Liberty Defense Receives Contract Modification Award from TSA for Development of AIT Screening Upgrades
Investment in the development of the HD-AIT field upgrade kit demonstrates the TSA's commitment to Open Architecture.
WILMINGTON, Mass., Oct. 17, 2023 /CNW/ - Liberty Defense Holdings Ltd. ("Liberty" or the "Company") (TSXV: SCAN) (OTCQB: LDDFF) (FRANKFURT: LD2A), a leading technology provider of Artificial Intelligence (AI)-based next generation detection solutions for protecting secure locations against prohibited weapons and other threats, is pleased to announce that it has received additional funding from the Transportation Security Administration (TSA) to incorporate additional design efficiencies into the development of a High-Definition Advanced Imaging Technology (HD-AIT) upgrade kit for testing on an Advanced Imaging Technology (AIT) passenger screening system.
The HD-AIT next-generation people screening technology platform for threat detection uses high-definition imaging and AI, resulting in greater threat detection with a lower false alarm rate for a better passenger experience. The HD-AIT upgrade kit being developed is designed to enhance the capabilities of an existing AIT unit using open architecture, allowing the use of third-party hardware and software components. Per the TSA, Open Architecture is a technology-design approach for software and hardware that uses widely accepted standards to ensure interoperability across tools and platforms regardless of the technology designer, manufacturer, or supplier.
The TSA, an agency of the U.S. Department of Homeland Security, is responsible for airline passenger security screening conducted at airports in the United States. TSA's On-Person Screening program aims to detect a growing range of threats, with fewer false alarms and less physical contact with travelers. In addition to enhanced detection, the HD-AIT body scanners are anticipated to help improve passenger experience and move people through the checkpoint more seamlessly.
"We continue to work closely with TSA on this critical initiative to help develop the next generation of passenger screening," says Liberty CEO Bill Frain. "The upgrade kit will provide future state capability at the checkpoint, with the focus on detecting more threats and providing an overall better experience for the traveling public."
Liberty previously licensed millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe screener technologies in March of 2021. Both technologies were developed by researchers at the Pacific Northwest National Laboratory (PNNL), funded by U.S. Department of Homeland Security Science and Technology Directorate (DHS S&T) on behalf of the Transportation Security Administration mission. Liberty is now developing the technology in house with its experienced team of engineers.
In addition, pursuant to the Company's omnibus long-term incentive plan, and subject to regulatory approval, Liberty granted a total of 75,000 stock options (the "Options") and 1,590,975 restricted share units ("RSUs") to certain directors and officers of the Company, effective October 16, 2023. Each Option is exercisable for one common share in the capital of the Company (a "Share") at an exercise price of $0.19 per Share. 12.5% of the Options will vest on January 16, 2024 and an additional 12.5% will vest every three months thereafter. The Options will expire on October 16, 2028. All 1,590,975 RSUs will vest on October 16, 2024. All Options and RSUs are subject to the terms of the Company's omnibus long-term incentive plan and applicable securities law hold periods.
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On Behalf of Liberty Defense
Bill Frain
CEO & Director
Liberty Defense (TSXV: SCAN, OTCQB: LDDFF, FRANKFURT: LD2A) provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more. Liberty's HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons. Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com
FORWARD-LOOKING STATEMENTS
When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although Liberty believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. Such statements and information reflect the current view of Liberty. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Liberty's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; limited business history of the parties; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses; and general development, market and industry conditions. The parties undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of their securities or their respective financial or operating results (as applicable).
Liberty cautions that the foregoing list of material factors is not exhaustive. When relying on Liberty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Liberty has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Liberty as of the date of this press release and, accordingly, are subject to change after such date. Liberty does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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SOURCE Liberty Defense Holdings Ltd.
About Liberty, please contact: Jay Adelaar, Senior Vice President of Capital Markets, Liberty Defense, 604-809-2500, [email protected]; For sales information, please contact: Ian McNaughton, Senior Director Business Development, Liberty Defense, 613-292-3669, [email protected]
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