Ottawa, Ontario, Canada -- November 23, 2021 -- InvestorsHub
NewsWire -- KWESST Micro Systems Inc. (TSXV:
KWE) (OTCQB:
KWEMF) ("KWESST" or "the Company"), a publicly-traded company
listed on the TSX Venture Exchange (symbol:
KWE) and the OTCQB© Markets (symbol:
KWEMF) today announced the filing of audited consolidated
financial statements and MD&A for the fiscal year ended
September 30, 2021 and provided details of recent developments
expected to accelerate corporate growth.
These are available under the Company's profile on SEDAR
(www.sedar.com).
"We believe these recent developments will accelerate and expand
our market entry on a number of fronts," said Jeff MacLeod, KWESST
Founder, President and CEO, who reported as follows on the
Company's various product areas.
Phantom selected by U.S. military for key technology
demonstration
KWESST has received notification from a U.S. military
organization that its PhantomTM electronic
deception system has been evaluated and selected for demonstration
to address operational requirements. This comes on the heels of
selection of the PhantomTM system by General
Dynamics Land Systems ("GDLS") for electronic deception on board
vehicles under a major new program for one of its key military
customers, as announced by the Company on November 12, 2021. The
demonstration will be conducted in December 2021 at KWESST's U.S.
Test and Evaluation facility.
Additional contractual agreements in progress with top
global defense contractors
KWESST also stated today that it continues to progress
negotiations with other global defense contractors for other
Company products and services, including work to integrate the
operational equipment and applications of defense contractors into
the U.S. ATAK battlefield management software system, something
KWESST has already done for its own offerings such as its TASCS
Indirect Fire System (IFM) for mortars under a key U.S. military
contract.
NASDAQ initial application to list
KWESST is also pleased to announce that, in connection with an
updated capital markets strategy, it has submitted an initial
application to list on The Nasdaq Stock Market ("NASDAQ"). The
Company believes that, if successful, a NASDAQ listing can broaden
investor awareness and the market for KWESST's shares, with a view
to supporting shareholder value. The Company believes that, if
successful, a NASDAQ listing will support institutional and retail
investor participation in its securities and provide support to
U.S. based M&A efforts.
"We are very excited about the prospect of listing on NASDAQ",
said Chairman David Luxton. "A listing on NASDAQ would allow the
Company to expand its shareholder base, enhance shareholder value
and accelerate the Company's M&A initiatives in pursuing
strategic opportunities in the U.S."
The listing of the Company's common shares on NASDAQ remains
subject to the review and approval of the listing application and
the satisfaction of all applicable listing and regulatory
requirements, as well as including approval of a registration
statement to be filed by the Company with the U.S. Securities and
Exchange Commission. The Company's plan is to continue to maintain
the listing of its Shares on the TSX Venture Exchange under the
symbol "KWE."
Live demonstration of Low Energy Cartridge (LEC)
system
On November 15, 2021, KWESST conducted a live fire demonstration
of initial LEC products for investors near Toronto, Ontario,
including an opportunity for investors to test fire the devices.
Video footage of the demonstration along with an accompanying slide
presentation will be posted on the Company's web site following the
U.S. Thanksgiving holiday and will be available by Monday, November
29, 2021.
The Company added that in conjunction with its LEC products, to
be launched at the 2022 SHOT Show in Las Vegas, January 18-21, it
is in strategic discussions with industry partners to integrate and
expand the LEC product range for accelerated revenue ramp-up and
market expansion. KWESST is also evaluating possible acquisitions
in the non-lethal industry.
KWESST presentation at U.S. investor conference in
Florida
As part of the Company's goal to expand its investor base in the
U.S., KWESST Executive Chairman, David Luxton, and Steve
Archambault, CFO, presented to a select group of institutions and
brokers at the Capital Event Management investor conference on
November 20, 2021. A copy of the presentation is posted at the
Company's web site.
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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