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 International, Inc. (OTCQB: WYTC), an AI 5G company, has announced a $10 million SEC 506(c) 9.5% Convertible Secured Note Offering. The funds will be used to complete its AI Gunshot/Sensor technology and uplist to the Nasdaq Capital Market. The technology aims to protect schools from shooter violence and detect harmful drugs, with 86% accuracy for gunshots and 94% for non-gunshots in initial lab tests. Wytec is engaging multiple vendors for a pilot project involving 40 Texas ISDs. The company owns patented small cell IP and is awaiting approval for new provisional patents. Denton Law is assisting with patent applications. The offering is available to accredited investors only and secured by Wytec's patents.
Wytec International, Inc. (OTCQB: WYTC), una società di intelligenza artificiale nel settore 5G, ha annunciato un offerta di note convertibili garantite al 9,5% da 10 milioni di dollari SEC 506(c). I fondi saranno utilizzati per completare la sua tecnologia di rilevamento di colpi di arma da fuoco/sensori e per passare al Nasdaq Capital Market. La tecnologia mira a proteggere le scuole dalla violenza armata e a rilevare droghe dannose, con un 86% di accuratezza per i colpi di arma da fuoco e 94% per i colpi non armati nei test di laboratorio iniziali. Wytec sta collaborando con diversi fornitori per un progetto pilota che coinvolge 40 distretti scolastici del Texas. L'azienda possiede brevetti sulle piccole celle e sta aspettando l'approvazione per nuovi brevetti provvisori. Denton Law sta assistendo con le domande di brevetto. L'offerta è disponibile solo per investitori accreditati ed è garantita dai brevetti di Wytec.
Wytec International, Inc. (OTCQB: WYTC), una empresa de IA en el sector 5G, ha anunciado una oferta de nota convertible garantizada del 9,5% por $10 millones bajo SEC 506(c). Los fondos se utilizarán para completar su tecnología de detección de disparos de armas/sensores y para listar en el Nasdaq Capital Market. La tecnología tiene como objetivo proteger las escuelas de la violencia armada y detectar drogas dañinas, con una precisión del 86% para disparos y del 94% para no disparos en pruebas de laboratorio iniciales. Wytec está colaborando con varios proveedores para un proyecto piloto que involucra 40 distritos escolares en Texas. La empresa posee patentes de celdas pequeñas y está a la espera de la aprobación de nuevas patentes provisionales. Denton Law está assistiendo con las solicitudes de patentes. La oferta está disponible solo para inversionistas acreditados y está garantizada por las patentes de Wytec.
Wytec International, Inc. (OTCQB: WYTC), AI 5G 회사가 1천만 달러 규모의 SEC 506(c) 9.5% 전환 담보 증권 공모를 발표했습니다. 이 자금은 AI 총격/센서 기술을 완성하고 Nasdaq Capital Market에 상장하는 데 사용됩니다. 이 기술은 학교를 총격 폭력으로부터 보호하고 유해 약물을 감지하는 것을 목표로 하며, 초기 실험실 테스트에서 총격에 대한 정확도는 86%, 비총격에 대한 정확도는 94%를 기록했습니다. Wytec는 텍사스 40개 교육구와 관련된 파일럿 프로젝트를 위해 여러 공급업체와 협력하고 있습니다. 이 회사는 특허를 보유한 소형 셀 IP를 소유하고 있으며 새로운 임시 특허 승인을 기다리고 있습니다. Denton Law는 특허 신청을 지원하고 있습니다. 이 공모는 인증된 투자자에게만 제공되며 Wytec의 특허로 담보되어 있습니다.
Wytec International, Inc. (OTCQB: WYTC), une entreprise d'IA spécialisée en 5G, a annoncé une offre de billets convertibles garantis à 9,5% pour 10 millions de dollars selon la SEC 506(c). Les fonds seront utilisés pour finaliser sa technologie de détection de tirs/senseurs et pour se coter sur le Nasdaq Capital Market. La technologie vise à protéger les écoles contre la violence armée et à détecter les drogues nuisibles, avec une précision de 86% pour les coups de feu et de 94% pour les non-coups dans les tests de laboratoire initiaux. Wytec collabore avec plusieurs fournisseurs pour un projet pilote impliquant 40 districts scolaires du Texas. La société possède des brevets sur des petites cellules et attend l'approbation de nouveaux brevets provisoires. Denton Law aide avec les demandes de brevet. L'offre est réservée aux investisseurs accrédités et est garantie par les brevets de Wytec.
Wytec International, Inc. (OTCQB: WYTC), ein AI 5G-Unternehmen, hat ein 10 Millionen Dollar SEC 506(c) 9,5% wandelbare gesicherte Anleiheangebot angekündigt. Die Mittel werden verwendet, um die AI Schuss/Sensor Technologie abzuschließen und an den Nasdaq Capital Market zu listen. Die Technologie zielt darauf ab, Schulen vor Schusswaffen Gewalt zu schützen und schädliche Drogen zu erkennen, mit einer 86%igen Genauigkeit bei Schüssen und 94% bei Nicht-Schüssen in den ersten Labortests. Wytec arbeitet mit mehreren Anbietern an einem Pilotprojekt, das 40 Schulbezirke in Texas einbezieht. Das Unternehmen besitzt patentierte kleine Zell-IP und wartet auf die Genehmigung neuer vorläufiger Patente. Denton Law hilft bei den Patent-Anträgen. Das Angebot richtet sich ausschließlich an akkreditierte Investoren und ist durch die Patente von Wytec gesichert.
- $10 million Convertible Secured Note Offering to fund AI Gunshot/Sensor technology development
- Plans to uplist to Nasdaq Capital Market
- 86% accuracy for gunshot detection and 94% for non-gunshot detection in initial lab tests
- Pilot project engagement with 40 Texas Independent School Districts
- Ownership of patented small cell intellectual property
- Potential shareholder dilution due to convertible note offering
- Technology still in development phase, not yet fully implemented
- to accredited investors, potentially restricting funding sources
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)
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
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.
Media:
Erica Perez
Head of Investor Relations & Communications
Wytec International, Inc.
eperez@wytecintl.com
888-284-4531
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FAQ
What is the purpose of Wytec International's $10 million offering?
What accuracy rates has Wytec's AI Gunshot/Sensor technology achieved in initial tests?
How many Texas Independent School Districts are participating in Wytec's pilot program?
What is the interest rate on Wytec's Convertible Secured Note Offering?
