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Byrna Technologies Begins Production at New Facility in Fort Wayne, IN
Expects to Fill 23,000 Unit Order Backlog by Mid-November ANDOVER, Mass., Oct. 8, 2020 /PRNewswire/ -- Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN)
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"Expects to Fill 23,000 Unit Order Backlog by Mid-November\n ANDOVER, Mass., Oct. 8, 2020 /PRNewswire/ -- Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) (\"Byrna\" or \"the Company\") today announced that production of its Byrna® HD less-lethal personal security device commenced at its new 14,000 square foot manufacturing facility in Fort Wayne, IN on Tuesday, October 6, 2020. The new facility is currently producing 200 units per day and management expects its production rate to increase to 500 units per day by mid-November. Byrna plans to utilize the Fort Wayne facility to meet all of its North America demand, while its facility in South Africa, which is currently producing an average of 600 units per day, will be focused on fulfilling orders for its international customers.\n\nBryan Ganz, CEO of Byrna Technologies, stated, \"Our team did an outstanding job getting Fort Wayne up and running nearly a year ahead of schedule in order to meet the demand for our Byrna HD launcher. Not only do we expect this new production capacity to enable us to fulfill our current 23,000 unit backlog over the next six weeks, but with the opening of this facility, we've created approximately 30 new jobs in the U.S., along with the jobs our new U.S. component suppliers will likely create in order to satisfy Byrna's increased demand. \nThe capital investment required to develop and launch the production capacity at Byrna's Fort Wayne facility was funded entirely through cash-on-hand. The Company believes it will have more than ample capital resources to fund its continued growth, with positive cash flow from operations, approximately $11.8 million of cash as of August 30, 2020, and less than $250,000 of debt.\nAbout Byrna Technologies Inc. \nByrna is a technology company, specializing in the development, manufacture and sale of innovative less-lethal equipment and munitions for consumers, private security and law enforcement. For more information on the Company, please visit the corporate website here or the company's investor relations site here. The Company is the manufacturer of the Byrna® HD personal security device, which looks to be the leading choice in the consumer and private security markets for non-lethal home protection, personal safety, and security\nAbout the Byrna® HD\nThe Byrna HD is a CO2 powered handheld personal security device w...