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Byrna Reports Preliminary Q2 Results - YTD Sales Up 1,000% Year-Over-Year

Company Expects to Receive $3.3 million through Early Warrant Exercises

WAKEFIELD, Mass., June 9, 2020 /PRNewswire/ -- Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) ("Byrna" or the "Company") finished the 2nd Quarter of 2020 (ending May 31st) with record sales of approximately (US)$1,180,000 net of reserves.  This brought Byrna's 2020 YTD sales to (US)$1,329,000 versus total sales of (US)$117,000 for the same period in 2019 – an increase of more than 1,000%. 

The Company's backlog as of May 31, 2020 stood at approximately (US)$193,000.  Bryan Ganz, CEO of Byrna, stated, "the biggest challenge we are currently facing is keeping up with rapidly growing demand.  To ensure that we can satisfy the market, the Company is accelerating its plans to open a second manufacturing facility in Ft. Wayne, Indiana.  We expect to have this facility on-line by late summer.  In the meantime, we want to thank our loyal customers for their patience and continued support."

Based on the recent appreciation in the Company's stock price, a provision allowing for early termination was triggered in more than 18 million warrants issued in November of 2017.  The Company has notified the warrant holders this week that it is exercising this early termination right and that the warrants will expire August 31, 2020. 

With the stock currently trading at more than a 300% premium to the exercise price of the warrants, the Company expects that most (if not all) of the warrant holders will exercise their warrants prior to the end of Q-3 (August 31st).  This will bring in approximately $3.3 million in fresh equity without any investment banking or legal fees.  This is on top of the $3.2 million raised earlier in Q2. 

With this influx of capital, the Company expects to have sufficient cash to fund operations for the foreseeable future.  Additionally, these recent capital raises, coupled with the retirement of over $6.5 million of debt in the 2nd Quarter, have put the Company closer to its goal of up-listing to the NASDAQ Capital Market.  The Company plans to apply to the NASDAQ at the appropriate time.

About Byrna Technologies Inc. (OTCQB: BYRN)(CSE: BYRN)

Byrna is an emerging non-lethal technology company, specializing in the development and manufacture of innovative less lethal equipment and munitions. For more information on the Company, please visit the corporate website here or the company's investor relations site here. The Company is the manufacturer of the Byrna® HD personal security device, which looks to be the leading choice in the consumer and private security markets for non-lethal home protection, personal safety, and security. To purchase Byrna® products visit the Company's e-commerce store or locate a dealer here.

About the Byrna® HD

The Byrna HD is the Company's first personal security device designed for the consumer and private security markets. The Byrna HD is engineered with patented designs and proprietary parts to provide an effective non-lethal option for home safety and personal security with the form factor of a compact handgun. The Byrna HD is easy to use, with virtually no recoil and can be fitted with a laser or light to facilitate accurate shooting even by non-gun owners. Unlike pepper spray and stun guns or Tasers, it provides a safety zone of 60 feet and comes with multiple easily reloadable magazines that can hold five .68 caliber highly effective payload rounds designed to burst on impact. Payload rounds include the Company's proprietary chemical irritant and pepper rounds designed to burn an assailant's eyes and respiratory system upon contact, and hard kinetic rounds. The Byrna HD is not a "firearm" and does not require a background check but it is subject to certain state and local regulation. Always check local laws before purchasing or travelling with a Byrna HD or other CO2 powered or "pepper spray" type device.

Forward Looking Information

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable U.S. and Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts",  "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar  words)  and  statements  that  certain  actions,  events  or  results  "may", "could",  "would",  "should",  "might," "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information in this news release includes, but is not limited to, statements related to the Company's expectations of its final results for the quarter ended May 31, 2020, plans and timing related to the Company's U.S. manufacturing facility, the anticipated exercise of warrants by certain warrant holders, the anticipated sufficiency of cash for operations over the foreseeable future, the Company's ability to meet NASDAQ listing requirements, and the Company's anticipated decision to seek to uplist to the NASDAQ. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Byrna at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Byrna identified and were applied by Byrna in drawing conclusions or making forecasts or projections set out in the forward-looking  information  include, but are not limited to competition from existing or new products, interruptions in production or in the Company's ability to deliver products for any reason including interruptions due to parts availability, illness or quarantines, or delays in deliveries or new or expanded shutdowns related to the current civil unrest or to the Coronavirus (including reclassification of or extension of shutdowns to stores selling essential goods) or extended trade halts or embargos that disrupt the production or shipment of parts or finished goods, parts or finished goods product recalls, legal developments that impact the sale of or market for the Company's products or prevent or threaten to prevent the Company's sales or that challenge the effectiveness of the Company's notice of early termination of certain warrants, reduced demand due to quarantines, competition, inability to fill orders promptly, increased costs of sales and one time transaction costs whether related to the pandemic or otherwise, negative market response to the Company's products, the possibility that one or more of the Company's warrant holders who receives an early termination notice may elect to allow their warrants to expire rather than exercise them, or any negative events or publicity related to any Company product, spokesperson, announcement or endorsement that  negatively impacts the Company's marketing plans or reputation, and the financial and product market conditions and other events including those related to the COVID-19 pandemic and ongoing civil unrest in the United States. Should one or more risk, uncertainty, contingency, or other factor materialize, or should any factor or assumption prove incorrect, they could impact the sufficiency of Company's cash to fund operations or otherwise cause actual results could vary materially from those expressed or implied in the forward-looking information. Further, unanticipated changes in the Company's capital structure, its inability to effect a reverse split of its stock if needed, a significant decline in the Company's stock price, any changes in the NASDAQ listing requirements, or a decision by NASDAQ not to approve the Company's anticipated application to uplist could impact the Company's decision or ability to seek to uplist. Accordingly, the reader should not place undue reliance on forward-looking information. Byrna does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

 

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SOURCE Byrna Technologies Inc.