KWESST Micro Systems Announces Results of 2022 Annual General and Special Meeting of Shareholders, Business Update and Frankfurt Listing

KWESST Micro Systems Announces Results of 2022 Annual General and Special Meeting of Shareholders, Business Update and Frankfurt Listing

KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (FSE: 62U) ("KWESST" or the "Company") announces the results of its 2022 Annual and Special Meeting of shareholders held on Thursday, March 31, 2022 in virtual format.

Shareholders approved all the resolutions detailed in the management information circular of the Company dated February 11, 2022, namely:

  • To set the number of Directors at six;
  • 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 amended long term incentive plan.

The Company also provided the following general update to investors.

Business Update

With war in the Ukraine, KWESST is currently actioning a number of NATO and non-NATO country requests for quotations of its PhantomTM electronic decoy and its Laser Detection suite. "The pace has picked up noticeably," said David Luxton, Executive Chairman of KWESST, who recently returned from consultations in Europe. "We are excited at the prospect of providing a solution against the dangerous threat of electronic detection of forces in the modern battlefield using our PhantomTM decoy."

KWESST will be one of two companies featured at a gathering of foreign Defence Attaches in Ottawa, April 19, 2022, where General (retired) Rick Hillier, former Chief of Defence Staff, Canadian Department of National Defence, will be the keynote speaker. General Hillier also serves as Chairman of KWESST's International Advisory Council.

Frankfurt Listing

The Company is pleased to announce the listing of its common shares for trading on the Frankfurt Stock Exchange ("FSE") under the trading symbol 62U. The Company's shares will continue to trade on the TSXV and the OTCQB. "The FSE listing provides us with the opportunity to further increase our investor base globally, improve our stock liquidity, and promote KWESST to the European financial markets," stated David Luxton, Executive Chairman of KWESST.

PSU Awards

On March 31, 2022, the independent directors of the Board ("Independent Directors") approved the grant of 600,000 performance stock units ("PSUs") to each David Luxton, Executive Chairman, and Jeffrey MacLeod, President and CEO. The vesting of these PSUs shall be subject to achieving performance milestones as set by the Independent Directors of KWESST.

About KWESST

KWESST (TSXV: KWE) (OTCQB: KWEMF) (FSE: 62U) 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 includes its unique non-lethal PARA OPSTM system with application across all segments of the non-lethal market, including law enforcement and personal defence. KWESST is also engaged in the digitization of tactical forces for shared situational awareness and targeting with its signature TASCS 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 operations in Stafford, VA and representative offices in London, UK and Abu Dhabi, UAE.

For more information, please visit https://kwesst.com/

Contact:
Steve Archambault, CFO, archambault@kwesst.com or (613) 317-3941
Jason Frame, Investor Relations: frame@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, including its prospects of winning contracts with NATO and non-NATO countries for the Company's PhantomTM and its Laser Detection suite. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119115

News Provided by Newsfile via QuoteMedia

KWE:CA
The Conversation (0)
KWESST Announces Public Offering of Units in Canada

KWESST Announces Public Offering of Units in Canada

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

KWESST Micro Systems Inc. (TSXV: KWE) ("KWESST" or "the Company") announced today that it has commenced an underwritten public offering in Canada of units for gross proceeds of approximately USD$3 million (the "Offering"). Each unit (a "Unit") is comprised of one common share in the capital of KWESST (a "Share") and a common share purchase warrant (a "Warrant"). Each Warrant entitles its holder to purchase one additional common share for a period of five years from closing. PI Financial Corp. is acting as book-runner and sole underwriter in connection with the Offering.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
KWESST Completes Loan Financing

KWESST Completes Loan Financing

Not For Distribution to U.S. Newswire Services or for Release, Publication, Distribution, or Dissemination Directly, or Indirectly, in Whole or in Part, In or Into the United States

KWESST Micro Systems Inc. (TSXV: KWE) ("KWESST" or "the Company") today announced that it has closed two non-secured loans in the amount of USD$200,000 per loan with a third-party lender ("Lender") for an aggregate amount of USD$400,000 (the "Loans").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
KWESST Publicly Files a Registration Statement with the United States Securities and Exchange Commission for a Proposed Registered Offering in the United States and Dual-Listing on the Nasdaq Capital Market

KWESST Publicly Files a Registration Statement with the United States Securities and Exchange Commission for a Proposed Registered Offering in the United States and Dual-Listing on the Nasdaq Capital Market

KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (FSE: 62U) ("KWESST" or the "Company") announced today that it has publicly filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (the "SEC") relating to a proposed public offering of common units, consisting of one common share and a warrant to purchase one common share, and pre-funded units, consisting of a pre-funded warrant to purchase one common share and a warrant to purchase one common share (the "Offering"). The number of units and price range for the proposed Offering have yet to be determined. The Offering is expected to take place after the SEC completes its review process, subject to market and other customary conditions. Contingent on the closing of the Offering, KWESST has applied to list its common shares on the Nasdaq Capital Market under the ticker symbol "KWE" and the warrants offered in the Offering under the ticker symbol "KWESW".

