Two institutional investors have given a $17.5 million boost to Stinger Systems, which is developing projectile-based stun gun and other non-lethal weaponry.
Stinger (Pink Sheets: STIY.PK) said the first block of investment covers $10 million in stock.
Warrants have also been granted for an additional $7.5 million.
The investors were not disclosed.
“We are very pleased to report the recent financing transaction for $10,000,000. Proceeds from this financing will provide Stinger excellent working capital and also the necessary funds to move forward in the projectile stun gun market,” said Robert Gruder, CEO of Stinger Systems, in a statement. “We will now be able to aggressively compete in the projectile stun weapon marketplace and vigorously defend our patent position.
Stinger has developed a means of using stun technology in a projectile that includes four darts and provides longer range than conventional stun guns — up to 31 feet.
“We believe our four-dart Stinger weapon will give law enforcement professionals’ additional protection and greater target attainment,” Gruder added. “We are eager to begin shipping the Stinger in the first quarter of 2005 and we look forward to bringing a competitive environment to the stun weapon market.”
The company said it has more than 12,000 users.
Stinger Systems: www.stingersystems.com