Liberty Files Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements and MD&A

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13-03-2025

VANCOUVER, British Columbia and WILMINGTON, Mass., March 12, 2025 (GLOBE NEWSWIRE) -- Liberty Defense Holdings Ltd. ('Liberty' or the 'Company') (TSXV: SCAN, OTCQB: LDDFF, FRANKFURT: LD2A), a leading technology provider of AI-based next generation detection solutions for concealed weapons and threats, announces that it has filed amended and restated unaudited condensed interim consolidated financial statements and management's discussion and analysis ('MD&A') for the three and nine months ended September 30, 2024, and 2023 (the 'Amended and Restated Financials'), which amends and restates the previously filed unaudited condensed interim consolidated financial statements and MD&A for the three and nine months ended September 30, 2024, and 2023.
The Amended and Restated Financials and MD&A were filed due to the following changes:
Correction of fair value reallocation of 60,000 warrants exercised by $15,275 (Note 11);
Correction of residual value of warrants granted by $135,587 (Note 11);
Correction of the calculation of fair value of 61,341 restricted shares units exercised by $191,799 (Note 11);
Correction of Battelle Patent minimum royalty payment for 2024; accrued for year to date $150,000 added to Intangible assets and $150,000 depreciated and included in cost of goods sold (Note 7);
Correction of 465,033 special warrants granted and converted into 465,033 units (Note 11);
Reclassification portion of the Parabilis loan from current to non-current (Note 8); and
Other immaterial changes.
The MD&A was also modified to include the above changes.
On Behalf of Liberty Defense
Bill FrainCEO & Director
About Liberty Defense
Liberty Defense (TSXV: SCAN, OTCQB: LDDFF, FRANKFURT: LD2A) provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more. Liberty's HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons. Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com
For further information about Liberty, please contact:
Jay Adelaar, Senior Vice President of Capital MarketsEmail: [e-mail]: 604-809-2500
FORWARD-LOOKING STATEMENTS
When used in this press release, the words 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although Liberty believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. Such statements and information reflect the current view of Liberty. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Liberty's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; limited business history of the parties; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses; and general development, market and industry conditions. The parties undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of their securities or their respective financial or operating results (as applicable).
Liberty cautions that the foregoing list of material factors is not exhaustive. When relying on Liberty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Liberty has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Liberty as of the date of this press release and, accordingly, are subject to change after such date. Liberty does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.