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"

Rhea-AI Summary

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.

Positive

• $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

Negative

• 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) 9.5% $10,000,000 Convertible Secured Note Offering (Secured by its Patents), utilized to complete the funding of its AI Gunshot/Sensor technology in support of protecting America’s children from increased shooter violence and detecting harmful drugs infiltrating U.S. Independent School Districts (ISDs) across America and Internationally. The AI/Sensor technology includes the engagement of multiple national and international vendors participating in the Company’s Pilot Project in support of 40 Texas ISDs requesting to participate in Wytec’s pilot program.  “The Company’s initial lab results (over 300,000 samples) produced an 86% true positive accuracy for gunshots and a 94% true negative accuracy for non-gunshots under real-life environments,” remarks Robert Sanchez, Wytec CTO.

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 9.5% Note Program will be utilized to complete its AI Gunshot/Sensor technology and complete its final requirements to uplist to the Nasdaq Capital Markets and can be viewed at Wytec Secure Note Offering. The Note Program is filed under SEC 506(c) and available to accredited investors only.

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

Attachment

• Wytec

FAQ

What is the purpose of Wytec International's $10 million offering?

Wytec International's $10 million offering is to fund the completion of its AI Gunshot/Sensor technology and support its uplisting to the Nasdaq Capital Market under the ticker WYTC.

What accuracy rates has Wytec's AI Gunshot/Sensor technology achieved in initial tests?

In initial lab tests with over 300,000 samples, Wytec's technology achieved 86% true positive accuracy for gunshots and 94% true negative accuracy for non-gunshots under real-life environments.

How many Texas Independent School Districts are participating in Wytec's pilot program?

40 Texas Independent School Districts have requested to participate in Wytec's pilot program for its AI Gunshot/Sensor technology.

What is the interest rate on Wytec's Convertible Secured Note Offering?

Wytec's Convertible Secured Note Offering has a 9.5% interest rate.