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Universal PropTech $UPI $UPIPF CGO Talks Explosive Covid-19 Diagnostics Market, Clinical Trials, & More $AAT.ca $LPS.ca $EGT.ca

Posted by AGORACOM-AB at 5:16 PM on Thursday, May 13th, 2021
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Whereas many companies are just now trying to capitalize on the opportunities presented in the current and massive future of PropTech, Universal PropTech Inc. is actually delivering healthy building solutions and services for developers, owners, and operators in Canada. They’ve also turned their attention towards the global COVID-19 diagnostics market size, which is estimated at USD$84.4 billion in 2020.

We sat down with Frank Carnevale, CGO of Universal Proptech, to talk about the launch of ISBRG Corp’s SpotLight-19(C) clinical trial and new R&D funding, the global COVID-19 diagnostics market, their marketing/distribution plans for the future, and more. Check out the interview now.

Universal PropTech $UPI Now Listed on the #OTCQB Under the Symbol $UPIPF $AAT.ca $LPS.ca $EGT.ca

Posted by AGORACOM-JC at 4:07 PM on Tuesday, April 20th, 2021
  • Received approval and will begin trading on the OTCQB, a U.S. market operated by OTC Markets Group Inc. in New York
  • The Company’s shares will begin trading on the OTCQB on April 21, 2021, under the symbol “UPIPF”

Toronto, Ontario–(April 20, 2021) –  Universal PropTech Inc. (TSXV: UPI) (FSE:8LH) (“UPI” or the “Company“) is pleased to announce that it has received approval and will begin trading on the OTCQB, a U.S. market operated by OTC Markets Group Inc. (“OTC“) in New York. The Company’s shares will begin trading on the OTCQB on April 21, 2021, under the symbol “UPIPF”.

Chris Hazelton, CEO of Universal PropTech commented: “We are excited to begin trading in the United States, and we welcome the opportunity to share our story and journey with new investors.” Mr. Hazelton continued: “UPI provides an opportunity for investors to capitalize on growth opportunities created by our healthy building solutions, as well as investment and exclusive sales verticals for ISBRG Corp and their SpotLight19 platform.”

The OTC operates the world’s largest electronic interdealer quotation system for US broker dealers and offers multiple media channels to increase the visibility of OTC-listed companies. Trading on the OTCQB market enables companies to efficiently build broader investor awareness and provide U.S. investors with a seamless trading facility to more easily trade through the broker of their choice.

Read More: https://agoracom.com/ir/UniversalPropTech/forums/discussion/topics/759404-universal-proptech-inc-now-listed-on-the-otcqb-under-the-symbol-upipf/messages/2312771#message

KWESST $KWE.ca $KWEMF Announces U.S. Patent Award for Phantom(TM), Qualifies for Government Programs $WRTC $BYRN.ca $PAT.ca $POWW

Posted by AGORACOM-JC at 3:07 PM on Tuesday, April 20th, 2021

Electronic decoy product advances to sponsorship and evaluation with U.S. military and another NATO nation

  • Announced the award of U.S. patent 10,969,467 B1 for Programmable Multi-Waveform RF Generator for Use as Battlefield Decoy
  • This patent is one of the core technologies of the Company’s PhantomTM electronic decoy, as described in the press releases of October 5th and December 30th, 2020

Ottawa, Ontario–(April 20, 2021) – KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (“KWESST” or “the Company”) today announced the award of U.S. patent 10,969,467 B1 for Programmable Multi-Waveform RF Generator for Use as Battlefield Decoy. This patent is one of the core technologies of the Company’s PhantomTM electronic decoy, as described in the press releases of October 5th and December 30th, 2020.

In conjunction with the patent award, the Company confirmed that the PhantomTM system has just been selected in defence and innovation programs for evaluation, including a U.S. Special Operations Command program, and has been prequalified for government funding with an estimated initial value of approximately $1 million once approved.

“Apart from the potential near-term dollars involved, this qualification and invitation to participate in trials with key agencies in the U.S. and another NATO country signals serious interest in the PhantomTM system,” said Jeff MacLeod, KWESST Founder, President and CEO. He adds that, “These concurrent developments also appear likely to accelerate the pace of market uptake. Accordingly, with the upcoming close of our $4 million financing announced April 9, 2021 we will be prioritizing the productization of PhantomTM to be in the market sooner than originally planned.”

