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TICKERS: SCAN

Firm with Innovative HEXWAVE Product That Uses Technology Licensed from MIT and AI to Detect Public Shooters Begins Trading
Reverse Takeover

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A new company with groundbreaking threat detection technology begins trading on the TSX Venture Exchange on April 9.

With mass shootings occurring on nearly a daily basis in the United States, safety in public places is a major concern. Liberty Defense Holdings Ltd. (SCAN:TSX.V), with an exclusive worldwide license to use innovative technology from MIT's Lincoln Labs, has developed a 3D imaging technology for concealed weapons detection for use in high-volume foot traffic areas.

The company executed a reverse takeover with Gulfstream Acquisition 1 Corp. on April 4 and begins trading on the TSX Venture Exchange on April 9 under the symbol SCAN.

"Liberty Defense's goal is to protect communities and provide peace of mind through superior weapons detection technology," Bill Riker, Liberty Defense's CEO, told Streetwise Reports. "A group of private civil leaders had a vision to improve the safety and security of their communities and communities around the world. That led them to identify technology from MIT's Lincoln Labs. We are commercializing this technology for an urban security environment and moving it forward."

Proactive security is a challenge for "soft targets," such as stadiums, rock concerts, shopping malls, places of worship and schools, where it can be disruptive to have a boundary. "We need a proactive, layered approach to these environments; proactive so that you can intercept an attack before it occurs, and layered because you want to have time to react," Riker explained.

One challenge is that the sensor can't be too intrusive, Riker noted. "The product has to have high throughput accuracy, but it also has to provide a positive customer experience."

Liberty Defense is developing its HEXWAVE product, an active 3D imaging detection device that is designed to detect both metallic and non-metallic weapons, including handguns, assault rifles, knives and explosives. Antennas transmit signals and capture data from the signals in real time, the company noted. "The 3D image provides shape, size, location and depth information to the machine learning system to produce accurate detection of metal and non-metal threats."

"Creating a 3D image in real time provides the ability for a more accurate detection process. We are using a form of artificial intelligence to analyze the image, taking the human out of the loop," Riker stated. "HEXWAVE will enable real time detection of something that is on a person's body, or in a backpack, or is carried."

HEXWAVE will be able to be used both indoors and outdoors.

Liberty Defense expects to have its initial prototypes completed in June, begin alpha testing to demonstrate the functionality of the components in July and carry out user testing in Q4 2019 and into 2020. "The expectation is by summer 2020, we will be in production and beginning to deploy HEXWAVE," Riker said.

The company sees four vertical markets for the threat detection product:

  • Public venues, stadiums and malls with high-volume traffic that can have hundreds to thousands of people per hour pass through a gateway.

  • Protected perimeters and buildings, such as corporate campuses or buildings.

  • Land transportation, such as trains and buses.

  • Other targets, such as hospitals, places of worship and schools, where the need for threat detection exists but you do not want to cause anxiety to the patrons.

Liberty Defense is helmed by an experienced team. CEO Bill Riker has more than 35 years of experience in global defense, aerospace and security systems, having served in executive positions with Smiths Detention, DRS Technologies, General Dynamics and the U.S. Department of Defense. Aman Bhardwaj, president and COO of U.S. operations, is a product development executive who has worked with Panasonic, Flextronics/Imerj, Educo and Hisense.

The company's advisors include Franceso Aquilini, managing director of Aquilini Investor Group, which owns the Vancouver Canucks and Rogers Arena, where he sits as chairman and NHL governor; Victor Montagliani, the vice president of FIFA, Brian Storseth, a former Member of Parliament; John May, who was with Live Nation Canada during its merger with Ticketmaster; and Craig Angus, founder and former CEO of Nevsun Resources.

The company has around 66.5 million shares outstanding and 87.8 million fully diluted; about 48 million are tied up in escrow.

In March, Liberty Defense closed an oversubscribed private placement for gross proceeds of around $7.06 million. Canaccord Genuity, GMP Securities and Haywood brokered the placement.

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Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Liberty Defense Holdings. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Liberty Defense Holdings. Please click here for more information. Within the last six months, an affiliate of Streetwise Reports has disseminated information about the private placement of the following companies mentioned in this article: Liberty Defense Holdings.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Liberty Defense Holdings, a company mentioned in this article.




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