April 4th, 2022 – Ottawa – KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (FSE: 62U) (“KWESST” or the “Company”) announces the results of its 2022 Annual and Special Meeting of shareholders held on Thursday, March 31, 2022 in virtual format.
Shareholders approved all the resolutions detailed in the management information circular of the Company dated February 11, 2022, namely:
• To set the number of Directors at six;
• Electing all the nominees to the Board of Directors of the Company;
• Appointing KPMG LLP as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor’s compensation; and
• Approving the Company’s amended long term incentive plan.
The Company also provided the following general update to investors.
With war in the Ukraine, KWESST is currently actioning a number of NATO and non-NATO country requests for quotations of its for its PhantomTM electronic decoy and its Laser Detection suite. “The pace has picked up noticeably,” said David Luxton, Executive Chairman of KWESST, who recently returned from consultations in Europe. “We are excited at the prospect of providing a solution against the dangerous threat of electronic detection of forces in the modern battlefield using our PhantomTM decoy.”
KWESST will be one of two companies featured at a gathering of foreign Defence Attaches in Ottawa, April 19, 2022, where General (retired) Rick Hillier, former Chief of Defence Staff, Canadian Department of National Defence, will be the keynote speaker. General Hillier also serves as Chairman of KWESST’s International Advisory Council.
The Company is pleased to announce the listing of its common shares for trading on the Frankfurt Stock Exchange (“FSE”) under the trading symbol 62U. The Company’s shares will continue to trade on the TSXV and the OTCQB. “The FSE listing provides us with the opportunity to further increase our investor base globally, improve our stock liquidity, and promote KWESST to the European financial markets,” stated David Luxton, Executive Chairman of KWESST.
On March 31, 2022, the independent directors of the Board (“Independent Directors”) approved the grant of 600,000 performance stock units (“PSUs”) to each David Luxton, Executive Chairman, and Jeffrey MacLeod, President and CEO. The vesting of these PSUs shall be subject to achieving performance milestones as set by the Independent Directors of KWESST.
KWESST (TSXV: KWE) (OTCQB: KWEMF) (FSE: 62U) and commercializes breakthrough next-generation tactical systems that meet the requirements of security forces and personal defense for overmatch capability against adversaries. The company’s current portfolio of unique proprietary offerings includes its unique non-lethal PARA OPSTM system with application across all segments of the non-lethal market, including law enforcement and personal defence. KWESST is also engaged in the digitization of tactical forces for shared situational awareness and targeting with its signature TASCS Situational Control System) for real-time awareness and targeting information from any source (including drones) streamed directly to users’ smart devices and weapons. Other KWESST products include counter-measures against threats such as drones, lasers and electronic detection. These include the autonomous GreyGhostTM soldier-portable micro drone missile system that defends against small hostile drones including swarms using high-speed kinetic impact; a Ground Laser Defence system to counter the emerging threat of weaponized lasers against personnel and the PhantomTM electronic battlefield decoy system to mask the electromagnetic signature of friendly forces with decoy signatures at false locations to deceive and confuse adversaries. These systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems. The Company is headquartered in Ottawa, Canada, with operations in Stafford, VA and representative offices in London, UK and Abu Dhabi, UAE.
For more information, please visit https://www.kwesst.com/
Contact: Steve Archambault, CFO, firstname.lastname@example.org or (613) 317-3941
Jason Frame, Investor Relations: email@example.com
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation for the purpose of providing information about management’s current expectations and plans relating to the future, including its prospects of winning contracts with NATO and non-NATO countries for the Company’s PhantomTM and its Laser Detection suite. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. KWESST disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
KWESST deveops and commercializes high-value ultra-miniaturized technology applications that make a critical difference to the safety and operational effectiveness of personnel in the defence and security community. The company’s current portfolio of unique proprietary offerings include: its signature TASCS™ (Tactical and Situational Control System) for real-time awareness and targeting information from any source (including drones) streamed directly to users’ smart devices and weapons; the autonomous Grey Ghost™ kinetic impact missile system that defends against small hostile drones including swarms; a Ground Laser Defence system to counter the emerging threat of weaponized lasers against personnel; and, the Phantom™ Tactical Electronic Decoy to mask the electromagnetic signature of friendly forces with decoy “phantom” signatures at false locations to deceive and confuse adversaries. All systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems including Frontline, Edge, Killswitch and ATAK (Android Tactical Assault Kit) among others. KWESST also has developmental “smart ordnance” projects including its “Shot Counter” system, which records the number and type of rounds fired, for optimized firearms maintenance and performance. The Company is headquartered in Ottawa, Canada, with representative offices in Washington, DC, London, UK and Abu Dhabi, UAE.
The Company trades on the TSXV exchange under the symbol KWE. For more information please visit kwesst.com.