The Company stated that there is growing interest among NATO and partner countries for a tactical electronic decoy to prevent adversaries from locating and targeting friendly forces. This growing interest stems from incidents like one publicly reported in the 2016 where two full Ukrainian mechanized battalions were annihilated by Russian adversaries in three minutes with precision mass fire after locating them based on their electronic signal emissions.

About the PhantomTM electronic decoy
PhantomTM is a compact, lightweight electromagnetic transmitter capable of mimicking the electromagnetic signature of a tactical military unit, fooling adversaries as to the location of NATO and partner nation forces. Recent interest from NATO agencies and defence contractors for this product has resulted in KWESST moving up the scheduled production of demonstration samples of PhantomTM in the Company’s priorities. An earlier prototype version of PhantomTM was procured and successfully trialed in military exercises. The latest version is more compact, with greater capability, and is soldier-portable or can be deployed by Unmanned Aerial Systems (“UAVs” or “drones”). Based on internal research the Company estimates the market for a system like PhantomTM to be worth several hundred million dollars in the U.S. alone.

Read More: https://agoracom.com/ir/Kwesst/forums/discussion/topics/759400-kwesst-announces-u-s-patent-award-for-phantom-tm-qualifies-for-government-programs/messages/2312755#message

Universal PropTech Inc. $UPI Announces Option Grant $AAT.ca $LPS.ca $EGT.ca

Posted by AGORACOM-JC at 4:42 PM on Friday, April 16th, 2021
  • Announces today that it has granted 100,000 options to an employee pursuant to the Company’s stock option plan.
  • The stock options vest in the following schedule: 30% immediately, 30% on the six-month anniversary of grant; and 40% on the one year anniversary of grant, and may be exercised at a price of $0.45 for a period of three years from the date of grant.
  • The grant of options is subject to the approval of the TSX Venture Exchange.

Toronto, Ontario–(April 16, 2021) – Universal PropTech Inc. (TSXV: UPI) (FSE: 8LH) (“UPI” or “the Company”) announces today that it has granted 100,000 options to an employee pursuant to the Company’s stock option plan. The stock options vest in the following schedule: 30% immediately, 30% on the six-month anniversary of grant; and 40% on the one year anniversary of grant, and may be exercised at a price of $0.45 for a period of three years from the date of grant. The grant of options is subject to the approval of the TSX Venture Exchange.

About Universal PropTech Inc.

Universal PropTech Inc. (TSXV: UPI) (FSE: 8LH ) is a leading building innovation company, selecting, integrating, deploying, and maintaining PropTech in healthy buildings. As trusted advisors, we provide holistic evidence-driven solutions and services for building developers, owners, and operators in Canada. UPI operates through its wholly owned subsidiary, VCI Controls Inc. (“VCI“), a leading supplier and integrator of PropTech healthy building solutions and services. VCI is an industry leader in the acquisition and deployment of intelligent building technology, including the integration of all building systems utilizing the latest in communications technologies and standards. VCI’s business focuses on digital controls and mechanical services, performance monitoring, and energy efficiency solutions.

With headquarters in Toronto, Universal PropTech Inc. has offices across Canada including, Halifax, Montreal, and Ottawa. For more information, visit www.universalproptech.com.

Contact Information
Universal PropTech Inc.

Chris Hazelton
President and Chief Executive Officer
[email protected]

(647) 300-2957

Forward-Looking Statements

Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “forecast”, expect”, “plan”, “intend”, “estimate”, “propose”, “project”, or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company’s securities not to place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.

The forward-looking information included herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.

