Defense technology company Security Devices International Inc (CSE:SDZ, OTCQB:SDEV) is partnering with Rick Ware Racing as it gears up to launch its non-lethal personal security device during the NASCAR Monster Cup Energy Series.
The Byrna HD is similar to a handgun in design but delivers a non-lethal shot akin to pepper spray. The attacker would feel a burning sensation in the eyes and lungs, giving the user time to get away and call for help.
READ: Security Devices closes key $1.27 million financing to prepare for launch of its prized new personal security device
The device is priced at $299 and does not require a gun license, making it an alternative for those not interested or uncomfortable owning a firearm.
As part of the sponsorship, Rick Ware’s rebranded #51 ‘Byrna” Chevrolet Camaro and the driver’s racing suit will debut on-track Sunday at the “AAA Texas 500” Monster Energy NASCAR Cup Series Race at the Texas Motor Speedway.
The company will be a brand sponsor for nine race events throughout the 2018 season and continue the partnership through the beginning of the 2019 season at the Daytona 500, the final event of Speedweeks.
“Rick Ware is widely known and universally respected within NASCAR and we believe his support will be instrumental in reaching a wide range of potential customers,” said SDI president Bryan Ganz in the company’s press release.
The company announced Wednesday that it had issued more than 6.6 million shares of its common stock to FinTekk AP LLC at a price of $0.15 per share as a way to finance a sponsorship agreement and marketing campaign for the launch of the Byrna HD.
New financing secured
Security Devices International also recently closed $1.275 million in financing via its issuance of convertible notes and warrants as it readies itself for the launch of its new product.
The notes and warrants were sold for $1,000 each with each unit consisting of one $1,000 debenture of the company and 4,000 warrants to purchase company stock at $0.25 per share. The term of the notes is 18 months with an annual interest rate of 10%.
Shares of the Massachusetts-based company closed at $0.14 on Wednesday and were flat in Thursday pre-market trading.
Contact Lenore Fedow at lenore@proactiveinvestors.com
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