KWESST Announces Results of 2024 Annual General and Special Meeting of Shareholders

Rhea-AI Summary

KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) held its 2024 Annual and Special Meeting of shareholders on August 26, 2024. Shareholders approved all resolutions outlined in the July 16, 2024 management information circular, including:

• Setting the number of Directors at seven
• Electing all nominated Board of Directors members
• Appointing MNP LLP as the company's auditor
• Approving the amended long-term incentive plan

The company welcomed new directors Sean Homuth (President and CEO) and Jennifer Walsh (CPA), while thanking outgoing director John McCoach for his service since the company's inception.

Positive

• Shareholders approved all proposed resolutions
• Appointment of new directors, including the President and CEO
• Approval of amended long-term incentive plan

Negative

• None.

Ottawa, Ontario--(Newsfile Corp. - August 27, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) (TSXV:KWE.WT.U) ("KWESST" or the "Company") today announced the results of its 2024 Annual and Special Meeting of shareholders held on Monday, August 26, 2024 in virtual format.

Shareholders approved all the resolutions detailed in the management information circular of the Company dated July 16, 2024, namely:

• To set the number of Directors at seven;
• Electing all the nominees to the Board of Directors of the Company;
• Appointing MNP LLP as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor's compensation; and
• Approving the Company's amended long term incentive plan.

The returning directors extended a warm welcome to incoming directors, Sean Homuth, President and CEO and Jennifer Walsh, CPA, and offered special thanks to outgoing director, John McCoach, former President of the TSXV, a valued colleague who served with distinction since the inception of the Company.

About KWESST

KWESST (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (FSE: 62UA) develops and commercializes breakthrough next-generation tactical systems for military and security forces. The company's current portfolio of offerings includes digitization of tactical forces for real-time shared situational awareness and targeting information from any source (including drones) streamed directly to users' smart devices and weapons. Other KWESST products include countermeasures against threats such as electronic detection, lasers and drones. These systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems, and all come integrated with TAK. The company also has a new proprietary non-lethal product line branded PARA OPS^TM with application across all segments of the non-lethal market, including law enforcement. The Company is headquartered in Ottawa, Canada with representative offices in London, UK and Abu Dhabi, UAE.

For more information, please visit https://kwesst.com/.

Contact:
David Luxton, Executive Chairman: luxton@kwesst.com
Sean Homuth, President and CEO: homuth@kwesst.com
Jason Frame, Investor Relations: frame@kwesst.com 587.225.2599

Forward-Looking Information and Statements
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian and United States securities laws (collectively, "forward-looking statements"), which may be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "foresees", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of KWESST's management and are based on assumptions and subject to risks and uncertainties. Although KWESST's management believes that the assumptions underlying such statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting KWESST, including KWESST's inability to secure contracts (including subscriptions for KWESST Lightning on a paid basis), statements of work and orders for its products in 2024 and onwards for reasons beyond its control, the renewal or extension of agreements beyond their original term, the granting of patents applied for by KWESST, inability to finance the scale up to full commercial production levels for its physical products, inability to secure key partnership agreements to facilitate the outsourcing and logistics for its Arwen and PARA OPS products, overall interest in KWESST's products being lower than anticipated or expected; general economic and stock market conditions; adverse industry events; loss of markets; future legislative and regulatory developments in Canada, the United States and elsewhere; the inability of KWESST to implement its business strategies; risks and uncertainties detailed from time to time in KWESST's filings with the Canadian Security Administrators and the United States Securities and Exchange Commission, and many other factors beyond the control of KWESST. Although KWESST has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and KWESST undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its respective Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221212

FAQ

When did KWESST Micro Systems (KWE) hold its 2024 Annual General and Special Meeting?

KWESST Micro Systems (KWE) held its 2024 Annual General and Special Meeting on August 26, 2024.

How many directors were approved for KWESST's (KWE) board in the 2024 shareholder meeting?

Shareholders approved setting the number of Directors at seven for KWESST's (KWE) board in the 2024 meeting.

Who was appointed as the auditor for KWESST Micro Systems (KWE) in the 2024 shareholder meeting?

MNP LLP was appointed as the auditor for KWESST Micro Systems (KWE) in the 2024 shareholder meeting.

Which new directors joined KWESST's (KWE) board following the 2024 shareholder meeting?

Sean Homuth, President and CEO, and Jennifer Walsh, CPA, joined KWESST's (KWE) board following the 2024 shareholder meeting.