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
KWESST Announces Grant of Stock Options

KWESST Announces Grant of Stock Options

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) ("KWESST" or the "Company") announces it has awarded stock options pursuant to its Long-Term Performance Incentive Plan, to its Chief Financial Officer to purchase up to an aggregate of 100,000 common shares of the Company. The stock options are exercisable at a price of $0.205 per share and will expire on July 22, 2027.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
KWESST Announces Closing of Private Placement of Units for Gross Proceeds of $344,000

KWESST Announces Closing of Private Placement of Units for Gross Proceeds of $344,000

Not for Distribution to U.S. Newswire Services or for Release, Publication, Distribution or Dissemination Directly, or Indirectly, in Whole or in Part, in or into the United States

KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) ("KWESST" or the "Company") is pleased to announce the closing of a non-brokered private placement of 1,600,000 units at a price of $0.215 per unit, for aggregate gross proceeds to KWESST of $344,000.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Nextech3D.ai Announces Date For Financial Results and Webcast For Fourth Quarter & Full Year 2023

Nextech3D.ai Announces Date For Financial Results and Webcast For Fourth Quarter & Full Year 2023

-

Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" (Australia's largest listed company) and other major e-commerce retailers will release its audited full year and fourth quarter 2023 financial results after markets close on Monday, April 29, 2024

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Nanalysis Announces Full Year 2023 Conference Call

Hosting Call at 5:00 pm ET on Thursday , April 25th

European Q&A Session on Friday April 26 th at 8:30am ET

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Nanalysis Scientific Corp. Announces Director Resignation

Nanalysis Scientific Corp. (" Nanalysis " or the " Company ", (TSXV: NSCI) (OTCQX: NSCIF) (FRA: 1N1) announces that Kham Lin has resigned as a director of the Company effective April 9, 2024 and the Board of Directors has accepted his resignation. The Company would like to thank Mr. Lin for his contributions throughout his tenure as director of the Company.

Nanalysis Scientific Corp. Logo (CNW Group/Nanalysis Scientific Corp.)

About Nanalysis Scientific Corp. (TSXV: NSCI) (OTCQX: NSCIF) (FRA: 1N1)

Nanalysis Scientific Corp. operates two primary businesses: Scientific Equipment and Security Services. Within its Scientific Equipment business is what the Company terms "MRI and NMR for industry". The Company develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first full-feature portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens. The Company has followed-up that initial offering with new products and continues to have a strong innovation pipeline. In 2020, the Company announced the launch of its 100MHz device, the most powerful and most advanced compact NMR device ever brought to market.

The Company's devices are used in many industries (oil and gas, chemical, mining, pharma, biotech, flavor and fragrances, agrochemicals, law enforcement, and more) as well as numerous government and university research labs around the world. The Company continues to exploit new global market opportunities independently and with partners. With its partners, the Company provides scientific equipment sales and maintenance services globally.

In 2022, through its subsidiary KPrime, the Company was awarded a five-year, $160 million contract with the Government of Canada to provide maintenance services for passenger screening equipment in Canadian airports. This has resulted in the expansion of the Company's Security Services business. The Company is providing airport security equipment maintenance services for the Government of Canada in each province and territory of Canada . In addition, the Company provides commercial security equipment installation and maintenance services to a variety of customers in North America.

Notice regarding Forward Looking Statements and Legal Disclaimer

All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly 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 expressly required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nanalysis-scientific-corp-announces-director-resignation-302113222.html

SOURCE Nanalysis Scientific Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/10/c1267.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
ARway.ai The Spatial Computing Platform Shows 200% Developer Growth, Signs Multiple New Deals for Its Augmented Reality Navigation Platform in Middle East & Spain

ARway.ai The Spatial Computing Platform Shows 200% Developer Growth, Signs Multiple New Deals for Its Augmented Reality Navigation Platform in Middle East & Spain

