First Responder Technologies Inc. , a developer of WiFi-based technologies for detecting concealed weapons and for deterring mass shooting and terror attacks involving firearms and other weapons, is pleased to provide its shareholders with a corporate update reviewing recent business accomplishments and near term expectations. This past calendar year has been an ambitious, stage-setting period for First …
First Responder Technologies Inc. (“First Responder” or the “Company”) (CSE: WPN) (OTCQB: WPNNF) (FWB: 3WK), a developer of WiFi-based technologies for detecting concealed weapons and for deterring mass shooting and terror attacks involving firearms and other weapons, is pleased to provide its shareholders with a corporate update reviewing recent business accomplishments and near term expectations.
This past calendar year has been an ambitious, stage-setting period for First Responder, as the Company transitions from a highly innovative development company to a commercially viable business. The Company is pleased to announce today that despite the challenges presented by the coronavirus pandemic, it remains on track to deliver the Alpha release of its Sentinel™ Suite of products and services, prior to the end of 2020. This Alpha release will constitute the minimum viable product necessary to generate the Company’s first revenue from the sale of a product or service (the ” MVP “), which the Company anticipates will be received prior to the end of 2020.
In advance of the expected delivery of the MVP and receipt of its first revenue prior to the end of 2020, the Company wishes to take the opportunity to review each significant milestone achieved by the Company over the preceding calendar year to date, which the Company believes, when viewed in totality, demonstrates its effectiveness at achieving forecasted milestones:
- November 2019 : Members of the Company’s senior management team attended Milipol, a homeland security and public safety tradeshow and conference, in Paris, France , where a non-working dummy “bollard”, conceptualizing the potential for WiFi to be used to detect concealed weapons, generated in excess of 100 logged contacts from prospective resellers, security agencies, government and technology partners, requesting further information about product development progress and availability.
- December 2019 : Members of the Company’s senior management team attended the International Security Exposition, a homeland security and public safety tradeshow and conference in London, UK (” ISE “), where the Hon. Stockwell Day, PC was featured as a keynote speaker. At ISE, the Company demonstrated an “Alpha 1″ (” A1 “) desktop metal detection prototype. The A1 demonstration consisted of two small detection posts, set up on a tabletop with space between them. A bag with a metal source inside was then placed in the provided space between the A1 posts, demonstrating that measurements of the WiFi channel state information could be used to determine the presence of metal in the bag. The A1 unit represented a significant leap forward in the Company’s commercial and technological development, as prospective customers could see its WiFi detection technology in a potential productized form for the first time. At ISE, the Company logged approximately 100 further logged contacts from prospective resellers, security agencies, governments and technology partners.
- January 2020 : The Company completed its initial public offering (” IPO “) for gross proceeds of approximately $4.8 million , and its common shares commenced trading on the Canadian Securities Exchange (” CSE “) and the Frankfurt Stock Exchange (” FSE “). Thereafter, the Company appointed Ambassador (Ret.) Howard Gutman , former United States Ambassador to Belgium and former Special Assistant to the Director of the Federal Bureau of Investigation, and Brigadier General (Ret.) John Jayet, former commander of a French military intelligence regiment, to its Advisory Council.
- March 2020 : The Company successfully completed a major milestone by demonstrating the world’s first WiFi–based walk-through metal detection “Alpha 2″ (” A2 “) prototype (the ” WiFi Sensor “) at the UK Home Office sponsored Security & Policing 2020 conference in Farnborough, UK. A real-time video demonstrating the A2 WiFi Sensor’s early capability was filmed and released, which can be viewed here: https://vimeo.com/395790318 .
- April 2020 : Despite the outbreak of COVID-19 and its deleterious effect on the global economy, the Company signed an exclusive reseller and strategic partnership agreement with Sabre Global UK Ltd. (” Sabre UK “) for the UK market. If Sabre UK meets the sales targets necessary to maintain its exclusive UK distribution rights under the agreement, the contract may generate more than USD $11 million in revenue for the Company through the end of 2022, at a gross margin of up to approximately 50% per unit, once the Company’s supply chain and manufacturing reach maturity and scale.
