SECURITY DEVICES INTERNATIONAL INC. (OTCMKTS:SDEV) Files An 8-K Entry into a Material Definitive Agreement

SECURITY DEVICES INTERNATIONAL INC. (OTCMKTS:SDEV) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement.

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On April 13, 2018, Security Devices International Inc. (the “Registrant”) entered into a Purchase and Sale Agreement (the “Agreement”) with André Buys, a resident of South Africa (“Mr. Buys”), to which the Company purchased from Mr. Buys a portfolio of registered patents, provisional patents, and other intellectual property relating to air and/or gas fired long guns or pistols, including pump action launchers and munitions used with such pistols and long guns, including self-stabilizing shaped or “finned” rounds (the “Portfolio”). As consideration for Portfolio, the Company (i) paid Mr. Buys $100,000, (ii) agreed to pay Mr. Buys either $500,000 in cash or $750,000 worth of Company stock within two years (the “Second Payment”), (iii) agreed to issue 1,500,000 options or warrants for shares of the Company’s common stock to Mr. Buys, and (iv) agreed to pay Mr. Buys certain royalty payments for sales of products by the Company using technology covered by the Portfolio. In the event that the Company fails to make the Second Payment, the Portfolio would revert to Mr. Buys, but the Company would retain certain exclusive and non-exclusive license rights with respect to the Portfolio.

The Agreement is filed herewith as Exhibit 10.1. The description of the Agreement contained herein is qualified by reference thereto.

In addition, the Company has hired Mr. Buys as its Chief Technology Officer.

Item 8.01.Other Events.

On April 16, 2018, the Registrant issued a Press Release, attached hereto as Exhibit99.1, regarding the Agreement.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are filed as part of this Current Report on Form 8-K:

to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Security Devices International Inc. Exhibit
EX-10.1 2 a51789037ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 PURCHASE AND SALE AGREEMENT This Purchase and Sale Agreement (“Agreement”),…
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Security Devices International, Inc. (SDI) is a less-lethal defense technology company. The Company’s segments include the U.S.A. and Canada. It is specialized in the development, manufacturing and sale of next generation less-lethal ammunition. This ammunition is used by the military, correctional services and police agencies for crowd control. SDI’s 40 millimeter (mm) less-lethal weapon technology can be used over both short, as well as long distances. The Company has two products, which include Blunt Impact Projectile 40 millimeter (BIP) and Wireless Electric Projectile 40 millimeter (WEP). Its BIP family of ammunitions include BIP (Standard); BIP MP: Marking Powder; BIP ML: Marking Liquid; BIP OC: Oleoresin Capsicum; BIP MO: Malodorant; BIP DNA: Forensic Marking; BIP CS: Tear Gas Powder, and BIP TR: Training Round. The Company offers SDI Instructor Training Course, which provides professionally skilled instructors in less-lethal training.

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