Technology
Thursday, August 22nd, 2024 2:32 pm EDT
Key Points
- Secured Financing Agreement: Liberty Defense Holdings Ltd. has secured a term loan and revolving credit facility with Parabilis, providing immediate access to cash flow for production and meeting ongoing demand.
- Support for Commercial Growth: The funding will help Liberty Defense advance its commercial efforts, particularly in manufacturing products like HEXWAVE and the High-Definition AIT upgrade kit, slated for airport deployment in 2025.
- Partnership with Parabilis: Liberty Defense has gained a strategic partner in Parabilis, which specializes in government contract financing, offering non-dilutive funding to support the company’s growth.
WILMINGTON, Mass., Aug. 22, 2024 /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 secured a term loan and revolving credit facility with US Government funding specialist Parabilis.
Parabilis offers government contract financing solutions, specializing in providing fast, flexible, and affordable lines of credit to small and medium-sized contractors. Leveraging their management team’s 100 years of government contracting executive experience, Parabilis aims to support the growth of businesses by addressing the common problem of working capital requirements. Their services enable government contractors to fund rapid growth, bid with confidence, and protect profits, empowering them to realize the profitability they have earned.
- Liberty will leverage purchase orders, government contracts and accounts receivables from commercial product sales to support working capital needs
- The agreement provides immediate access to cash flow to support production of inventory to meet ongoing demand
“This is not just a credit facility as we have gained a true partner in Parabilis that appreciates the importance of the technology and will be there to support our growth. This agreement gives us a source of non-dilutive funding that helps us advance our commercial efforts, said Bill Frain, CEO of Liberty Defense. “The ongoing demand we are seeing for HEXWAVE in the marketplace is driving the need to manufacture more product and manage our working capital in support of sales. In addition, this program supports the significant progress on the commercialization of the High-Definition AIT upgrade kit which we intend to deploy at airports in 2025.”
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On Behalf of Liberty Defense
Bill Frain
CEO & Director
About Liberty Defense
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.
Neither the 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 press release.
SOURCE Liberty Defense Holdings, Ltd.
