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by Stockwatch Business Reporter
The TSX Venture Exchange fell 3.70 points to 628.59 Tuesday. Charles Shin's first capital pool shell, Gulfstream Acquisition 1 Corp., has closed its qualifying transaction and launched Liberty Defense Holdings Ltd. (SCAN: $0.80). Liberty is a U.S. company that is working on a weapons detection system called Hexwave. Its stock today reached an intraday high of 95 cents before closing at 80 cents on 2.18 million shares.
Liberty was founded last year. Its Hexwave product, which is still in development, is a 3-D screening machine that is meant to be placed at the entrances to public venues. Hexwave may be portable or fixed. It may be installed either visibly or discreetly within walls. It will scan for firearms, knives, explosives and improvised weapons, including non-metallic ones.
Last year, Liberty sold $2.12-million worth of shares at five cents. In connection with its going public, the company recently raised $13.97-million at 80 cents. It will use the proceeds to develop and test its Hexwave system. It hopes to begin selling Hexwave next year to schools, shopping malls, hotels, places of worship, hospitals, government offices, public transit stations, sports venues, theatres, casinos and cruise ships.
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