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Gatekeeper Upsizes Financing to $6 Million, Accelerates Intelligent Temperature Sensing Systems for School Buses
Abbotsford, BC – September 9, 2020 – Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSX-V: GSI) (OTC: GKPRF) (FSE: 1GK) a leading provider of intelligent video solutions for public transport and smart cities, is pleased to announce that, due to increased interest in its previously announced non-brokered private placement (the “Financing”), the Company has increased the size of the Financing from $5 million up to $6 million.
The Company intends to use a portion of the funds from the Financing to accelerate sales and delivery of the Company’s Intelligent Temperature Sensing Systems (ITSS) which has been designed to efficiently measure the body temperature of students while boarding a school bus or entering schools.
Doug Dyment, CEO of Gatekeeper, commented: “There is increasing interest from our school district customers for the use of ITSS as a solution to meet the various State authority guidelines relating to the safe reopening of public schools. For more than a decade we have delivered innovative technology-based solutions to over 3,000 school district customers to improve the safety of the 25 million schoolchildren who ride 500,000 school buses daily in the US alone. We are in constant dialogue with our school district customers to offer helpful solutions as they manage through this pandemic, and we are proud to launch ITSS as the industry’s best intelligent temperature sensing solution for school buses and transit authorities.”
ITSS is a contactless system that can determine body temperature within 20 milliseconds using thermal cameras, artificial intelligence, and video analytics. Visual and audible alarms are triggered when temperature thresholds are exceeded. When passengers board a bus, the ITSS panel records body temperature within a range of 0.6-meters at an accuracy of +/- 0.5 degree Celsius.
The Financing will now consist of up to 6,000,000 units (each, a “Unit”) at a price of $1.00 per Unit for gross proceeds of up to $6 million. Each Unit in the Financing is comprised of one common share of the Company and one common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to acquire an additional common share at a price of $1.10 for a period of twenty-four (24) months. Should the stock price trade over $1.35 per share for a period of ten consecutive trading days, the Company will have the right to accelerate the expiry of the Warrants by providing notice to the holders of the Warrants by news release that the Warrants will expire on the date that is not less than 30 days from the date the notice is provided.
All securities issued in connection with the Financing are subject to a four month hold period under applicable Canadian securities laws. Closing of the Financing remains subject to acceptance of the TSX Venture Exchange.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems for Smart City initiatives. The Company’s Platform-as-a-Service (PaaS) business model is designed to connect moving vehicles in the era of Internet of Things (IOT).
President & CEO
Cautionary Note Regarding Forward-Looking Statements: This release contains forward-looking statements, including statements regarding the possible completion of a non-brokered private placement and the intended use of proceeds from the Financing. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any required government or other regulatory approvals to complete the Company’s planned private placement and operations and that the Company is able to complete the Financing. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others, that the Financing will not complete, actual results of the Company’s operations being different than those expected by management and delays in obtaining or failure to obtain required government or other regulatory approvals or financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.