Business
KWESST Provides Corporate Update Following NASDAQ Listing and Completion of Financing
2023 order flow ramp-up and trajectory Strategic new joint venture with Thales First Laser ...
About this update from Defsec Technologies Inc.
[{"type":"text","content":"KWESST Provides Corporate Update Following NASDAQ Listing and Completion of Financing2023 order flow ramp-up and trajectoryStrategic new joint venture with ThalesFirst Laser Defence order received from NATO countryFirst PhantomTM delivered to General Dynamics Land SystemsNon-lethal products to be showcased at upcoming SHOT ShowOttawa, Ontario--(Newsfile Corp. - December 12, 2022) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (\"the Company\" or \"KWESST\"), a developer of next-generation tactical systems for military, security, and personal defense markets, today provided a corporate update following successful closing of its Nasdaq listing and $14.1 million financing, as announced December 7th and December 9th, 2022 respectively. All amounts in USD.David Luxton, Executive Chairman at KWESST, commented, \"With our successful IPO and listing on Nasdaq we have added many new shareholders, so we felt it appropriate to provide a general corporate update and outlook as we head into the holiday season and an exciting new year ahead. The Company's strong cash position and expected order flow should enable us to execute on a substantial growth plan well into the future.\"Progress in the business \"Since inception, the Company has invested in strategic technologies and relationships with customers and go-to-market partners; this is tracking to plan as we head into a watershed year,\" added Luxton. \"We expect key opportunities developed over the past 18 months to move through in 2023, some of them in conjunction with important new partnerships, including with Thales Canada.\"Order flow ramp-upDigitization - Ground Search And Rescue (GSAR) In Q4 of FY 2022, KWESST was awarded its first digitization contract for the public safety market. The initial contract, for $500,000 before a $56,000 in-kind contribution, is to develop and implement, in conjunction with our project partner Counter Crisis-Technology Inc. (\"CC-T\"), a national Ground Search and Rescue Incident Command System (GSAR ICS) for Public Safety Canada Under the contract, KWESST and CC-T are creating a Search And Rescue (SAR) planning, operations management and situational awareness system that incorporates a SAR plug-in application for the TAK Team Awareness Kit (TAK). TAK, developed by the U.S. military, is increasingly the preferred software system th...