Neither the TSX Venture Exchange (“Exchange”), nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

KWESST $KWE.ca $KWEMF Announces Appointment of VP Operations and Full-Time Engagement of Existing CFO $WRTC $BYRN.ca $PAT.ca $POWW

Posted by AGORACOM-JC at 9:28 AM on Wednesday, April 14th, 2021

  • Announced that it has appointed Rick Bowes, CD, MA, MBA in the new position of Vice President, Operations to oversee and accelerate market introduction of the Company’s products and services for Digitization and Tactical Products (“DTP”).
  • The DTP business unit comprises the bulk of the Company’s current products and services, including TASCS, ATAK integration, the GreyGhostTM micro missile against hostile drones, the laser defence system and the Phantom electronic decoy.
  • Appointments are part of KWESST’s expanded business plan

Ottawa, Ontario–(April 14, 2021) – KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (“KWESST” or “the Company”) today announced that it has appointed Rick Bowes, CD, MA, MBA in the new position of Vice President, Operations to oversee and accelerate market introduction of the Company’s products and services for Digitization and Tactical Products (“DTP”). The DTP business unit comprises the bulk of the Company’s current products and services, including TASCS, ATAK integration, the GreyGhostTM micro missile against hostile drones, the laser defence system and the Phantom electronic decoy.

In conjunction, the Company also announced that Steve Archambault, who has been serving as part-time Chief Financial Officer since the Company’s listing in September 2020, will now assume this role on a full-time basis.

“With the expected closing of our recently announced $4 million over-subscribed brokered private placement, KWESST is positioned to execute on an expanded business plan,” said Jeff MacLeod, KWESST Founder, President and CEO. “The appointments announced today add bench strength for accelerated market introduction across our growing portfolio of products and services.”

“We are very pleased indeed to welcome Rick as VP Operations,” added David Luxton, Executive Chairman. “He brings a rare combination of senior defence industry experience and domain knowledge that is directly relevant to our key markets and programs. He also has proven business capture experience and long-standing relationships with major defence contractors. We are equally pleased that Steve Archambault has committed to the Company on a dedicated, full-time basis in the role of CFO.”

About Rick Bowes

Prior to his various senior roles with defence contractors such as General Dynamics Canada, DRS Technologies Canada (now Leonardo DRS), ATCO Frontec and ADGA Group Inc., Rick had a distinguished career as a senior officer in the Canadian Army, retiring in 2003 as a Lieutenant Colonel. He is a graduate of Royal Military College of Canada and served in various operational and staff roles in the Canadian military and on secondment to the British Army. As an armour officer, Rick served with various units such as Lord Strathcona’s Horse (Royal Canadians) and the Canadian Airborne Regiment Battle Group across Canada and in deployed operations in Bosnia-Herzegovina with the UN Protection Force and the NATO Stabilization Force (SFOR). Rick was also part of the planning team for Canada’s participation in the NATO Kosovo Force (KFOR) mission in 1999.

The Company stated that the terms of these appointments include a grant of 300,000 stock options to Rick Bowes, with each stock option being exercisable at a price equal to the closing price of the Company’s shares on the TSX Venture Exchange on April 16th, 2021 on or before April 13, 2026 and a grant of Restricted Share Units (“RSU”s) to Steve Archambault equal to $25,000 divided by the closing price of the Company’s shares on the TSX Venture Exchange on April 16th, 2021.

Read More: https://agoracom.com/ir/Kwesst/forums/discussion/topics/759024-kwesst-announces-appointment-of-vp-operations-and-full-time-engagement-of-existing-cfo/messages/2311873#message

KWESST $KWE.ca $KWEMF Announces Upsizing of Previously Announced Brokered Private Placement $WRTC $BYRN.ca $PAT.ca $POWW

Posted by AGORACOM-JC at 8:37 AM on Friday, April 9th, 2021

  • Announce that in connection with its previously announced brokered private placement (the “Offering“), the Company and PI Financial Corp., the lead agent and sole bookrunner (the “Lead Agent“) for the Offering, have agreed to increase the size of the Offering to raise total gross proceeds of $4 million.
  • The Company now intends to issue 3,200,000 units of the Company (the “Units“) at a price of C$1.25 per Unit.
  • The 3,200,000 Units have been allocated to subscribers and the Offering is scheduled to close on or about April 29, 2021, or such date as agreed upon between the Company and the Lead Agent.
  • Given the upsize to the Offering, the parties have agreed to remove the previously announced over-allotment option.

