VANCOUVER and ATLANTA, June 24, 2019 /CNW/ – Liberty Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) , a leader in security and weapons detection solutions, is pleased to announce that the company is making excellent progress towards achieving its product development milestones.
Liberty Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) has successfully completed the technology transfer activities with Massachusetts Institute of Technology, Lincoln Labs (MIT LL). The array antennas are now working at Liberty’s Center of Excellence in Atlanta. The antenna array is a key initial subsystem to HEXWAVE, as described in the company’s news release, dated June 6, 2019. Liberty is working on four key subsystems concurrently to accelerate HEXWAVE’s development timeline.
The technology developed by MIT LL and exclusively licensed by Liberty Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) has already been demonstrated and confirmed in the MIT LL labs. Liberty is continuing to make enhancements to meet the market demands including the Federal Communications Commission (FCC), system performance, outdoor functionality, automatic detection using AI/Neural Networks, application software, smart functionality, and ID/Mechanical design.
Tech Transfer (complete) and Sub-System Prototypes
Following the completed technology transfer, MIT LL, under the Cooperative Research and Development Agreement(“CRADA”), is working with Liberty to develop the transceiver for active 3D radar imaging integration. Liberty Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) intends to demonstrate HEXWAVE’s subsytem prototypes, including active 3D radar imaging, automatic detection, application software, and mechanical form factor in Q3 2019 at the company’s Center of Excellence in Atlanta, Georgia.
Alpha Testing
Alpha testing, which involves end-to-end subsystem integration, will formally commence in Q3 2019, with a planned product demonstration in Q4 2019.
Beta Testing
Beta testing involves testing HEXWAVE at Liberty’s test partners’ locations, starting in December 2019 and continuing throughout Q1 2020, in order to obtain valuable customer insight and product feedback.
Liberty Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) has already entered into a number of collaboration agreements, or memorandums of understanding (MOUs), that will enable Beta testing to occur at various sites and hopes to be able to announce more in the near future to validate, not only the technology behind HEXWAVE, but the market demand. The agreements to date include FC Bayern Munich, Vancouver Arena Partnership (home of the Vancouver Canucks), Sleiman Enterprises, Inc., and the Office of the Utah Attorney General.
New Product Introduction (NPI) and Product Launch
The invaluable feedback from the Beta testing, from both a concept of options (“CONOPs”) and product perspective, will be incorporated into the initial design during the NPI phase. This phase will include completing the FCC certification supply chain planning, building product with the manufacturing partner, marketing, and sales. The product is scheduled to launch in Q3 2020.
On Behalf of Liberty Defense
Bill Riker
CEO & Director
About Liberty Defense
Liberty Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) 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 Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) 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 Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) 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 development and advancement of HEXWAVE. 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. Such factors include, among others, the following risks: (a) there may be delays in the proposed timeline. These fluctuations may adversely affect the price of the Liberty’s securities, regardless of its operating performance. There are a number of important factors that could cause Liberty Defense Holdings, Ltd.’s (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; a 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 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 Defense Holdings, Ltd. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2) 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 it’s 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. (“Liberty”) (TSXV:SCAN; FRANKFURT:LD2).