Security Devices International Inc (OTCMKTS:SDEV) (CSE:SDZ) said Wednesday that it had made some key changes in its finance department by elevating controller Jim Dunfey to the position of chief accounting officer.
In a statement, the Wakefield, Massachusetts, company which makes the bestselling non-lethal Byrna security device, said 56-year-old Dunfey assumed his new responsibilities from December 31, 2019.
The finance executive, who has served as the company's controller since September last year, will continue in his old role while doubling up as the new chief accounting officer, said the company.
Dunfey earlier worked for 15 years as chief accountant and cost controller at Anika Therapeutics Inc, a regenerative therapies company. Dunfey holds a BA in Finance from the University of Massachusetts at Amherst.
Meanwhile, Stan Baumgartner, who was recently named chief financial officer has stepped down for personal reasons. He will continue to assist the company until January 16 to ensure an orderly transition, said the company.
Boosting intellectual property
On a separate note, Security Devices amended an April 13, 2018 purchase agreement pertaining to intellectual property acquired from Andre Buys and his subsequent engagement as chief technology officer. Under the agreement, Buys received a first payment of $100,000 in cash, as well as expense reimbursements and was to receive a second payment of $500,000 cash or $750,000 in company stock prior to April 13, 2020.
Now in lieu of the second payment, the company has agreed to issue Buys restricted stock valued at $630,000. The move still has to be approved by the company's board of directors. The non-lethal defense technology company has also agreed to fork over $80,000 in cash to Buys no later than April 13, 2020. On December 19, a total of 3,866,810 restricted shares were issued, of which at least 2,946,140 were issued to Buys, and the balance to a different entity.
In return, the amendment terminates Buys' interest and reversionary rights to the intellectual property covered by the agreement, and tweaks certain terms of the agreement relating to royalties. It also stipulates that on Buy's relocation to Boston, he will be a full-time employee of Security Devices, with a salary of $14,000 per month, with benefits.
Meanwhile, on December 31, the company granted 1,237,500 in incentive stock options to non-employee members of the board. The options have a five-year expiry term and are exercisable at $0.19 each.
Security Devices International’s small, lightweight .68 caliber hand-held Byrna HD security device equipped with a five-round magazine is capable of accurately and effectively hitting a target at up to 60 feet — without causing serious injury.
The Byrna dispenses chemical payloads designed to burn an assailant’s eyes and respiratory system upon contact. Although it delivers chemical irritants which causes an immediate burning sensation, the Byrna fires non-lethal rounds. What really burnishes the Byrna’s market appeal is that it is not a firearm under federal law and doesn’t require a federal gun license.
The company’s products are used by the military, correctional services, police agencies, private security companies and individuals looking for personal security.
Contact the author Uttara Choudhury at [email protected]
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