Ottawa, Ontario–(April 9, 2021) – KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (“KWESST” or “the Company”) is pleased to announce that in connection with its previously announced brokered private placement (the “Offering“), the Company and PI Financial Corp., the lead agent and sole bookrunner (the “Lead Agent“) for the Offering, have agreed to increase the size of the Offering to raise total gross proceeds of $4 million. The Company now intends to issue 3,200,000 units of the Company (the “Units“) at a price of C$1.25 per Unit. The 3,200,000 Units have been allocated to subscribers and the Offering is scheduled to close on or about April 29, 2021, or such date as agreed upon between the Company and the Lead Agent. Given the upsize to the Offering, the parties have agreed to remove the previously announced over-allotment option.

“The KWESST Offering was very well received by investors and resulted in significant demand for our financing, which led to the increase in size announced today. The proceeds will be used to accelerate our go-to market initiatives of KWESST’s various products,” said Jeffrey MacLeod, KWESST’s President and CEO. “One of our priorities is to finalize the acquisition of the Low Energy Cartridge (“LEC”) non-lethal system, which is expected to close concurrently with the Offering, after which we will begin the commercialization of this product. The Company has an accelerated plan to roll out the LEC product in response to market interest and high growth across all segments of the non-lethal market where a strong preference is being expressed for a safer, cartridge-based system over traditional systems such as Taser, beanbag shotgun shells and rubber bullets that can and do result in fatalities.”

Other corporate priorities to be funded with the proceeds from the Offering include the productization of the GreyGhost micro-drone missile, ramping up the Company’s ATAK Centre of Excellence business, and accelerating the productization of the Phantom electronic decoy.

Each Unit will be comprised of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (“Warrant“). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price of C$1.75 per Warrant Share for a period of 24 months from the closing of the Offering. If at any time after four (4) months and one (1) day following the Closing Date, the trading price of the Shares on the TSX Venture Exchange is equal to or exceeds $3 for a period of 10 consecutive trading days, as evidenced by the price at the close of market, the Company shall be entitled to notify the holders of Warrants of its intention to force the exercise of the Warrants. Upon receipt of such notice, the holders of Warrants shall have 30 days to exercise the Warrants, failing which the Warrants will automatically expire.

The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Exchange. It is not a requirement for the closing of the Offering that the Company issues the entire 3,200,000 Units referenced above. The Units to be issued under the Offering will have a hold period of four months and one day from Closing.

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 accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

Read More: https://agoracom.com/ir/Kwesst/forums/discussion/topics/758779-kwesst-announces-upsizing-of-previously-announced-brokered-private-placement/messages/2311369#message

KWESST $KWE.ca $KWEMF Releases Video and Photos Of TASCS IFM For 81 mm Mortar in U.S. Military Exercises $WRTC $BYRN.ca $PAT.ca $POWW

Posted by AGORACOM-JC at 8:25 AM on Thursday, April 8th, 2021
  • Release approved footage and pictures of the KWESST TASCS Integrated Fires Module (“IFM”) in action in live-fire exercises at a U.S. military base.
  • These exercises are being held pursuant to a contract with a key U.S. military customer
  • Video and photos depict the TASCS IFM system fitted on the 81 mm mortar and firing at a range of 2,600 metres.

Ottawa, Ontario–(April 8, 2021) – KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (“KWESST” or “the Company”) is pleased to release approved footage and pictures of the KWESST TASCS Integrated Fires Module (“IFM”) in action in live-fire exercises at a U.S. military base. These exercises are being held pursuant to a contract with a key U.S. military customer (for further information please see the December 2020 news release at https://kwesst.com/news/kwesst-announces-c1-1-million-follow-on-order-for-tascs-ifm-from-key-u-s-military-customer-2/ ) which is currently being delivered.



Cannot view this video? Visit:
https://www.youtube.com/watch?v=K4oOEczVOkM

The pictures are available at: https://kwesst.com/systems/tascs-ifm/

The video and photos depict the TASCS IFM system fitted on the 81 mm mortar and firing at a range of 2,600 metres. With TASCS IFM, the mortar team is able to acquire targets in 15 seconds compared to the traditional 15 minutes, and engage targets with unprecedented accuracy. The 81mm mortar is just one of many firing platforms that can be fitted with the TASCS IFM systems and requires no modification of the firing platform or ammunition. It effectively turns a traditional “dumb” firing platform into a “smart” weapons system by providing soldiers on the ground with real-time networked situational awareness and precision targeting information.

