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Liberty Announces Execution of Definitive Agreement with DrawDown Detection Inc. and Provides Corporate Update
Liberty Announces Execution of Definitive Agreement with DrawDown Detection Inc. and Provi...
About this update from Liberty Defense Holdings Ltd.
[{"type":"text","content":"\n\n\n\nLiberty Announces Execution of Definitive Agreement with DrawDown Detection Inc. and Provides Corporate Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER and ATLANTA, April 7, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER and ATLANTA, April 7, 2020 /CNW/ - Liberty Defense Holdings Ltd. (\"Liberty\" or the \"Company\") (TSXV: SCAN, FRANKFURT: LD2, OTCQB: LDDFF), a leading concealed weapons detection company, wishes to provide an update on its proposed reverse-takeover by with DrawDown Detection Inc. (\"DrawDown\") announced on January 28, 2020 and other corporate matters.\n\n \n \n \n \n \n \n\n \nDefinitive Agreement \nThe Company announces that it has now entered into a binding amalgamation agreement dated April 2, 2020 (the \"Definitive Agreement\") with DrawDown pursuant to which the Company will acquire all of the issued and outstanding securities of DrawDown (the \"Transaction\"), as more particularly described below under \"Proposed Reverse Take Over\". \nLiberty Corporate Update\nThe Company held an annual and special shareholders meeting (the \"Meeting\") today. At the Meeting, the following directors were reappointed; Mr Riker, Mr Towns, Mr McCoach and Mr Morton, Mr Marshall did not stand for reappointment. It is envisaged that these directors will remain in place until the conclusion of the Transaction. In addition, at the Meeting the shareholders have approved a continuation of the Company from Ontario, its existing jurisdiction, to British Columbia (the \"Continuation\").  The Company anticipates completing the Continuation this month following filing of the final documentation.\nThe Company has also entered into a further amendment to its existing License Agreement with Massachusetts Institute of Technology (the \"Amendment\").  Pursuant to the Amendment, among other matters, the parties have addressed license fees amounts and timeline, a Beta prototype milestone, and sales timeline.  A copy of the Amendment will be filed under ...