- KWESST (KWE) acquires Police Ordnance Company and its ARWEN Less Lethal product line
- Police Ordnance Company is based in Ontario
- ARWEN stands for “Anti Riot Weapon ENfield” and is a less lethal system based on two firing platforms, multi-shot launcher and a single shot launcher
- KWESST issued 277,576 common shares and 200,000 common share purchase of warrants
- KWESST (KWE) is up 3.67 per cent at C$1.41 at 2:44 PM EST
KWESST (KWE) has acquired Police Ordnance Company and its ARWEN Less Lethal product line.
The Police Ordnance Company, located in Ontario with operations in Florida, owns all the patents and trademarks to the ARWEN product line of less-lethal launchers.
ARWEN stands for “Anti Riot Weapon ENfield” and was developed by Royal Ordnance in the UK before being acquired by Police Ordnance. It is a 37mm less-lethal system based on two firing platforms, a multi-shot launcher and a single shot launcher, both with multiple versions.
The customers include law enforcement across Canada, the United States and abroad.
Founder, President and CEO of KWESST Jeff MacLeod, had this to say about the acquisition.
“ARWEN is a highly respected brand in the industry, with under-exploited potential for global expansion under KWESST ownership.”
KWESST issued the Police Ordnance Company 277,576 common shares for a purchase price of C$458,000 along with the issuance of 200,000 common share purchase warrants of KWESST.
Each warrant entitles the shareholders of the Police Ordnance Company to acquire one common share of KWESST for a period of 36 months at C$1.72 per common share.
Once certain financial milestones are hit, KWESST may issue 62,500 common shares for a maximum consideration of C$100,000. All shares, warrants, and warrant shares are subject to a four-month hold period.
KWESST develops and commercializes breakthrough next-generation tactical systems that meet the requirements of security forces and personal defense for overmatch capability against adversaries.
KWESST (KWE) is up 3.67 per cent at C$1.41 at 2:44 PM EST.
