Tessera Defense and Homeland Security Inc. (HLSQ) News & EventsHLSQTessera Defense and Homeland Security Inc.

Zorronet Receives Initial Order from Global Defense Company

Zorronet, a subsidiary of Tessera Defense and Homeland Security, announced that it has received an initial purchase order from a leading global defense company for a newly developed Edge AI system and according to the customer, subject to successful field testing and performance validation, potential for a follow-on order of up to 1,000 units. The system was jointly developed to address specific operational requirements defined by the customer. Combining thermal sensing, advanced AI, computer vision and high-performance local processing, it can detect and analyze events in real time and initiate predefined responses directly in the field. The customer ordered two initial units for further testing and demonstration of operational capabilities under field conditions following an initial evaluation of a working prototype.

Tessera Defense Secures Option to Acquire Controlling Stake in RT LTA Systems

Tessera Defense is securing its option to acquire a controlling stake in RT LTA Systems, a developer of tethered aerostat systems for tactical intelligence, surveillance and reconnaissance by the transfer of the previously agreed to $1M consideration for the 90 day option. The payment is to be credited to the purchase of the equity stake should Tessera determine to exercise the option, and refunded if the option is not exercised. Tessera is continuing its due diligence review of RT and its business during the option period, including validating RT's asserted backlog and other pipeline projects to Tessera's satisfaction. If exercised, Tessera expects to fund the purchase price through the expanded Mandragola credit facility, proceeds from its at-the-market equity offering program and/or other sources. RT develops and manufactures the Skystar and SkyGuard families of tethered aerostat systems. RT is to enter into a non-exclusive, perpetual license of its technology with Tessera within 60 days after the date of the agreement. The license could allow data from RT's airborne platforms to integrate with Tessera's broader sensing and response systems regardless of whether the acquisition is completed. Tessera holds a 90-day option to acquire 51% of RT, exercisable solely at Tessera's discretion and subject to completion of due diligence and other approvals. Tessera deposited $1M for the option; the amount will be credited toward the purchase price if the option is exercised and refunded if the option is not exercised.