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Evolv Technology Awarded U.S. Air Force ContractWALTHAM, Mass., June 02, 2021 (GLOBE NEWSWIRE) -- Evolv Technology today announced the company has been awarded a contract with the United States Air Force to identify opportunities to bolster national safety interests through the deployment of Evolv’s advanced security screening systems. Through the contract, Evolv will apply its leadership in using AI, machine learning, advanced sensors, on-demand analytics and related digital technologies for next-generation touchless weapons screening and threat detection. Working with program sponsors, the company will conduct feasibility studies on how the military and other federal government organizations can improve physical security while optimizing operations and reducing costs at military bases, air terminals, air shows, special events and other locations. Evolv earned the award as part of the company’s participation in the highly competitive Small Business Innovation Research (“SBIR”) / Small Business Technology Transfer (“STTR”) programs, which are designed to encourage domestic businesses with 500 or fewer employees to engage in Federal Research/Research and Development (R/R&D) that has the potential to develop into products for military or commercial sectors. With the Department of Defense active in both programs, 11 federal agencies are engaged in the SBIR initiative, while five participate in the STTR program. Successful completion of the process entitles companies to sole source contracts, a key benefit to the companies and federal government alike. AFWERX, a U.S. Air Force program fostering a culture of innovation within the service, facilitates the awarding process. Encompassing multiple programs, including the Air Force commercial investment group, AFVentures, the initiative is intended to circumvent bureaucracy and engage entrepreneurs in Air Force programs. Evolv is transforming the physical security industry, as the industry’s only AI-enabled touchless screening system in the market. Built on the Evolv Cortex AI™ software platform, Evolv Express® delivers up to a 70% reduction in cost and is ten times faster than traditional metal detectors. The system allows people to pass through screening at the pace of life, without breaking stride. Doing so vastly improves security at the speed, scale and flexibility required in today’s post-pandemic world. Evolv’s systems have been used to screen more than 50 million people, second only to the Department of Homeland Security’s Transportation Security Administration in screening people in the U.S. The world’s most iconic venues and companies place their trust in Evolv to protect their employees and visitors including Uber, Lincoln Center, L.L. Bean, Six Flags and hundreds of others. “We’re honored to be collaborating with the U.S. Air Force in its mission to protect our nation,” said Evolv CEO Peter George. “The public sector is a substantial and expanding market, one that’s pursuing the most advanced human security solutions available. By combining our team’s expertise in risk mitigation with innovative threat detection and weapons screening technologies, Evolv’s systems far exceed what’s possible from analog technologies and legacy approaches. We look forward to bringing these benefits to even more federal government customers.” In March 2021, Evolv entered into a definitive agreement for a business combination with NewHold Investment Corp. (NASDAQ: NHIC) in a transaction that would result in Evolv becoming a U.S. publicly listed entity. The transaction is expected to close shortly after the second quarter of 2021, subject to satisfaction of customary closing conditions. For more information visit nhicspac.com. About Evolv Technology Led by a team of security industry leaders with a track record for delivering first-to-market products, Evolv’s investors include Florida Governor Jeb Bush’s firm, Finback Investment Partners, DCVC, General Catalyst Partners, Lux Capital, SineWave Ventures, Motorola Solutions and STANLEY Ventures. The company’s partners include Motorola Solutions, STANLEY Security and Johnson Controls. Evolv Express® has earned industry accolades such as the 2020 Edison Awards™, two Campus Safety 2020 BEST Awards, Campus Security & Life Safety magazine’s Secure Campus 2020 Awards and Best Places to Work by Inc. Magazine and Built in Boston. In March 2021, Evolv entered into a definitive agreement for a business combination with NewHold Investment Corp. (NASDAQ: NHIC) in a transaction that would result in Evolv becoming a U.S. publicly listed entity. The transaction is expected to close shortly after the second quarter of 2021, subject to satisfaction of customary closing conditions. For more information visit nhicspac.com. Evolv Technology, Evolv Express®, and Evolv Cortex AI™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit https://evolvtechnology.com. Media Contacts: Important Information for Investors and Stockholders This document relates to a proposed transaction between NewHold and Evolv. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. NewHold has filed a registration statement on Form S-4 with the SEC, which includes a document that will serve as a prospectus and proxy statement of NewHold, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all NewHold stockholders. NewHold also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of NewHold are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by NewHold through the website maintained by the SEC at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from NewHold upon written request to NewHold Investment Corp., c/o NewHold Enterprises, LLC, 52 Vanderbilt Avenue, Suite 2005, New York, New York 10017, Attn: Charlie Baynes-Reid, or by calling (212) 653-0153, or by email at [email protected]. Participants in the Solicitation This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. Forward-Looking Statements Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond NewHold’s and Evolv’s control. While all projections are necessarily speculative, NewHold and Evolv believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that NewHold and Evolv, or their representatives, considered or consider the projections to be a reliable prediction of future events. |