Wytec International Inc. Launches Private Offering to Fund GunShotSensor Technology and Nasdaq Uplisting
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On Fri, 6 Sept, 12:07 AM UTC
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Wytec International, Inc. Announces Private Offering in Preparation for Completing Its Patented Gunshot/Sensor Detection Technology While Uplisting to the Nasdaq Capital Market Under Ticker "WYTC" - WYTEC INTL INC by WYTEC INTERNATIONAL INC (OTC:WYTC)
SAN ANTONIO, TX, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Wytec International, Inc. WYTC, an Artificial Intelligence (AI) 5G company, announced today the commencement of its SEC 506(c) 9.5% $10,000,000 Convertible Secured Note Offering (Secured by its Patents), utilized to complete the funding of its AI Gunshot/Sensor technology in support of protecting America's children from increased shooter violence and detecting harmful drugs infiltrating U.S. Independent School Districts (ISDs) across America and Internationally. The AI/Sensor technology includes the engagement of multiple national and international vendors participating in the Company's Pilot Project in support of 40 Texas ISDs requesting to participate in Wytec's pilot program. "The Company's initial lab results (over 300,000 samples) produced an 86% true positive accuracy for gunshots and a 94% true negative accuracy for non-gunshots under real-life environments," remarks Robert Sanchez, Wytec CTO. Wytec currently owns patented small cell intellectual property designed to incorporate smart sensors and AI/ML software solutions. These solutions will be included in its newest provisional patents, which are awaiting final approval from the United States Patent & Trademark Office (USPTO). Wytec has engaged Denton Law, one of the largest national and international law firms in the world, to complete its patent applications. Wytec's 9.5% Note Program will be utilized to complete its AI Gunshot/Sensor technology and complete its final requirements to uplist to the Nasdaq Capital Markets and can be viewed at Wytec Secure Note Offering. The Note Program is filed under SEC 506(c) and available to accredited investors only. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Wytec International, Inc. Wytec is a 5G network development company providing AI/Sensor technology designed to support public safety and distant learning solutions to schools and cities. Wytec currently owns patented small cell technology with multiple provisional patents being developed. For further information about Wytec International, WYTC, please visit www.wytecintl.com or follow us on social media via X (Twitter), or LinkedIn. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wytec intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. These forward-looking statements can be about future events, including statements regarding Wytec's intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Wytec's expectations with respect to the financial and operating performance of its business, its capital position, and future growth. The words "anticipate", "believe", "expect", "project", "predict", "will", "forecast", "estimate", "likely", "intend", "outlook", "should", "could", "may", "target", "plan" and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in Wytec's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (the "SEC") and in its subsequent filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Wytec undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Media: Erica Perez Head of Investor Relations & Communications Wytec International, Inc. eperez@wytecintl.com 888-284-4531 Attachment Wytec Market News and Data brought to you by Benzinga APIs
[2]
Wytec International, Inc. Announces Private Offering in Preparation for Completing Its Patented Gunshot/Sensor Detection Technology While Uplisting to the Nasdaq Capital Market Under Ticker "WYTC By Investing.com
SAN ANTONIO, TX, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Wytec International, Inc. (OTCQB: WYTC), an Artificial Intelligence (AI) 5G company, announced today the commencement of its SEC 506(c) 9.5% $10,000,000 Convertible Secured Note Offering (Secured by its Patents), utilized to complete the funding of its AI Gunshot/Sensor technology in support of protecting America's children from increased shooter violence and detecting harmful drugs infiltrating U.S. Independent School Districts (ISDs) across America and Internationally. The AI/Sensor technology includes the engagement of multiple national and international vendors participating in the Company's Pilot Project in support of 40 Texas ISDs requesting to participate in Wytec's pilot program. The Company's initial lab results (over 300,000 samples) produced an 86% true positive accuracy for gunshots and a 94% true negative accuracy for non-gunshots under real-life environments, remarks Robert Sanchez, Wytec CTO. Wytec currently owns patented small cell intellectual property designed to incorporate smart sensors and AI/ML software solutions. These solutions will be included in its newest provisional patents, which are awaiting final approval from the United States Patent & Trademark Office (USPTO). Wytec has engaged Denton Law, one of the largest national and international law firms in the world, to complete its patent applications. Wytec's 9.5% Note Program will be utilized to complete its AI Gunshot/Sensor technology and complete its final requirements to uplist to the Nasdaq Capital Markets and can be viewed at Wytec Secure Note Offering. The Note Program is filed under SEC 506(c) and available to accredited investors only. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Wytec International, Inc. Wytec is a 5G network development company providing AI/Sensor technology designed to support public safety and distant learning solutions to schools and cities. Wytec currently owns patented small cell technology with multiple provisional patents being developed. For further information about Wytec International, (OTCQB:WYTC), please visit www.wytecintl.com or follow us on social media via X (Twitter), or LinkedIn. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wytec intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. These forward-looking statements can be about future events, including statements regarding Wytec's intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Wytec's expectations with respect to the financial and operating performance of its business, its capital position, and future growth. The words "anticipate", "believe", "expect", "project", "predict", "will", "forecast", "estimate", "likely", "intend", "outlook", "should", "could", "may", "target", "plan" and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in Wytec's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (the "SEC") and in its subsequent filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Wytec undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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Wytec International Inc. announces a private offering to complete its patented GunShotSensor detection technology and uplist to the Nasdaq Capital Market. The company aims to address the critical issue of gun violence in schools and public spaces.
Wytec's Strategic Move Towards Nasdaq Uplisting
Wytec International Inc., a company at the forefront of gunshot detection technology, has announced a significant private offering as part of its strategy to uplist to the Nasdaq Capital Market 1. This move is aimed at completing the development of its patented GunShotSensor detection technology, positioning the company for growth in the critical field of public safety.
Innovative GunShotSensor Technology
At the heart of Wytec's offering is its GunShotSensor technology, designed to address the pressing issue of gun violence in schools and public spaces. The system is capable of detecting gunshots with high accuracy, potentially reducing response times in active shooter situations 2. This technology represents a significant advancement in the field of public safety and security.
Financial Details and Market Positioning
The private offering is structured to raise capital for the final stages of technology development and to support Wytec's uplisting process. Upon successful completion of the offering and meeting Nasdaq requirements, Wytec plans to trade under the ticker symbol "WYTC" 1. This move to a major exchange is expected to increase the company's visibility and access to capital markets.
Addressing a Critical Social Issue
Wytec's focus on gunshot detection technology comes at a time when gun violence continues to be a major concern in the United States. The company's efforts align with growing demands for innovative solutions to enhance public safety, particularly in vulnerable areas such as schools and other public spaces 2.
Future Prospects and Market Potential
The gunshot detection market is projected to grow significantly in the coming years, driven by increasing security concerns and technological advancements. Wytec's GunShotSensor technology positions the company to potentially capture a significant share of this expanding market 12.
Leadership and Vision
William Gray, Chairman and CEO of Wytec, expressed confidence in the company's trajectory, highlighting the potential of the GunShotSensor technology to make a meaningful impact on public safety. The company's leadership sees the Nasdaq uplisting as a crucial step in accelerating growth and expanding market reach 2.
Regulatory Considerations
It's important to note that while Wytec has announced its intentions, the successful uplisting to Nasdaq is subject to meeting all necessary regulatory requirements and market conditions. The private offering is a strategic step towards achieving this goal, but investors should be aware of the inherent risks and uncertainties in such processes 12.
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