CC enhance contraband detection capabilities at Texas Department of Criminal Justice facilities compared to current technologies in use?
The deployment of HEXWAVE systems by Liberty Defense Holdings Ltd. SCAN:CC enhances contraband detection at Texas Department of Criminal Justice facilities by utilizing advanced 3D imaging and AI algorithms, providing more accurate and efficient screening than existing technologies.
What specific advantages does HEXWAVE technology offer in detecting non-metallic threats and contraband compared to traditional security measures implemented by Liberty Defense Holdings Ltd. SCAN:CC?
HEXWAVE technology offers enhanced detection capabilities for non-metallic threats and contraband by utilizing advanced imaging and AI analysis to identify concealed items without requiring traditional bulky screening equipment.
With the closing of financing and the delivery of HEXWAVE units, what are Liberty Defense Holdings Ltd. SCAN:CC’s strategic plans for scaling production or expanding its market reach in the correctional facility sector?
Liberty Defense Holdings Ltd. plans to leverage the closing of financing and delivery of HEXWAVE units to scale production and expand market reach in correctional facilities by enhancing partnerships, increasing operational capacity, and enhancing technology integration for security solutions.
How does the recent offering of Special Warrants and qualification of Common Shares impact the financial outlook of Liberty Defense Holdings Ltd. SCAN:CC, and what does this mean for potential investors?
The recent offering of Special Warrants and qualification of Common Shares may enhance Liberty Defense Holdings Ltd.'s financial position by increasing capital for growth, potentially boosting investor confidence and interest in the company's future prospects.
** MWN AI Questions are based on asking OpenAI to ask and answer four questions about this news release.
