Security Devices International (SDEV) shares skyrocket on news of contract
Posted on: April 14th, 2011Written by:
Security Devices International Inc. (SDI) (OTCBB:SDEV) better than doubled its price Thursday afternoon, after signing a Letter of Intent (LOI) with a distributor representing an unnamed nation for its less-than-lethal ammunition.
The Washington, D.C.-based SDEV gained 114.3 percent from Wednesday’s close to 30 cents, still well below its 52-week peak of 92 cents set last June. Volume on Thursday topped 95,000 shares.
The Company and its customer will test and assess the SDI’s ammunition in the near future. This Letter of Intent represents the Company’s first step in entering the less-than-lethal marketplace.
Security Devices President and CEO, Gregory Sullivan commented, “We have been working with this Country for some time and we are pleased to offer our products to them in helping fulfill their 40mm less-than-lethal military needs”
SDI is currently in the advanced stages of deploying their patent pending family of products, consisting of; the Blunt Impact Projectile 40mm (BIP40), and the Wireless Electric Projectile 40mm (WEP40). The Market sectors for these products include; the military, army, navy, air force, peacekeeping, homeland security, and law enforcement professionals.
Sullivan concluded, “If we are able to complete this order of rounds, it will increase our profile domestically as well as internationally in the defense technology sector”.
