A recent meeting of Xtract One shareholders approved the sale and issuance of 11,925,595 units at a price of US$0.42 each to MSG Sports Ventures, an indirect wholly-owned subsidiary of Madison Square Garden Sports Corporation.
This sale constitutes the second tranche of MSG Sports’ overall investment of US$10m, which constitutes a total of up to 31,925,595 units.
Xtract One says the equity Investment enables Xtract One to further innovate its advanced security solution and accelerate its growth into new market segments.
“I am pleased that our investors overwhelmingly supported this investment and partnership with MSG Sports, said Peter Evans, CEO of Xtract One. “In addition to providing the necessary capital to enable us to further innovate our security solutions, MSG Sports continues to be an outstanding partner for us in terms of their immense influence and brand in the sports industry.”
Securing the future
Its SmartGateway patron screening solution was also selected by Simmons Bank Liberty Stadium, a 58,000-capacity stadium in Memphis, Tennessee, to secure entrances for its live events.
The property is owned by the City of Memphis and is managed by global sports and entertainment company Oak View Group (OVG), which announced a strategic partnership with Xtract One in October 2022.
“As we began preparations for the start of the USFL season, we wanted to optimize our security screening technology,” noted Thomas Carrier, Oak View Group’s General Manager at Simmons Bank Liberty Stadium. The SmartGateway system was designed for large, ticketed venues to enable high throughput, unobtrusively scanning patrons for guns, knives, and other prohibited items as they enter the facility, using AI-powered sensors to detect potential threats.