WAKEFIELD, Mass.--(BUSINESS WIRE)--(TSX-V: SDZ) (OTCQB: SDEV) Security Devices International Inc. (“SDI” or the “Company”) announces the release of its ground-breaking 40mm Collapsible Head Impact Projectile (“CHIP”) round.
The CHIP incorporates the Company’s patented collapsible head technology used in its state-of-the-art 40mm Blunt Impact Projectile (BIP).
The CHIP addresses the less-lethal market both domestically and internationally. The price point of the CHIP allows SDI to compete for international tenders where price is a key driver in the purchasing decision. The CHIP’s modular design and ease of assembly also suits it ideally for licensing of manufacturing and distribution in targeted geographic regions.
The Company has conducted third-party testing according to newly-released NATO AEP-99 Thorax Injury Risk Assessment of Less-Lethal Projectiles. The CHIP proved safe at all ranges from 0 to 80 meters.
“This testing confirms once again that the patented collapsible head technology allows for delivering a significantly greater kinetic energy in a way that is both safe and cost-effective,” said Paul Jensen, President & COO of SDI, adding that, “we think it is a real game-changer in the highly competitive market for less-lethal munitions increasingly demanded by law enforcement and corrections around the globe.”
The Company has made a further share issuance to Northeast Industrial Partners under the consulting agreement announced on June 16, 2017. SDI issued 507,550 common shares at a deemed price of $0.1584 per share to satisfy the payment of USD $62,500 due in December 2017. The shares are subject to a four-month hold period.
Northeast Industrial Partners is controlled by Bryan Ganz, who is the Company’s Executive Chairman. Northeast Industrial Partners is a related party of SDI under Multilateral Instrument 61-101 ("MI 61-101"). SDI is exempt from the formal valuation requirement and shareholder approval requirement of MI 61-101 in connection with this issuance.
The Company has also made a share issuance to Paul Jensen under the employment agreement announced August 28, 2017. SDI issued 339,370 common shares at a deemed price of CAD$0.1830 per share to satisfy the payment of USD $50,000 due in January 2018. The shares are subject to a four-month hold period.
Mr. Jensen is a related party of SDI under Multilateral Instrument 61-101 ("MI 61-101"). SDI is exempt from the formal valuation requirement and shareholder approval requirement of MI 61-101 in connection with this issuance.
About Security Devices International
SDI is a technology company specializing in the areas of Military, Law Enforcement, Corrections, and Private Security. The Company develops and manufactures innovative, less lethal equipment and munitions.
Forward Looking Statement
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. Because of certain risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although SDI believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, SDI disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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