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WILMINGTON, Mass. - Liberty Defense Holdings Ltd. (TSXV:SCAN, OTCQB: LDDFF), a micro-cap security technology company with a market capitalization of $8.67 million, announced Wednesday it has entered into a non-exclusive distribution agreement with K²(Prime) Technologies Inc. to introduce its HEXWAVE walkthrough people screening system to the Canadian aviation and urban security market. According to InvestingPro data, the company has shown impressive revenue growth of 77% in the last twelve months.
K²(Prime), a Calgary-based company with over 20 years of experience in security equipment, will add HEXWAVE to its security portfolio. The system uses artificial intelligence and machine learning to detect weapons and other threats in real-time.
The partnership aims to strengthen security capabilities in detecting emerging threats, including non-metallic explosives and 3D-printed ghost guns, according to the companies.
"We’re thrilled to collaborate with K²(Prime), a respected leader in Canada’s security sector," said Bill Frain, CEO of Liberty Defense, in a statement based on the press release.
K²(Prime) currently holds a five-year, $160 million contract with the Canadian Air Transport Security Authority to provide maintenance services for passenger screening equipment at all Canadian airports.
"One of the primary reasons we partnered with Liberty Defense is the company’s shared commitment to innovation, meaningful results, and customer satisfaction," said Marc Tomlinson, K²(Prime)’s President.
The HEXWAVE system is designed to detect both metallic and non-metallic concealed weapons and threats. Liberty Defense also develops millimeter wave-based High-Definition Advanced Imaging Technology for aviation passenger screening.
The companies did not disclose financial terms of the distribution agreement. Liberty Defense reported revenue of $2.86 million in the last twelve months, though InvestingPro analysis indicates an overall weak financial health score. The stock currently trades near its 52-week low of $0.15, significantly below its 52-week high of $1.70. For deeper insights into Liberty Defense’s financial metrics and growth potential, including exclusive ProTips and detailed analysis, consider an InvestingPro subscription.
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