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by Stockwatch Business Reporter
The TSX Venture Exchange lost 5.89 points to 583.63 Monday. Charles Shin's first capital pool shell, Gulfstream Acquisition 1 Corp. (GFL: halted), plans to acquire Liberty Defense Holdings Inc. for the shell's qualifying transaction. The shell will roll back 1 for 2.5, leaving it with 3,222,063 shares issued, then issue 46,686,525 shares to its target's shareholders.
Liberty Defense was formed in April. In October, it acquired an exclusive licence for a weapons detection system from Massachusetts Institute of Technology's MIT Lincoln Laboratory. The system uses radar to scan for firearms, knives, explosives and even improvised weapons, whether metallic or non-metallic. Based on this system, Liberty is now working on a product called Hexwave, 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 is expected to detect weapons from up to 15 feet away.
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