Liberty Defense Holdings Ltd. (SCAN:TSX.V; LD2:FSE) announced in a news release it signed a memo of understanding with the FC Bayern München for the Munich-based German soccer team to beta test HEXWAVE at its Allianz Arena.
For the beta testing, HEXWAVE will be assessed live at Allianz, the second largest arena in Germany, which seats 75,000.
This testing, an essential part of the product development phase, will likely take place in Europe after North America.
"We are pleased to have the opportunity to work with FC Bayern and have them sign on to become the first early adopter in Europe of this advanced technology," Liberty Defense CEO Bill Riker said in the release. "Our ability to deploy in both indoor and outdoor settings, with covert and overt applications, sets us apart and has also been driving increasing interest from the market."
According to the company, "HEXWAVE uses low-power, radar imaging and artificial intelligence primarily to detect and identify weapons, while enabling a layered defense strategy for a venue, meaning the ability to detect threats at the perimeter of the property without obstructing the movement of large groups of people."
The company noted that according to a 2018 report by Homeland Security Research Corp., the market for weapons detection systems is estimated to grow from $4.9 billion today to more than $7.5 billion by 2025. Europe is expected to comprise 24% of the global market, and public venues, such as stadiums and arenas, 20%.
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