About KWESST

KWESST develops and commercializes high-value ultra-miniaturized technology applications that make a critical difference to the safety and operational effectiveness of personnel in the defence and security industries. The company’s current portfolio of unique proprietary offerings include: 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; 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. All systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems including Frontline, Edge, Killswitch and ATAK (Android Tactical Assault Kit) among others. KWESST also has developmental “smart ordnance” projects including its “Shot Counter” system, which records the number and type of rounds fired, for optimized firearms maintenance and performance. 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.

Read More: https://agoracom.com/ir/Kwesst/forums/discussion/topics/758710-kwesst-releases-video-and-photos-of-tascs-ifm-for-81-mm-mortar-in-u-s-military-exercises/messages/2311218#message

KWESST $KWE.ca $KWEMF Announces C$2.5 Million Brokered Private Placement Financing $WRTC $BYRN.ca $PAT.ca $POWW

Posted by AGORACOM-JC at 3:56 PM on Tuesday, April 6th, 2021
  • Entered into an agreement with PI Financial Corp., as lead agent and sole bookrunner, on its own behalf and, if applicable, on behalf of a syndicate of agents in connection with a best efforts, private placement of up to 2,000,000 units of the Company at a price of C$1.25 per Unit for gross proceeds of up to C$2,500,000

Ottawa, Ontario–(April 6, 2021) – KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (“KWESST” or “the Company”) is pleased to announce that it has entered into an agreement with PI Financial Corp., as lead agent and sole bookrunner (the “Lead Agent“), on its own behalf and, if applicable, on behalf of a syndicate of agents (together with the Lead Agent, the “Agents“) in connection with a best efforts, private placement of up to 2,000,000 units of the Company (the “Units“) at a price of C$1.25 per Unit (the “Offering Price“) for gross proceeds of up to C$2,500,000 (the “Offering“).

Each Unit will be comprised of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (“Warrant“). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price of C$1.75 per Warrant Share for a period of 24 months from the closing of the Offering. If at any time after four (4) months and one (1) day following the Closing Date, the trading price of the Shares on the TSX Venture Exchange is equal to or exceeds $3 for a period of 10 consecutive trading days, as evidenced by the price at the close of market, the Company shall be entitled to notify the holders of Warrants of its intention to force the exercise of the Warrants. Upon receipt of such notice, the holders of Warrants shall have 30 days to exercise the Warrants, failing which the Warrants will automatically expire.

The Agents will have an option (the “Agents’ Option“) to offer for sale up to an additional 400,000 Units at the Offering Price for additional gross proceeds of up to C$500,000, which Agents’ Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.

The Company stated that proceeds from the financing would be used to close the acquisition of the Low Energy Cartridge non-lethal system and begin the commercialization of this product, accelerate productization of the GreyGhost micro-drone missile, ramp up the Company’s ATAK Centre of Excellence and accelerate productization of the Phantom electronic decoy.

The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

The Offering is scheduled to close on or about April 29, 2021, or such date as agreed upon between the Company and the Lead Agent (the “Closing“) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Exchange. The Units to be issued under the Offering will have a hold period of four months and one day from Closing.

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 accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

Read More: https://agoracom.com/ir/Kwesst/forums/discussion/topics/758603-kwesst-announces-c-2-5-million-brokered-private-placement-financing/messages/2311011#message

KWESST $KWE.ca $KWEMF Signs Exclusive Counter-Drone Technology License Agreement $WRTC $BYRN.ca $PAT.ca $POWW

Posted by AGORACOM-JC at 8:46 AM on Tuesday, April 6th, 2021

Amended license with AerialX Drone Solutions Inc. provides for exclusive rights to U.S. and Canadian militaries

  • Announced that it has signed an Amended and Restated License Agreement with AerialX Drone Solutions Inc. for counter-drone technology. I
  • n October 2019 KWESST signed a non-exclusive worldwide license with AerialX and has now gained exclusive rights to the technology for U.S. and Canadian militaries.
  • The product which is based on the licensed technology is being marketed under the name GreyGhostTM and is an autonomous soldier-portable micro drone missile system that defends against small hostile drones including swarms using high-speed kinetic impact.

