MSG Sports Invests in Xtract One Technologies

TORONTO—Xtract One Technologies Inc., and Madison Square Garden Sports Corp., have announced that MSG Sports will invest up to $10 million (U.S.) in Xtract One, a security technology company that prioritizes the patron access experience by leveraging AI.

The initial investment of $6.3 million (U.S) is effective immediately, with the subsequent investment of $3.7 million (U.S) being conditional on the approval of Xtract One’s shareholders and all applicable regulatory approvals (together the “Investment”).

“We are thrilled to announce this investment and partnership with MSG Sports. We continue to see impressive growth in market interest and customer adoption of our security technology solutions,” comments Peter Evans, CEO of Xtract One.

“I believe this relationship will create unique opportunities and benefit multiple industries.”

Xtract One, MSG Sports Deal Undergoes Canadian Trial Period

The companies explain the investment is comprised of the sale of up to 31,925,595 units (each a “Unit”) at a price of $0.42 per unit Canadian. Each Unit will be comprised of one common share of Xtract One (a “Common Share”) and one Common Share purchase warrant (each a “Warrant”) exercisable at a price of $0.60 Canadian for a period of five years following the date of its issuance.

The initial tranche of the Investment comprised the issuance of 20,000,000 Units for aggregate gross proceeds of $8,400,000 Canadian. The proposed second tranche of the investment will be comprised of the issuance of 11,925,595 Units for aggregate gross proceeds of $5,008,749.90 Canadian. All securities issued under the investment will be subject to Canadian resale restrictions of four months and one day, in addition to applicable U.S. resale restrictions. No commission or fee is or will be paid in connection with the Investment.

The Units issued pursuant to the Investment have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements.

The initial and proposed subsequent equity Investment will enable Xtract One to further invest into its advanced security solutions and accelerate its growth into new market segments.

Xtract One adds that its products and technologies address perimeter screening and security applications, replacing obsolete walk-through metal detectors with a fast, frictionless entry experience, while simultaneously providing a security solution that delivers exceptional experiences and safer environments.

Xtract One will hold a special meeting of shareholders to obtain disinterested shareholder approval of the second tranche of the Investment, currently scheduled for April 11, 2023.

More news from Xtract One: Threat Detection Provider Patriot One Rebrands to Xtract One Technologies

 

The post MSG Sports Invests in Xtract One Technologies appeared first on Security Sales & Integration.



from News Archives - Security Sales & Integration https://www.securitysales.com/news/msg-sports-invests-in-xtract-one-technologies/
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Total Tech Summit Puts Call Out for Top Integrators to Apply Now

Image
FRAMINGHAM, Mass. — Total Tech Summit announces that applications are now being accepted to attend this year’s event. Comprised of the  SSI Summit, CE Pro Summit and Commercial Integrator Summit, this year’s event will take place in Las Vegas at the MGM Grand Hotel and Casino, Nov. 13-15. At this all-expense-paid, exclusive event, VIP guests will have the chance to sit in on industry-defining sessions, key boardroom presentations, and be able to meet one-on-one with potential vendors. Total Tech Summit brings together the best in class to share ideas, learn from others, and most importantly, accelerating the next stage of their businesses. It is the only event of its kind that bridges channels and connections by bringing together professional security, commercial AV and residential AV integrators. Another perk of the Total Tech Summit is the VIP Peer-to-Peer groups. These group conversations take place throughout the months leading up to the event and are guided by the editors of t
Read more

Evolv Technology, Pittsburgh Pirates Team Up for Fan-Friendly Ballpark Security

Image
WALTHAM, Mass.—Evolv Technology has announced its partnership with Major League Baseball’s Pittsburgh Pirates, adding to the growing list of Pittsburgh, Pa. venues that have teamed up with Evolv to help keep people safe, including the Pittsburgh Cultural Trust and Acrisure Stadium, home of the Pittsburgh Steelers. When the Pirates opened the gates at PNC Park for the 2023 MLB season in early April, all attending fans passed through Evolv’s state-of-the-art Evolv Express screening solution, which uses sensor technology with artificial intelligence (AI) to provide safer, more accurate threat detection at unprecedented volume and speed, the company states. Fans can now walk through without always having to stop or open bags, reducing long lines and allowing guests to make their way directly into the ballpark. “What continues to make PNC Park so special, aside from the physical design, is the total fan experience. That begins from the moment they walk up to our gates,” said Travis Willi
Read more

Minnesota AG Calls for Cancellation of Home Security Contracts for Alleged Fraud

STEARNS COUNTY, Minn. — Bring Me the News reports that Minnesota’s Attorney General, Keith Ellison, says he’s gotten consumers in Stearns County out of home security contracts after they were misled by a door-to-door salesman. According to the report, Ellison’s office announced that home security companies Skyline Security Management and Safe Home Security have agreed to their cancel contracts with customers in and around Stearns County who purchased their systems from door-to-door salesman Gary Harvey. “Door-to-door salesmen and their employers are in the business of trust-building,” Ellison said in a statement. “They know they need to have your trust to sell you their products, particularly expensive products like security systems that are supposed to keep your home safe. When that trust is betrayed, it’s emotionally and financially painful. I appreciate Skyline and Safe Home taking the right step in canceling these contracts while my office does what we can under the law to hold M
Read more