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KWESST Announces Completion of Volume Production Ramp-Up for Arwen Cartridges Through Outsourcing with Ammunition Manufacturer to Meet Growing Demand
Company also establishes financing facility for its programmatic military contracts Ottawa, O...
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[{"type":"text","content":"KWESST Announces Completion of Volume Production Ramp-Up for Arwen Cartridges Through Outsourcing with Ammunition Manufacturer to Meet Growing DemandCompany also establishes financing facility for its programmatic military contractsOttawa, Ontario--(Newsfile Corp. - October 23, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (\"KWESST\" or the \"Company\") today announced it has completed its plan to ramp up volume production of ARWEN cartridges, including the new 40mm baton round following successful characterization testing by a recognized ballistics laboratory.The ARWEN system is long-established in the law enforcement community and was designed as an alternative to lethal force for maintaining public order in the event of riots and civil unrest during protests and demonstrations.Historically, the Company has offered a 37mm cartridge that fires from its ARWEN launchers. In a move to expand the market for ARWEN branded products and to leverage the large installed base of third-party 40mm firing platforms, KWESST announced and showcased a new 40mm baton cartridge at the annual SHOT Show in January, 2024. Live fire demonstrations at the SHOT Show Range Day and other events since then have demonstrated the notable performance of the new 40mm baton cartridge. On the heels of these demonstrations KWESST initiated formal characterization testing of the new 40mm cartridge as well as field testing with selected agencies and is currently shipping evaluation quantities to a number of agencies in the U.S. and Canada. \"We've taken our time to get this right and we are very encouraged at the formal test results and early customer reaction,\" said Homuth. \"To ramp up for high rate production we have now transitioned outsourced assembly of the 37mm baton cartridge to a Canadian ammunition manufacturer and will shortly do the same with the new 40mm cartridge now that characterization testing has been completed by an independent ballistic test laboratory,\" said Sean Homuth, KWESST President and CEO.KWESST Subsidiary Enters into Agreement for Factoring of Government Program Receivables Providing a Non-Dilutive Source of Funding KWESST's also announces that its wholly-owned subsidiary, KWESST Inc., has entered into a receivables facility agreement with a US-based global financing company. The facility provides up t...