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KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) ("KWESST" or "the Company") is pleased to announce KWESST today announced the appointment of Bin Hilal Enterprises, LLC ("BHE") as its representative in the key Middle East market of the United Arab Emirates ("UAE").
KWESST featured its products at the signature IDEX defence show in Abu Dhabi in February 2021 and received many expressions of interest from end-users and prospective industry partners in the UAE and throughout the Gulf Cooperation Council ("GCC").
After an extensive evaluation process, KWESST has concluded a comprehensive representation agreement for the UAE market with BHE. "We are excited at the interest from the UAE," said David E. Luxton, Executive Chairman of KWESST. "It is also very encouraging to see the recent announcement that travel restrictions into the UAE have been relaxed, making it feasible to now conduct demonstrations there and pursue a number of opportunities."
BHE is one of the preeminent companies in the UAE representing top-tier defence and security companies, including General Dynamics Mission Systems. "The level of interest in KWESST's products from a company with the pedigree of BHE reflects serious intent," added Luxton. "As well, the UAE is a leader in advancing its defence industry internally and within the GCC. We therefore look forward to actively pursuing the potential for KWESST's solutions to this key Middle East market with a proven partner like BHE." He concluded: "Building a network of representatives as a way to grow internationally is a strategy I have successfully implemented a number of times in prior ventures."
The Company also wishes to inform shareholders that its interim financial statements and MD&A for the six-month period ended March 31, 2021 have been filed on SEDAR.
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 PhantomTMelectronic 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.
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. Forward-looking information contained herein include, without limitation, statements relating to the intended use of proceeds of the Offering and the receipt of final acceptance of the TSX Venture Exchange. 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/85618