- May 2020 : The Company announced the development of an advanced AI open–carry weapons detection camera (the ” AI-Camera Sensor “), and successfully demonstrated a proof of concept to the Company’s Board of Directors and Advisory Council at its fiscal Q3 board meeting. The AI Camera Sensor, which will utilize advanced machine learning and AI processing on the edge, is expected to feature live–streaming video analytics technology for smart surveillance and monitoring, and generate early warning alarms for events that have the potential to harm property or persons (including, for example, the detection of openly carried weapons, such as guns or large knives). A dramatization of the functionality of the Smart AI Camera and WiFi Sensor generating alerts was filmed and released, which can be viewed here: https://vimeo.com/418565909 .
- May/ June 2020 : The Company qualified for trading on the OTCQB Venture Market in the United States operated by the OTC Markets Group Inc. and its common shares commenced trading on the OTCQB under the symbol “WPNNF”. Approximately one month thereafter, the Company received approval from the Depository Trust Company (” DTC “), making its shares DTC eligible.
- July 2020 : The Company appointed Hon. Stockwell Day, PC as the new independent Chairman of the Company’s board of directors. Hon. Stockwell Day, PC is Canada’s former Minister of Public Safety, where he was the minister responsible for the Royal Canadian Mounted Police (National Police Force), the Canadian Security Intelligence Service (National and Foreign Intelligence), and the Canada Border Services Agency (National Border Agency). The Company also completed its second major exclusive reseller and strategic partnership agreement with Falcon Eye Drones & Ariel Photography LLC (” FEDS “) for the distribution of the Company’s Sentinel™ WiFi concealed weapons detection units in the Gulf Cooperation Council member states ( Bahrain , Kuwait , Oman , Qatar , Saudi Arabia and the United Arab Emirates ) (the ” GCC “). If FEDS meets the sales targets necessary to maintain its exclusive GCC distribution rights under the agreement, the contract may generate more than USD $10.6 million in revenue for the Company through the end of 2022, at a gross margin of up to approximately 50% per unit, once the Company’s supply chain and manufacturing reach maturity and scale.
- August 2020 : The Company successfully demonstrated at its fiscal Q4 board meeting, its Sentinel ™ WiFi Sensor, its Sentinel™ Vision Ai-Camera Sensor and its Sentinel™ threat management system (” TMS “), which delivers alerts of the presence of concealed and openly carried weapons from the WiFi Sensor and AI-Camera Sensor, over the local network and through the cloud, to mobile phones, tablets and computers.
- September 2020 : The Company delivered an A3 prototype of the Sentinel™ WiFi Sensor and an A1 prototype of the Sentinel™ Vision AI-Camera Sensor to Sabre UK, and began field testing the Sentinel™ TMS. A video demonstrating the current state of the Sentinel™ Suite of products and services, filmed in real-time, can be viewed here: https://vimeo.com/454523409 .
The Company views the history of accomplishments set out above as validation of its technology, its team and its progress to date. While the Company anticipates another full year of product development in 2021 prior to commercialization, it further believes the summary above constitutes a record of making and keeping its promises to the market, and that upon release of the MVP at the end of 2020, and the receipt of its first sales revenue resulting from same, the Company is well positioned to take significant steps in 2021 toward completing its transition from development company to commercially viable business.
On behalf of the Board of Directors,
” Robert F. Delamar ”
Robert F. Delamar , CEO
First Responder Technologies Inc. (the ” Company “) is a technology development company that commercializes academic and internally developed intellectual property for use in the public safety market. The Company is developing a WiFi-based technology, based in part, on academic research licensed from Rutgers , the State University of New Jersey (” Rutgers “) that can be used to detect concealed weapons. The Company’s threat detection technology line of business was created to capture a significant portion of the global weapons detection systems market, and in particular, the global perimeter security detection market. In the Company’s view, WiFi–based threat detection technology may be utilized by a wide range of facilities, including schools, places of worship, shopping centres and theatres, to not only make their premises secure, but also reduce their cost of security, from the interior of a facility to the perimeter.
For more information visit: www.firstrespondertech.com or follow us on Twitter, LinkedIn and Facebook.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute forward–looking information, including statements regarding revenue expected to be generated by First Responder. Forward–looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward–looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward–looking information. The Company’s actual results could differ materially from those anticipated in this forward–looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward–looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward–looking information should not be unduly relied upon. Any forward–looking information contained in this news release represents the Company’s expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward–looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
FINANCIAL OUTLOOK INFORMATION – This news release contains “financial outlook information” regarding future revenue expectations, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by First Responder’s management as of the date of this news release and are provided for the purpose of describing anticipated timing of revenue generation, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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