05:49:53 EDT Fri 31 Mar 2023
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Liberty Defense Holdings Ltd (2)
Symbol SCAN
Shares Issued 63,993,345
Close 2022-03-11 C$ 0.39
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Liberty Defense clarifies hiring of Promethean

2022-03-11 21:32 ET - News Release

Mr. Bill Frain reports


Liberty Defense Holdings Ltd. is issuing this news release to clarify certain of the disclosure included in the company's news release dated Feb. 14, 2021, regarding the company's retention of Promethean Marketing Inc. This news release is made in accordance with the requirements of TSX Venture Exchange Policy 3.4 (Investor Relations, Promotional and Market Making Activities).

On Dec. 16, 2021, the company entered into an on-line marketing agreement with Promethean, a communications firm, pursuant to which Promethean will design, create and distribute advertising content on the company's behalf. Subject to the approval of the TSX Venture Exchange, the agreement's effective start date will be March 1, 2022. The company has agreed to provide a non-refundable deposit of $50,000 (U.S.) to be used for design and content creation, which will be paid prior to the commencement of Promethean's services. Additionally, the company has made a minimum commitment of $300,000 (U.S.) toward a digital advertising budget for a period of 12 months from the effective date. Payments to Promethean will occur at the end of each month after the applicable services are rendered, and the amount paid each month will be based on the services that are rendered in such month. For example, if $50,000 (U.S.) in services are rendered by Promethean during the first month of the term, the company will pay Promethean $50,000 (U.S.) at the end of the first month of the term. After the expiry of the term, the agreement will continue on a month-to-month basis unless terminated by either party. The agreement may be terminated at the discretion of either party at any time upon 30 days written notice.

Promethean is based in Maryland, United States, and provides public disclosure solutions to a number of issuers across a variety of industry segments. William Kaitz, president of Promethean, owns 90 per cent of Promethean, and Kailyn White, vice-president of Promethean, owns 10 per cent of Promethean. To the best of the company's knowledge, Promethean does not have any equity interest in the securities of the company or a right to acquire such an interest. Promethean is at arm's length to the company. Promethean will provide the company with an opportunity to review all content describing the company generated on behalf of Promethean prior to its publication, and Promethean will not publish or distribute any content with the prior approval of the company. The agreement remains subject to the approval of the TSX Venture Exchange.

About Liberty Defense Holdings Ltd.

Liberty Defense provides multitechnology security solutions for concealed weapon detection in high-volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools and more. Liberty Defense's Hexwave product, for which the company has secured an exclusive licence from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3-D radar imaging technology, provides discrete, modular and scalable protection to provide layered, standoff detection capability of metallic and non-metallic weapons. Liberty has also recently licensed the millimetre wave-based high-definition advanced imaging technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty Defense is committed to protecting communities and preserving peace of mind through superior security detection solutions.

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