Byrna Launchers Approved for Civilian and Security Use in Mexico through New Federally Endorsed Training Program

Rhea-AI Summary

Byrna Technologies Inc. (Nasdaq: BYRN) has achieved a significant milestone in Mexico. The company's less-lethal launchers have been approved for use by security professionals and private citizens, following completion of a newly approved, federally certified training program. This program, endorsed by Mexico's Secretaría de Trabajo y Previsión Social (STPS), was developed in partnership with Distribution Goel and a network of certified instructors across major regions.

The DC-3 certification training covers legal guidelines, product nomenclature, target practice, and real-world scenario simulations. This approval marks an important step in Byrna's international expansion, building on its success in Canada and South America. The company expects its products to resonate with individuals seeking effective and responsible personal protection solutions in Mexico.

Positive

• Approval for civilian and security use of Byrna launchers in Mexico
• Federally endorsed training program specific to Byrna products
• Expansion of market reach into Mexico
• Nationwide network of certified instructors established

Negative

• None.

Insights

Legal Expert

This approval represents a significant regulatory milestone for Byrna in Mexico. The endorsement by the STPS and the development of a federally certified training program specifically for Byrna launchers demonstrates a high level of government acceptance for these less-lethal devices. This could potentially open doors for similar approvals in other countries, especially in regions with strict weapon regulations.

The legal implications are substantial: by allowing both security professionals and civilians to carry Byrna launchers after completing the training, Mexico is expanding the self-defense options available to its citizens. This could lead to increased demand for Byrna's products and potentially reduce legal barriers in other markets. However, it's important to monitor how this plays out in practice, as any misuse could lead to regulatory backlash.

Market Research Analyst

This development could be a game-changer for Byrna's market penetration in Mexico. With a population of over 130 million and growing security concerns, Mexico represents a vast potential market for less-lethal personal security solutions. The approval for both professional and civilian use significantly expands the addressable market.

The partnership with Distribution Goel and the network of certified instructors across major regions provides Byrna with a strong distribution and training infrastructure. This could lead to accelerated sales growth and brand recognition in Mexico. Moreover, success in Mexico could serve as a blueprint for expansion into other Latin American countries with similar security needs and regulatory environments, potentially driving long-term growth for Byrna.

Financial Analyst

This regulatory approval in Mexico is likely to have a positive impact on Byrna's financial performance. While specific revenue projections aren't provided, the expansion into a large market like Mexico could significantly boost sales volumes. The company's success in Canada and South America suggests a proven track record in international markets.

Investors should watch for increased marketing and distribution costs in the short term as Byrna establishes its presence in Mexico. However, the potential for long-term revenue growth and market share expansion could outweigh these initial investments. The training program requirement may also create a recurring revenue stream if Byrna is involved in providing or certifying the training. Overall, this news suggests positive growth prospects for Byrna, potentially leading to improved financial performance in the coming quarters.

ANDOVER, Mass., Aug. 27, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced that security professionals and private citizens in Mexico can now legally carry Byrna launchers following the successful completion of a newly approved, federally certified training program.

This milestone approval comes after the Secretaría de Trabajo y Previsión Social (STPS) of Mexico endorsed Byrna’s less-lethal launchers as key component of a DC-3 certification training program. Unlike previous general certification courses, this program, developed in partnership with Distribution Goel and a network of certified instructors across major regions including Baja California, Veracruz, Jalisco, Mexico City, and Puebla, is specifically tailored to Byrna products. The course covers essential topics such as legal guidelines, product nomenclature, target practice, and real-world scenario simulations, ensuring participants gain a thorough understanding of both the legal and practical aspects of using a Byrna launcher.

“The approval by the Mexican government for both security professionals and the general public to carry and use Byrna launchers marks another step forward in our expansion into international markets,” said Byrna CEO Bryan Ganz. “Building on the success we’ve experienced in Canada and South America, we are confident that our products will resonate with individuals in Mexico who seek effective and responsible personal protection solutions. We are grateful to our partners in Mexico who worked closely with the government to secure this training approval, and we look forward to advancing our mission of providing less-lethal solutions in this important market.”

The federally approved training program broadens access to Byrna’s specialized education nationwide, supporting security professionals and the general public in meeting legal requirements. The expanded network of certified instructors underscores Byrna’s commitment to safety, compliance, and responsible use of its products.

About Byrna Technologies Inc.

Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. 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® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company's e-commerce store.

Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com

FAQ

What is the recent approval Byrna Technologies (BYRN) received in Mexico?

Byrna Technologies received approval for security professionals and private citizens in Mexico to legally carry Byrna launchers after completing a federally certified training program.

What does the new training program for Byrna (BYRN) launchers in Mexico cover?

The DC-3 certification training program covers legal guidelines, product nomenclature, target practice, and real-world scenario simulations for using Byrna launchers.

Which Mexican government agency endorsed Byrna's (BYRN) less-lethal launchers?

The Secretaría de Trabajo y Previsión Social (STPS) of Mexico endorsed Byrna's less-lethal launchers as part of the DC-3 certification training program.

In which regions of Mexico is the Byrna (BYRN) training program available?

The Byrna training program is available in major regions including Baja California, Veracruz, Jalisco, Mexico City, and Puebla, with a network of certified instructors.