In Addition the Company Has Signed Several New University Student Plans

ARway.ai ("ARway" or the "Company") (CSE:ARWY)(OTCQB:ARWYF)(FSE:E65) is an AI powered Augmented Reality Experience platform with a disruptive no-code, no beacon spatial computing solution enabled by visual marker tracking with centimeter precision is pleased to announce two new SaaS developer deals with leading companies in the Saudi Arabia and Spain. These partnerships underscore ARway.ai's commitment to enhancing spatial computing across various sectors and use cases, reaffirming its position as a leader in AR technology integration

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Sona Nanotech Secures Grant Funding to Support Intellectual Property Strategy and Development

Sona Nanotech Secures Grant Funding to Support Intellectual Property Strategy and Development

Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company" or "Sona") announces that it has been approved for funding totaling approximately $40,000 to support the development of its intellectual property portfolio.

The Company is receiving advisory services and up to $24,894 in funding from the National Research Council of Canada Industrial Research Assistance Program ("NRC IRAP") IP Assist program to support the development of an intellectual property strategy for Sona's proprietary gold nanorods for novel targeted drug delivery concepts with a view to securing new patents.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Nanalysis Corp. Receives Funding Supporting AI Software Development for Detection of Illicit Substances

Nanalysis Scientific Corp. ("the Company" or "Nanalysis", TSXV: NSCI OTCQX: NSCIF FRA: 1N1 ), a leader in portable NMR machines, MRI technology for industrial and research applications, and detection equipment services, announces that its subsidiary Nanalysis Corp. is receiving advisory services and up to $1.45 million in non-repayable, non-dilutive funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), to develop Artificial Intelligence based software tools to detect illicit substances on top of the Company's portable Nuclear Magnetic Resonance (NMR) spectrometers.

Nanalysis Scientific Corp. Logo (CNW Group/Nanalysis Scientific Corp.)

In the global fight against substance abuse, federal, state, provincial, county and municipal governments around the world are tasked with characterizing increasing volumes of seized contraband. This characterization requires an array of different analytical techniques and is carried out by skilled forensic scientists in thousands of laboratories worldwide. In many cases these laboratories face significant sample backlog due to volume and may have difficulties in identifying new designer drugs.

This project, scheduled for three years, will focus on using quantum mechanical modelling and AI tools to perform analysis of magnetic resonance results generated by Nanalysis benchtop instruments. These tools will not only identify known illicit drugs but will also identify unknown drugs that are derivatives of known illicit substances also referred to as designer drugs or new psychoactive substances (NPS). The non-destructive nature of NMR spectroscopy and the fact that unlike traditional forensic testing methods, it is non-targeted, uniquely positions it to help identify these drugs. The company is developing this application in the context of its quantitative NMR platform technology, which has other applications as well, beyond illicit drug detection.

"We are very grateful for the support of NRC IRAP to further develop complementary software for our Benchtop products," said Nanalysis CEO and Founder Sean Krakiwsky .  "This project builds on our ongoing relationship with the LKA police organization in Germany and on our continued culture of magnetic resonance innovation. We look forward to providing more solutions for law enforcement in combatting the increasingly societal problem of designer drugs and other deadly toxins."

About Nanalysis Scientific Corp. (TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1)

Nanalysis Scientific Corp. operates two primary businesses: Scientific Equipment and Security Services. Within its Scientific Equipment business is what the Company terms "MRI and NMR for industry". The Company develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first full-feature portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens. The Company has followed-up that initial offering with new products and continues to have a strong innovation pipeline. In 2020, the Company announced the launch of its 100MHz device, the most powerful and most advanced compact NMR device ever brought to market.

The Company's devices are used in many industries (oil and gas, chemical, mining, pharma, biotech, flavor and fragrances, agrochemicals, law enforcement, and more) as well as numerous government and university research labs around the world. The Company continues to exploit new global market opportunities independently and with partners.  With its partners, the Company provides scientific equipment sales and maintenance services globally.

In 2022, through its subsidiary KPrime, the Company was awarded a five-year, $160 million contract with the Government of Canada to provide maintenance services for passenger screening equipment in Canadian airports.  This has resulted in the expansion of the Company's Security Services business. The Company is providing airport security equipment maintenance services for the Government of Canada in each province and territory of Canada.  In addition, the Company provides commercial security equipment installation and maintenance services to a variety of customers in North America .

Notice regarding Forward Looking Statements and Legal Disclaimer

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly 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 expressly required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nanalysis-corp-receives-funding-supporting-ai-software-development-for-detection-of-illicit-substances-302108047.html

SOURCE Nanalysis Scientific Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/04/c4926.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×