SCAN Liberty Defense Holdiings LTD

Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (TSXV: SCAN, OTCQB: LDDFF, FSE: E30) a leading technology provider of AI-based next generation detection solutions for concealed weapons and threats, is pleased to announce that Jason Burinescu has been named as Liberty Defense’s new Executive Chairman of the Board, effective immediately. Daryl Rebeck is stepping down as Executive Chairman after serving in that capacity for the past four years.

Mr. Burinescu is a Managing Partner of Vision Equity Partner Solutions, an investment and advisory firm (“Vision”). Before Vision, Jason led business development and served as a senior member of the investment team at Fletch Equity, a Los Angeles based private equity firm that has completed more than $1 billion in total transaction value. His investment experience is further augmented by his experience as a senior operating executive at a number of firms that he helped scale including SaaS cyber security company Vera, which was successfully acquired by Help Systems (private equity backed by TA Associates ($45B AUM) and Harvest Partners ($21.5B AUM)), and media companies Leftfield Pictures, which was acquired by ITV and Renegade 83, which was acquired by Entertainment One, now part of Lions Gate.

"I'm very excited to partner and work closely with customers, channel partners, the board of directors, Bill and the entire Liberty team on this incredible mission-driven company to protect our society at large. Liberty’s executives and engineering team had incredible success as senior executives at L3Harris’ Security Detection and Automation business. They were responsible for the design, sales, implementation, service and deployment of ~20,000 security systems globally, and their innovations became the standard across U.S. airports for passenger screening. That division was eventually sold for $1B in cash in February 2020. The company has achieved an incredible amount of momentum in the marketplace serving marquee government agencies around the world and clients including the Transportation Security Agency (“TSA”), MIT, Los Alamos National Labs and major airports in the US and Canada. Scaling this technology is so vital to protect nations, citizens and corporations alike,” said Jason Burinescu. “As I was researching this space, I became truly frightened at how vulnerable the public is by relying on archaic technologies like metal detectors that do nothing to protect against ghost guns, powders, plastic explosives, plastic weapons, and other emerging threats. As weaponry evolves and bad actors become more brazen and advanced, we need to leverage Liberty’s scanning and artificial intelligence technology to combat these threats in real time.  The Liberty Defense team has licensed our base technology stack from MIT Lincoln Laboratories and has spent over $40 million on R&D to create cutting-edge threat detection AI software and equipment for the modern age.  Mobile, easy to deploy, efficient in handling large volumes of people, and most importantly, robust in protecting against various weapons and threats including those that evade metal detectors.  I am excited to work with the team to make this technology the standard across all airports, stadiums, prisons, company offices and government entities throughout the world and to finally bring true threat protection, safety and peace of mind to people everywhere.”

"We are excited to welcome Jason to the team as we move the Company forward," said Liberty CEO Bill Frain. "Clearly the horrific events already this year in the US and abroad have heightened the awareness and need for enhanced security. It has been our mission at Liberty to be a part of that security solution and to continue to develop innovative technology. We look forward to having Jason’s leadership capability to help support our strategic initiatives moving forward."

Bill Frain continued; “I want to extend my sincere thanks to Daryl Rebeck for his insightful leadership and valuable contributions in helping to build Liberty Defense over the past four years, which have positioned the company for continued growth. We wish him great success in his future endeavors,” added Frain.

“I am tremendously proud of what the team and Liberty Defense has accomplished in a short period of time advancing this leading-edge multi-technology company, having landed top airports and key strategic partners. The Company is well positioned to attack new market verticals. I am honored to have been part of the strong leadership team and the board and I will remain involved as a loyal long term shareholder,” said Daryl Rebeck.

For updates and news, please visit www.libertydefense.com to subscribe to email alerts or follow Liberty Defense on social channels.

On Behalf of Liberty DefenseBill FrainCEO & Director

About Liberty DefenseLiberty Defense (TSXV: SCAN, OTCQB: LDDFF, FSE: E30) provides multi-technology security solutions for concealed weapons detection in high-volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools and more. Liberty’s HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons. Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com

For further information about Liberty, please contact:

Jay AdelaarSenior Vice President of Capital Markets, Liberty Defense604-809-2500jay@libertydefense.com

For sales information, please contact:

Ian McNaughtonSenior Director Business Development, Liberty Defense613-292-3669imcnaughton@libertydefense.com

FORWARD-LOOKING STATEMENTSWhen used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although Liberty believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. Such statements and information reflect the current view of Liberty. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Liberty’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; limited business history of the parties; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses; and general development, market and industry conditions. The parties undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of their securities or their respective financial or operating results (as applicable).

Liberty cautions that the foregoing list of material factors is not exhaustive. When relying on Liberty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Liberty has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Liberty as of the date of this press release and, accordingly, are subject to change after such date. Liberty does not undertake to update this information at any particular time except as required in accordance with applicable laws.

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