December 29 Laser Detect Systems wins NIS 3.6 Million BIRD Foundation grant

Laser Detect Systems Ltd (LDS) has been awarded a NIS 3.6 million (800,000$) grant from Israeli-United States Binational Industrial Research and Development Foundation (BIRD).
The BIRD Foundation grant is for the development of a Baggage scanner together with Sceptor Industries of the US. The Baggage scanner will target both the military and civilian markets, and LDS predicts that the product’s potential market could reach hundreds of millions within five years, subject to approval by US regulators.
Globes Internet, December 29, 2005

August 23 Equity Investment

Laser Detect Systems (LDS) Ltd. has completed the initial round of financing and has raised a total of $2 million US. This sum has been invested by ITL, the parent-company, and by an additional foreign investor. Prior to this transaction, ITL was the sole shareholder of LDS. Following its $1 million equity investment, the new shareholder will receive 5.88% of LDS’ issued shares. The balance of the investment, approximately $1 million US, will be invested by ITL. Subsequently ITL’s holdings will decrease to 94.12%. The investment was executed according to a pre-money valuation of $15 million US.