Artificial Intelligence
First Responder Commences Trading on the Canadian Securities Exchange (CSE:WPN)
First Responder Technologies Inc. (“First Responder” or the “Company”) (CSE: WPN) a developer of WiFi-based technologies to detect and deter mass shooting and terror attacks involving concealed weapons, is pleased to announce that it will begin trading on the Canadian Securities Exchange (“CSE“) under the stock symbol “WPN” on January 16, 2020.
Initial Public Offering
On January 14, 2020 the Company completed its initial public offering (the “Offering“) of 13,974,186 units (each a “Unit“) issued at a price of $0.35 per Unit. The Offering generated aggregate gross proceeds of $4,890,965.10 pursuant to a prospectus dated November 14, 2019 (the “Prospectus“).
Each Unit is comprised of one common share of the Company (each a “Common Share“) and one-half of one common share purchase warrant (each whole warrant being a “Warrant“). Each Warrant is exercisable into one Common Share at a price of $0.50 per Common Share for a period of twenty-four months from today’s date. A copy of the Prospectus is available under the Company’s profile on SEDAR at www.sedar.com.
Product and Market Development Activities
The Company plans to allocate a significant portion of the proceeds from the Offering to continue its robust research and development program, involving teams in Vancouver, BC led by Misty West Energy and Transport Ltd., at Rutgers University and in New Delhi, India, led by VVDN Technologies Pvt. Ltd., with the expectation that it will bring a prototype of a WiFi-based walk through weapons detection sensor (the “WiFi Weapons Detection Product“) to market in May of 2020, pursuant the timeline disclosed in the Prospectus.
In parallel with its research and development efforts, the Company’s management and advisory team, led by former federal Public Safety Minister, the Hon. Stockwell Day, former RCMP Commissioner Bev Busson, environmental criminologist Dr. Kelly Sundberg, and artificial intelligence researcher, Dr. Steve DiPaola, will continue its efforts to engage and inform security professionals, public safety technology vendors and governments around the world, at events like Milipol, held in Paris France in November, 2019 (“Milipol“) and the International Security Expo held in London, United Kingdom in December, 2019 (“ISE“), about the Company’s efforts to develop its WiFi-based weapons detection technology. At Milipol and ISE, the Company logged approximately 200 in-person requests for follow-up, from prospective customers and partners, and to date the Company has recorded in excess of 1,000 digital inquiries about its WiFi-based weapons detection technology from prospective customers and partners. From these past and future sales and marketing efforts, the Company anticipates signing alpha test agreements in advance of delivery of the prototype in May of 2020, and the release of version alpha of its WiFi Weapons Detection Product at the end of 2020, in accordance with the timeline set out in the Prospectus.
“I am pleased that the Company has achieved this significant milestone,” said Hon. Stockwell Day, PC. “As the lead advisor to the Company, I am watching the technology development timeline closely, as this technology has the potential to make public spaces, such as churches, synagogues, mosques, schools, theatres, shopping centres and sports venues, safer. When I was in public service, just knowing such a technology was available would have given me comfort that governments and landlords have new options coming to secure public gatherings.”
“Closing this round of funding and going public provides the Company with a unique opportunity to access public capital in furtherance of its primary objective over the next 24 months, which is to deliver to the market a truly disruptive public safety product, which in this time of global insecurity due to the threat of mass shootings and terror attacks, perpetrated by individuals with access to high-capacity firearms, is needed more than ever,” said the Company’s Chief Executive Officer, Robert Delamar.
Share Issuance to Rutgers
Pursuant to the terms of a license assignment agreement entered into between the Company and BullRun Capital Inc., the Company will issue 6,952,322 Common Shares to Rutgers, the State University of New Jersey (“Rutgers“), on behalf of itself and the Research Foundation for the State University of New York, acting for and on Behalf of Binghamton University and the Trustees of Indiana University, at a deemed value of $0.35 per Common Share. Upon completion of the issuance of Common Shares to Rutgers, Rutgers will hold 11.23% of the Company’s Common Shares on a non-diluted basis and 9.09% of the Company’s Common Shares on a fully-diluted basis.
Option Grants
In connection with the Company’s CSE listing, the Company will grant an aggregate of 2,690,000 incentive stock options (the “Options“) in accordance with the Company’s stock option plan to certain directors, officers and consultants of the Company as follows:
|
Exercise |
Options |
Vesting Conditions |
Expiry Date |
|
$0.40 |
300,000 |
1/3 on the date of grant; 1/3 on the date that is twelve (12) months |
Three (3) years |
|
$0.35 |
70,000 |
1/2 on the date of grant; and 1/2 on the date that is six (6) months |
Three (3) years |
|
$0.40 |
240,000 |
Immediate |
Three (3) years |
|
$0.35 |
300,000 |
1/3 on the date of grant; 1/3 on the date that is twelve (12) months |
Three (3) years |
|
$0.50 |
300,000 |
Immediate |
Three (3) years |
|
$0.35 |
250,000 |
Immediate |
Three (3) years |
|
$0.50 |
200,000 |
Immediate |
Five (5) years |
|
$0.15 |
1,000,000 |
Immediate |
Three (3) years |
|
$0.50 |
30,000 |
Immediate |
Two (2) years |
|
TOTAL: |
2,690,000 |
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities of the Company have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
SOURCE First Responder Technologies Inc.