VANCOUVER, BC - First Responder Technologies Inc. ("First Responder" or the "Company") (CSE: WPN) (OTCQB: WPNNF) (FWB: 3WK), a developer of WiFi-based technologies for detecting concealed weapons and for deterring mass shooting and terror attacks involving concealed weapons, is pleased to announce that on July 21, 2020 it signed an exclusive reseller and strategic partnership agreement (the "Distribution Agreement") with Falcon Eye Drones & Ariel Photography LLC ("FEDS") for the distribution of the Company's Sentinel™ WiFi concealed weapons detection units (the "Units") in the Gulf Cooperation Council member states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) (the "GCC" or the "Territory").
FEDS is a Dubai-based technology company that offers surveying, monitoring and inspection services using drone technology. Additional information about FEDS is available on FEDS' website, which may be accessed at: https://www.feds.ae/.
"We are exceptionally pleased to welcome FEDS as our exclusive reseller and strategic partner in the GCC region. Dubai in particular, has been a global leader in the development of smart city infrastructure, and we look forward to introducing a 21st century public safety solution to the region, that also protects individual liberty and personal privacy. We are also excited about exploring the development of drone-based and other mobile applications for our Sentinel suite of products and services alongside FEDS. FEDS brings both technical and commercial excellence to the partnership, which is an ideal combination, as we begin shipping and installing our MVP products in key markets at the end of this year," said Robert Delamar, the Company's CEO.
If FEDS acquires and distributes the minimum number of the Company's Units required to maintain exclusive distribution rights in the Territory, as required by the terms of the Distribution Agreement, the Distribution Agreement may generate more than USD $10.6 million in revenue through the end of 2022. The Company anticipates a gross margin of up to approximately 50% per unit, once the Company's supply chain and manufacturing reach maturity and scale.
"It is a very exciting opportunity to partner with First Responder and bring this unique tech to our region. We believe there is a huge demand for such a solution and we are very much looking forward to not only developing the business here but also being part of the long term strategic product plans of First Responder," said Rabih Bou Rashid, CEO of FEDS.
Pursuant to the Company's previously disclosed product development roadmap, delivery of the first units under the Distribution Agreement are anticipated to be delivered before the close of calendar 2020, with delivery accelerating as the Company meets development milestones through 2021 and 2022.
FEDS will work with First Responder through the remainder of 2020, to engage defence and public safety agencies in the Territory, as well as ramp up and roll out customer support and service in the Territory. As First Responder's exclusive partner in the Territory, all sales, installation and after-market support and service will be provided to customers by FEDS, with First Responder providing support to FEDS as needed. The Distribution Agreement will remain in effect until terminated by the parties, and the exclusivity provisions contained therein will remain in effect until December 31, 2022.
The Company continues to make progress developing reseller partnerships in most of the major global markets.
On behalf of the Board of Directors,
"Robert F. Delamar"
Robert F. Delamar, CEO
First Responder Technologies Inc.
915 - 700 West Pender Street
Vancouver, BC. V6C 1G8
About First Responder Technologies Inc.
First Responder Technologies Inc. (the "Company") is a technology development company that commercializes academic and internally developed intellectual property for use in the public safety market. The Company is developing a WiFi-based technology, based in part, on academic research licensed from Rutgers, the State University of New Jersey ("Rutgers") that can be used to detect concealed weapons. The Company's threat detection technology line of business was created to capture a significant portion of the global weapons detection systems market, and in particular, the global perimeter security detection market. In the Company's view, WiFi–based threat detection technology may be utilized by a wide range of facilities, including schools, places of worship, shopping centres and theatres, to not only make their premises secure, but also reduce their cost of security, from the interior of a facility to the perimeter.
For more information visit: www.firstrespondertech.com or follow us on Twitter, LinkedIn and Facebook.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute forward–looking information, including statements regarding revenue expected to be generated pursuant to First Responder's agreement with FEDS. Forward–looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward–looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward–looking information. The Company's actual results could differ materially from those anticipated in this forward–looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward–looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward–looking information should not be unduly relied upon. Any forward–looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward–looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
FINANCIAL OUTLOOK INFORMATION – This news release contains "financial outlook information" regarding future revenue expectations, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by First Responder's management as of the date of this news release and are provided for the purpose of informing readers of the anticipated size of First Responder's agreement with FEDS, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.