Ottawa, Ontario–(April 6, 2021) – KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (“KWESST” or “the Company”) today announced that it has signed an Amended and Restated License Agreement (the “Agreement”) with AerialX Drone Solutions Inc. (“AerialX”) for counter-drone technology. In October 2019 KWESST signed a non-exclusive worldwide license with AerialX and has now gained exclusive rights to the technology for U.S. and Canadian militaries. The product which is based on the licensed technology is being marketed under the name GreyGhostTM and is an autonomous soldier-portable micro drone missile system that defends against small hostile drones including swarms using high-speed kinetic impact.

The dramatic growth of small unmanned aircraft systems (sUAS), commonly called drones, creates new threats and challenges for NATO countries including the US Department of Defense (DoD) and Canada’s Department of National Defence (DND). Recent technology trends have enabled state actors, non-state actors, terrorist organizations and criminals to easily convert legitimate applications of sUAS into efficient weapons. These small drones provide NATO adversaries with a low-cost means of conducting intelligence, surveillance, and reconnaissance missions or direct attack of NATO forces.

“This is a timely development as the U.S. and other NATO military agencies have expressed interest in our GreyGhostTM counter-sUAS drone missile and view it as a serious candidate solution to the growing threat of suspicious or hostile drones,” said David Luxton, KWESST’s Executive Chairman. “Our GreyGhostTM counter-sUAS drone missile has been down-selected by key agencies from among dozens of contenders for upcoming demonstrations and trials because of its unique ability to track and hunt hostile drones and neutralize them with kinetic impact.”

“The Pentagon last year established the Army-led Joint Counter-Small Unmanned Aircraft Systems Office, or JCO, and approved a set of requirements to help counter the threat posed by small drones and formalized requirements for how technology developed by industry players can seamlessly plug into a single command-and-control system. Evaluation of industry counter drone systems are expected to be ongoing throughout 2021,” said Jeff MacLeod, KWESST’s President and CEO. “In the U.S. and in 2021 alone, DoD plans to spend at least USD $404 million on counter-UAS (c-UAS) research and development and at least $83 million on c-UAS procurement(1).”

The counter drone market has grown considerably in recent years, with both major defense contractors and small technology companies actively competing to gain market share in a market that by one estimate could be worth $5.4 billion by 2028(2).

Under the Agreement announced today, KWESST’s also retains its non-exclusive worldwide rights. KWESST has agreed to issue AerialX 100,000 shares of KWESST in consideration of the new exclusive rights and an additional 100,000 shares of KWESST upon AerialX meeting certain technological milestones.

(1) https://fas.org/sgp/crs/weapons/IF11426.pdf
(2) https://www.c4isrnet.com/unmanned/2019/12/11/pentagon-wants-to-streamline-its-counterdrone-focus/

Read More: https://agoracom.com/ir/Kwesst/forums/discussion/topics/758569-kwesst-signs-exclusive-counter-drone-technology-license-agreement/messages/2310954#message

KWESST Micro Systems Announces Results of 2021 Annual General and Special Meeting of Shareholders $WRTC $BYRN.ca $PAT.ca $POWW

Posted by AGORACOM-JC at 8:44 AM on Thursday, April 1st, 2021

Ottawa, Ontario–(April 1, 2021) – KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (“KWESST” or “the Company”) announces the results of its 2021 Annual and Special Meeting of shareholders held on Wednesday, March 31, 2021 in virtual format.

Shareholders approved all the resolutions detailed in the management information circular of the Company dated February 11, 2021, namely:

  • Electing all the nominees to the Board of Directors of the Company;
  • Appointing KPMG LLP as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor’s compensation; and,
  • Approving the Company’s long term incentive plan.

The Company also provided the following general business update to investors.

Current contract with U.S. military for TASCS IFM product

The Company reported that it is progressing on schedule and to budget in the delivery of its $1.1M contract for TASCS (Tactical Awareness Situational Control System) IFM (Integrated Fires Module) systems for the 81mm mortar to a key U.S. military customer.

