NEW HAVEN, Conn. and LONDON, July 3, 2019 /PRNewswire/ — Advanced Materials Defense Technologies LLC (“AMDT”) has entered into an exclusive letter of intent with investment affiliates of J.F. Lehman & Company to purchase Spinel Technologies, LLC, holder of all of the Spinel intellectual property owned and developed by Defense Venture Group. Tested by the U.S. Navy Research Labs and other defense laboratories, Spinel is one of the most advanced and transparent armor materials in the world.

Bill Gates, President and founder of AMDT hailed the transaction as timely. “Our acquisition of Spinel will enable multiple military applications to save lives in the air, on land and sea.” Gates added, “We are interested in pursuing discussions for the application of Spinel technologies for all branches of the military.”

The transaction is expected to close in the next 30 days. Winchester Capital served as advisor to AMDT for the transaction.

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SOURCE Winchester Capital