08:34 AM EDT, 09/25/2024 (MT Newswires) -- Liberty Defense Holdings ( LDDFF ) said Wednesday that it received additional funding under its current contract with the Transportation Security Administration (TSA).

The company, which provides artificial intelligence-based detection solutions to protect secure locations against weapons and other threats, won the $3.9 million contract in 2023.

With this additional funding, Liberty said $1.69 million of the total contract value has been obligated.

The company said the additional funding will allow for additional design efficiencies.

"We continue to work closely with TSA on this critical initiative to help develop the next generation of passenger screening," CEO Bill Frain said. "We have made significant progress on the kit and this funding will support the targeted testing schedule in 2025."

Liberty's share price fell 5.6% yesterday to $0.085 on the TSXV.