Byrna Technologies Wins Record Law Enforcement Order in Argentina

Rhea-AI Summary

Byrna Technologies announces a $6 million order with the Córdoba Provincial Police force in Argentina, the largest single order in the company's history. The order highlights the growing adoption of less-lethal weapons in Argentina and solidifies Byrna's strategic entry into the market. Byrna plans to expand its presence across South America.

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• Byrna announces a milestone $6 million order with the Córdoba Provincial Police force, the largest single order in the company's history
• Growing adoption of less-lethal weapons in Argentina presents a valuable opportunity for Byrna
• Byrna plans to expand its presence across South America

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ANDOVER, Mass., Oct. 26, 2023 /PRNewswire/ -- Byrna Technologies Inc. ("Byrna" or the "Company") (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced a milestone $6 million order with the Córdoba Provincial Police force in Argentina. The 4,000-launcher order, fulfilled through Byrna's distributor Bersa S.A., is the largest single order in the Company's history.

The Córdoba Provincial Police force, comprising of approximately 40,000 officers, initiated its adoption of less-lethal weapons earlier this year with a purchase of 1,000 launchers. Since then, the successful deployment of Byrna's launchers by various specialized units, including road police, special surveillance, and patrol units, has attracted significant attention.

"This order underscores the tremendous success we are experiencing in Argentina and further solidifies our strategic entry into this growing market," said Byrna CEO Bryan Ganz. "We are confident that this is the beginning of a valuable opportunity for Byrna in Argentina as more municipalities find success with our products. With shifting political policies favoring less-lethal solutions across South America, Byrna is at the forefront of the discussion. Our state-of-the-art launchers, combined with our powerful projectiles, provide law enforcement agencies with a truly effective alternative."

While these sales through Byrna's distribution partner, Bersa S.A., are not directly reflected in Byrna's reported numbers, these recent wins underscore the strategic importance of Byrna's LATAM joint venture and the long-term growth potential for Byrna internationally and within the law enforcement market. This latest order from the Córdoba Provincial Police highlights the accelerating adoption of less-lethal weapons in Argentina, with Byrna also securing deployments in Buenos Aires, Lanus, and Ezeiza. The Company views its growing foothold in Argentina as a critical steppingstone as it expands its presence across South America, particularly into Brazil, furthering its plan to advance less-lethal security solutions in Latin America.

The Company remains dedicated to shaping the global landscape of less-lethal security solutions. As Byrna continues to evolve and expand, its trajectory is marked by dynamic collaborations that prioritize human life and security.

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.

Forward Looking Information

This news release contains "forward-looking statements" within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "intends," "will," "anticipates," and "believes" and statements that certain actions, events or results "may," "could," "would," "should," "might," "occur," or "be achieved," or "will be taken." Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company 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.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factor, changes in the markets for security products and non-lethal defense technology could have a material adverse impact on our business, financial condition and results of operations, The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results.  Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, ("Risk Factors") in our most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

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SOURCE Byrna Technologies Inc.

FAQ

What is the significance of the $6 million order with the Córdoba Provincial Police force?

The $6 million order is the largest single order in Byrna's history and highlights the growing adoption of less-lethal weapons in Argentina.

What are Byrna's plans for expansion?

Byrna plans to expand its presence across South America, particularly into Brazil, as part of its long-term growth strategy.

How does Byrna's order with the Córdoba Provincial Police force impact the company's international growth potential?

The order demonstrates the strategic importance of Byrna's LATAM joint venture and solidifies its entry into the Argentine market. It also paves the way for further expansion in Latin America.