Madison Square Garden Sports Corp. has announced that it will invest up to US $10 million in Xtract One Technologies Inc.
The initial investment of US $6.3 million is effective immediately, with the subsequent investment of US $3.7 million being conditional on the approval of Xtract One’s shareholders and all applicable regulatory approvals.
The initial and proposed subsequent equity investment will enable Xtract One to further innovate its advanced security solution and accelerate its growth into new market segments.
Xtract One is transforming perimeter screening and security, replacing obsolete walk-through metal detectors with a fast, frictionless entry experience, while simultaneously providing a security solution that delivers exceptional experiences and safer environments.
“We are thrilled to announce this investment and partnership with MSG Sports,” said Peter Evans, CEO, Xtract One. “We continue to see impressive growth in market interest and customer adoption of our security technology solutions.”
“I believe this relationship will create unique opportunities and benefit multiple industries.”
To learn more about the full financial details, visit: xtractone.com