Ottawa, Ontario--(Newsfile Corp. - June 26, 2023) - KWESST Micro Systems Inc. (TSXV: KWE) (TSXV: KWE.WT.U) (NASDAQ: KWE) (NASDAQ: KWESW); ("KWESST" or "the Company") today provided an updated view of the status of contracts in progress as well as key opportunities being pursued.
Significant progress has been made in the Company's effort to ramp up and commercialize the compelling technology and solutions developed since it's founding in 2017 (all figures below are in CAD unless otherwise indicated).
Award of a $136M five-year contract with joint venture partners Thales Canada and Modis Canada forsoftware systems engineering work for the Canadian Department of National Defence ("DND"). The contract component for KWESST is valued at a minimum of $4M annually over the initial five-year contract followed by five, one-year option years.
Signing of a teaming agreement with a global prime defense contractor and tender submission for a similar contract with option years for digital Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance ("C4ISR") for the army of a NATO nation. Outcome expected summer/fall, 2023.
A pending contract to upgrade digitization of an armored vehicle fleet. A near-term opportunity that includes KWESST's Battlefield Laser Defense System ("BLDS"), subject to customer approval.
Other major opportunities progressing to teaming agreement and contract negotiations with prime defense contractors and/or end-users, including new digital Command and Control On The Move ("C2OTM") systems for N. America and overseas military customers. Subject to completion of teaming agreement.
Several additional digitization opportunities with metro police agencies to TAK-enable personnel and equipment for Critical Incident Management. Subject to customer approval.
Initial sub-$100k contract for G7 Capital police force to TAK-enable surveillance equipment (in progress). As press released March 24, 2023. Work in progress.
Initial $500k laser defense contract for overseas Special Forces NATO country (about to ship initial order, received November 2nd 2022).
Next-generation digitization for mounted/dismounted vehicle systems with General Dynamics Mission Systems-Canada (ongoing since 2022).
Initial $500k contract for digitization of Ground Search And Rescue (GSAR) for national public safety agency (in progress). As press released July 7th, 2022
Completed to Date
PhantomTM delivery to General Dynamics Land Systems for protype armored vehicle submission to U.S. military customer (completed). As press released November 12th, 2021.
$1M US Marine Corps contract to demonstrate/evaluate 81MM mortars with digital fire control (successfully completed, 2021/22). As press released March 16th, 2021.
"The Company continues to make solid progress towards the commercialization of the compelling technology we have developed to date." said David Luxton, Executive Chairman "The DSEF contract win has materially changed our opportunity set which I expect will continue to expand. This is strong validation of the market value of what we've developed, and we are firmly on the path towards full commercialization."
About KWESST
KWESST (TSXV: KWE) (TSXV: KWE.WT.U) (NASDAQ: KWE) (NASDAQ: KWESW) (FSE: 62U) develops and commercializes breakthrough next-generation tactical systems for military and security forces. The company's current portfolio of offerings includes digitization of tactical forces for real-time shared situational awareness and targeting information from any source (including drones) streamed directly to users' smart devices and weapons. Other KWESST products include countermeasures against threats such as electronic detection, lasers and drones. These systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems, and all come integrated with TAK. The company also has a new proprietary non-lethal product line branded PARA OPSTM with application across all segments of the non-lethal market, including law enforcement. The Company is headquartered in Ottawa, Canada, with operations in Stafford, VA and representative offices in London, UK and Abu Dhabi, UAE.
Contact:
David Luxton, Executive Chairman: luxton@kwesst.com
Sean Homuth, CFO: homuth@kwesst.com
Jason Frame, Investor Relations: frame@kwesst.com