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Liberty Defense Announces Strategic Review
Liberty Defense Announces Strategic Review Canada NewsWire VANCOUVER and ATLANTA...
About this update from Liberty Defense Holdings Ltd.
[{"type":"text","content":"\n\n\n\nLiberty Defense Announces Strategic Review\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, Dec. 31, 2019\n\n\n\nVANCOUVER and ATLANTA, Dec. 31, 2019 /CNW/ - Liberty Defense Holdings Ltd. (\"Liberty\" or the \"Company\") (TSXV: SCAN, FRANKFURT: LD2, OTCQB: LDDFF), a leading concealed weapons detection company, announces that the Company will be undertaking a strategic review.\n\n \n \n\n \nLiberty's go-to-market strategy is to bring its proprietary detection system, HEXWAVE, to market in the most expedient manner possible, taking full advantage of the disruptive technology that underpins the system, which the Company has a worldwide exclusive license to from MIT. Liberty has been successful in meeting all of its stated business objectives and has delivered against these milestones on time, with the most recent achievement being the active real-time 3D imaging, however it has been unsuccessful in raising the necessary capital to continue the current pace of development and, as a result, will undertake a fulsome review of its go-to-market strategy.  \nThis review will result in a delay to the previous announced timelines and will encompass a full review of all aspects of the business, which could include finding a strategic partner, selling, or raising additional funding to ensure that HEXWAVE can be brought to market to address the pertinent need in the marketplace. Liberty has not been able to close on its  CA$2.5 million financing previously announced on November 7, 2019 and will be returning the funds received. The Company had several positive news releases in September and October, but market conditions, both macro- and micro-economic, has meant that the Company was not able to raise the funds required to continue to move forward at its current pace. \nAs part of this strategic review, Liberty also intends to undertake a full review of its investor relations program, and as such, announces the departure of Highland Contact. \nIn order to reduce burn and conserve cash, the Company has reduced the developme...