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KWESST Announces Acquisition of Police Ordnance Company Inc. and Its Arwen Less Lethal Product Line
Ottawa, Ontario--(Newsfile Corp. - December 7, 2021) - KWESST Micro Systems Inc. (TSXV: KWE) ...
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[{"type":"text","content":"KWESST Announces Acquisition of Police Ordnance Company Inc. and Its Arwen Less Lethal Product LineOttawa, Ontario--(Newsfile Corp. - December 7, 2021) - KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (\"KWESST\" or \"the Company\") is pleased to announce that it has entered into a formal share purchase agreement (the \"Agreement\") pursuant to which it will acquire Police Ordnance Company Inc. (\"POC\") located in Bowmanville, Ontario, with ancillary operations in Florida (the \"Acquisition\"). POC owns all of the patents and trademarks to the ARWEN product line of less-lethal launchers, and a proprietary line of 37 mm less-lethal cartridges designed for riot control and tactical teams. The company has law enforcement customers across Canada, the U.S. and abroad.Image 1To view an enhanced version of Image 1, please visit:https://orders.newsfilecorp.com/files/7366/106907_221300eda407e908_002full.jpgImage 2To view an enhanced version of Image 2, please visit:https://orders.newsfilecorp.com/files/7366/106907_221300eda407e908_003full.jpgSignificance of the transaction\"ARWEN is a highly respected brand in the industry, with under-exploited potential for global expansion under KWESST ownership,\" said Jeff MacLeod, Founder, President and CEO of KWESST. \"The ARWEN product line can benefit from a 37mm version of our Low Energy Cartridge (\"LEC\") and KWESST can fast-track entry to the law enforcement market for its LEC products through POC's selling relationships and channels. We believe the current ARWEN product as is can add up to C$1M in revenue in 2022, with outlier margin contribution and scope for significant future growth.\"Greg Sullivan, a director and shareholder of POC and incoming Director of Law Enforcement for KWESST's global law enforcement business unit, added that, \"The extensive, combined knowledge of POC and KWESST in the industry of less-lethal systems, combined with the synergies of the ARWEN product line and KWESST's LEC technology, constitutes a significant advantage in this high-growth market, and we look forward to exploiting its full potential to add significant value to the KWESST enterprise.\" Mr. Sullivan is a well-known executive in the non-lethal ammunition industry. Prior to working in industry, Greg spent two decades in the public sector serving in various levels of law enforcement. During his t...