KWESST (TSX-V:KWE, OTCQB:KWEMF) Micro Systems Inc said it has hired Blaine Groves to lead the ongoing productization effort of the Low Energy Cartridge system starting in early September.
Groves was hired following the successful live demo of KWESST (TSX-V:KWE, OTCQB:KWEMF)’s non-lethal Low Energy Cartridge system in British Columbia on July 9, 2021.
As noted in a company statement, he brings a wealth of knowledge and expertise in the manufacturing of firing platforms to his new role at the company.
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For almost two decades Groves has held senior positions at Colt (LSE:COLT) Canada including most recently R&D manager and product support engineering. Colt (LSE:COLT) Canada is the Canadian division of the American firearms manufacturer.
As part of the hiring process the new hire was granted 100,000 incentive stock options and 50,000 performance stock units.
Additionally, in accordance with the company's long-term incentive plan, the executive chairman was granted 100,000 incentive stock options and 150,000 restricted stock units. The company CEO was also bestowed with 100,000 incentive stock options and 210,000 RSUs.
The exercise price of the stock option is $1.25 per share and will expire on July 2, 2026 and will vest quarterly over the next two years. The RSUs will vest over one year.
As previously announced, as part of the closing of the LEC acquisition on April 29, 2021, the company issued 500,000 to DEFSEC Corp. KWESST (TSX-V:KWE, OTCQB:KWEMF) wishes to note that the warrant issued to DEFSEC as part of the acquisition will mature on April 29, 2026.
KWESST develops and commercializes breakthrough next-generation tactical systems that meet the requirements of security forces and personal defense. The company's current portfolio includes half a dozen unique proprietary offerings.
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