Liberty Defense Holdings Ltd., a 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 capitalisation.