Byrna Technologies Inc (NASDAQ:BYRN) (CSE:BYRN) revealed that it has acquired the assets of Mission Less Lethal, a leading US manufacturer of .68 caliber, shoulder-fired non-lethal launchers for law enforcement and other security professionals, from Kore (US) Outdoor Inc in an all-cash deal.
The Andover, Massachusetts-based company said it funded the acquisition with “cash on hand.” Terms of the transaction were not disclosed.
Kore Outdoors is a recognized leader in the manufacture and sale of .68 caliber launchers for the paintball industry. Byrna has acquired Kore's non-lethal business operations and product line, which includes the MLR, Mission 4, TPR and Tactical Compact Rifle (TCR) launchers.
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In addition, Byrna said it has gained Mission's “customer list, order book and other valuable intellectual property (IP) assets,” including the right to use the key patents underpinning the acquired suite of products.
"Mission Less Lethal represents a highly strategic tuck-in acquisition for Byrna," CEO Bryan Ganz said in a statement. "Mission's technology is second to none and its products are best-in-class. In addition, its product line and customer base are very complementary to our own.”
Ganz noted that while Byrna's primary focus has been the consumer market, Mission has focused on security professionals, including private security, law enforcement and domestic prisons and those abroad.
“From a product perspective, Byrna has focused on the design, development and manufacture of hand-held, pistol type non-lethal devices, while Mission has focused on the sale of non-lethal rifles including their semi-automatic and fully automatic shoulder-fired launchers such as the MLR, TCR and Mission 4,” added Ganz. “These launchers, with their patented feed systems are capable of firing up to 180 rounds per minute."
Ganz pointed out that the new acquisition set up Byrna to target the large law enforcement, private security, and school safety markets.
"With the acquisition of the Mission product line and its unrivaled suite of IP for non-lethal applications, we believe Byrna will be incredibly well-positioned to make significant inroads into the law enforcement, private security and school safety markets,” added Ganz.
“At the same time, we believe Mission's signature product, the TCR, which is powered by readily available 12-gram CO2 canisters and does not require an external air tank, will have broad crossover appeal to the more than 120,000 members of Byrna Nation."
Kore’s patents combined with Byrna's extensive IP portfolio will allow the R&D team to develop exciting new products. One of the potential products is a pump-action launcher (PAL) capable of firing Byrna's patented .68 caliber tail fin projectile which is accurate at more than 150 feet.
“Under the terms of the agreement, Byrna has a right of first refusal for the non-lethal application of any newly developed Kore IP,” said Ganz. “We look forward to sharing further details about this attractive and highly strategic acquisition, including when the consumer version of the Tactical Compact Rifle will be released to the market."
Byrna is the manufacturer of the Byrna HD, which dispenses chemical irritants from a handgun-like personal security device.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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