- Liberty Defense has received US$1 million in funding from Viken Detection
- Roughly 9 million of Liberty’s shares were purchased by Viken Detection for US$0.11 per unit
- Proceeds will be used for further production of the HEXWAVE technology and general corporate purposes
- Shares of Liberty Defense are unchanged at C$0.12
Liberty Defense Holdings (TSXV:SCAN) has locked in US$1 million in funding from Viken Detection, a company that develops x-ray imaging and chemical analysis products.
In a news release, Vancouver-based Liberty Defense said that roughly 9 million of its shares were purchased by Viken Detection for US$0.11 per unit.
Proceeds will be used for further production of the company’s HEXWAVE technology as well as general working purposes.
“This investment further demonstrates the commitment from Viken in the HEXWAVE technology and the overall need for next-generation on person screening technology, to detect non-metallic and metallic threats” Bill Frain, CEO of Liberty Defense Holdings, said in a statement. “Unfortunately, we continue to see acts of violence in the Americas requiring enhanced security measures, and this investment will help us accelerate the delivery of product to the marketplace.”
The company’s HEXWAVE technology screens for concealed metallic and non-metallic weapons and other threats using millimeter wave, advanced 3D imaging and artificial intelligence.
In addition to funding from Viken Detection, Liberty Defense has also locked in an order from a U.S.-based research laboratory for its HEXWAVE technology.
The company revealed this is a “high-profile program” that will integrate the HEXWAVE technology for net-generation screening in a high throughput mass transit application. The units are expected to be delivered to the research lab by the first week of March, the company said.
Liberty Defense Holdings 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.
Shares of Liberty Defense are unchanged at C$0.12.
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