In March 2021, KWESST announced the successful integration of TASCS IFM into the Android Tactical Assault Kit (ATAK), the pre-eminent battlefield management system used by more than a dozen U.S. government agencies and many NATO allies and partner nations.

This integration opens the door to further deployment of the Company’s systems to military customers. The Company will now proceed to the next phase of the contract, involving live-fire trials at various U.S. military bases with full delivery of the contract expected in the current fiscal year.

Progress on other product introduction to the marketplace

GreyGhostTM

GreyGhostTM is a drone whose principal function and operation is acting as a projectile to intercept aerial threats using kinetic (i.e. motion-related) force. GreyGhostTM addresses a concern for deployed military and many security agencies arising from the proliferation of small drones and the potential hazards they pose to troops, sensitive infrastructure and the public at large.

Current methods to tackle this concern include electronic counter-measures which attempt to disrupt communication protocols. Other systems, such as net capture, have a short range and can only deal with one target at a time. The Company’s licensed micro-drone missile technology provides a kinetic interceptor to engage drones threats. With a range in excess of three kilometers, the Company’s GreyGhostTM locks on to a target. Once in attack mode, it will track and repeatedly impact the target drone until it is destroyed. Multiple GreyGhostTM missiles can be launched concurrently to deal with multiple targets simultaneously.

The Company reported that GreyGhostTM is among a small handful of counter-measures against small drones recently down-selected by the U.S. military joint program for further evaluation.

PhantomTM

PhantomTM is a compact, lightweight and selectively electromagnetic transmitter capable of mimicking the electromagnetic footprint of a tactical military units. Recent interest from NATO agencies and defence contractors for this product has resulted in KWESST moving up the production of demonstration samples of PhantomTM in the Company’s priorities.

Non-Lethal Low Energy Cartridge (LEC) System

KWESST management reminded shareholder that the acquisition of the Non-Lethal Low Energy Cartridge (LEC) System is expected to close shortly and KWESST has begun plans to implement rapid productization. For further details on the proposed acquisition, please refer to the Company’s January 18, 2021 and March 23, 2021 news releases.

The LEC system is a proprietary non-lethal cartridge-based ordnance system developed by David Luxton the Executive Chairman of KWESST. The LEC system is a novel proprietary combination of cartridges that fire from a dedicated firing device, with a range of projectile payloads specific to the intended application. The LEC system comprises three main aspects: (i) a dedicated firing platform in a non-standard calibre to ensure “live fire exclusion” for safety; (ii) a non-lethal low energy cartridge case and actuator; and (iii) a non-lethal polymer projectile with various payloads depending on the intended application (public order, training, personal defence or high-action gaming). The calibration of energy dynamics between the firing platform, the energy in the cartridge and the velocity of the projectile combine to ensure reliable functioning of the firing platform and terminal effects that are non-lethal. There are two versions of the LEC cartridge: (i) one for non-reciprocating firing platforms that look like revolvers and shotguns; and (ii) one for reciprocating firing platforms that look like automatic pistols, sub-machine guns and assault rifles.

Active contract pursuits and government funding proposals

The Company reported increased activity in contract proposals and government funding applications. “While we are not able to control the certainty or timing of contracts and funding, we are hopeful that a good portion of our recent efforts will mature in our current fiscal year,” said Jeff MacLeod, KWESST Founder, President and CEO.

Incremental near-term revenue from ATAK Centre of Excellence

“As announced on March 30, we also expect an incremental revenue contribution starting in this fiscal year from our ATAK Centre of Excellence,” said MacLeod. “Some of this work has already begun and we are ramping up to service more government agencies and defence companies who have approached us to develop and support their ATAK applications.”

Industrial Tax Benefits (ITB) credit (typically known outside Canada as “Offsets”)

In a new development, the Company reported that it has begun discussions with a major foreign defence contractor for near-term and potential future defence program work under which the contractor could receive favorable ITB credits for inclusion of KWESST in its supply chain. This has the potential to accelerate and expand the Company’s stated go-to-market strategy of partnering with large defence contractors.

Read More: https://agoracom.com/ir/Kwesst/forums/discussion/topics/758375-kwesst-micro-systems-announces-results-of-2021-annual-general-and-special-meeting-of-shareholders/messages/2310576#message