Byrna Technologies Completes $500,000 Private Placement
Wakefield, Massachusetts--(Newsfile Corp. - May 27, 2020) - Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) ("Byrna" or the "Company") announced it has signed Guardian Security Services and Training ("Guardian"), a NY licensed firearms dealer to sell its breakthrough Byrna®HD personal security device and Byrna® Pepper chemical irritant rounds in the state. Guardian, centrally located in Hauppauge, Long Island, now stocks Byrna HD Launchers as well as NY compliant Byrna Pepper rounds in 5 round sleeves and 95 round lots. "This is a terrific convenience for NY Byrna HD owners and NY state residents who want to buy Byrna HD personal security devices," explained Reilly Schueler, head of Sales and Marketing for Byrna. "Until we signed Radius," Schueler continued, "NY state residents needed to bring our Byrna Pepper rounds in from out-of-state if they wanted chemical irritant rounds. Now they can ship our Byrna HD Pepper Kits or refill Byrna Pepper rounds directly to their NY State addresses, or they can go to Guardian to personally check out our personal security device." Signing Guardian simplifies the process for NY state residents who want to avail themselves of the full range of projectile options for the Byrna HD personal security device. "Unfortunately," Schueler noted, "the Byrna HD currently is not legal everywhere in New York state, including in the five boroughs of New York City and Yonkers. We hope that will change in the future."
The Company also announced that it has completed a previously announced non-brokered private placement of 1,388,889 shares of its common stock ("Common Shares") at a US price of .36/share for gross proceeds of $500,000 (approximately CAD$690,000.00) (the "Private Placement"). The net proceeds from the Private Placement will be used for general corporate purposes and working capital. The Common Shares issued pursuant to the Private Placement are subject to the statutory four month and a day hold period as well as to vesting and transfer restrictions set forth in the subscription agreement dated May 5, 2020 between the Company and the registered holder of such securities. Additionally, the Common Shares sold pursuant to the Private Placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
About Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN)
Byrna is an emerging non-lethal technology company, specializing in the development and manufacture of innovative less lethal equipment and munitions. For more information on the Company, please visit the corporate website here or the company's investor relations site here. The Company is the manufacturer of the Byrna®HD personal security device, which looks to be the leading choice in the consumer and private security markets for non-lethal home protection, personal safety, and security.
About the Byrna® HD
The Byrna HD is the Company's first personal security device designed for the consumer and private security markets. The Byrna HD is engineered with patented designs and proprietary parts to provide an effective non-lethal option for home safety and personal security with the form factor of a compact handgun. The Byrna HD is easy to use, with virtually no recoil and can be fitted with a laser or light to facilitate accurate shooting even by non-gun owners. Unlike pepper spray and stun guns, it provides a safety zone of 60 feet and comes with multiple easily reloadable magazines that can hold five .68 caliber highly effective payload rounds designed to burst on impact. Payload rounds include the Company's proprietary chemical irritant and pepper rounds designed to burn an assailant's eyes and respiratory system upon contact, and hard kinetic rounds. The Byrna HD is not a "firearm" and does not require a background check but it is subject to certain state and local regulation. Always check local laws before purchasing or travelling with a Byrna HD or other CO2 powered or "pepper spray" type device. To purchase a Byrna® products visit the Company's e-commerce store or locate a dealer here.
About Guardian Security Services and Training
Guardian provides New Yorkers with New York State approved security training courses in response to any emergency including How to Respond to an Active Shooter Situation. Guardian is the only training facility in New York to offer these security related courses and also offer Security Guard Training for both unarmed and armed security enforcement officers and Level One, Introduction to Private Investigations as a Career. For more about Guardian click here.
Forward Looking Information
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable U.S. and Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might," "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this news release is qualified by this cautionary note.
Forward-looking information in this news release includes, but is not limited to, statements regarding the intended sales in NY State, availability of the Byrna HD and Byrna Pepper to New York state residents, stocking by Guardian, and the use of proceeds from the private placement. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Byrna at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information including changes in the laws related to the Company's Byrna HD or rounds, changes and to the Company's plans based on changing market or business conditions, budgeting changes, or factors otherwise impacting or limiting the Company's resources for other existing or future payables, including any change to the Company's capital structure.
Should one or more risk, uncertainty, contingency, or other factor materialize, or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. Byrna does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
For further information contact:
Lisa Wager, CLO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56655
Released May 27, 2020