#Defense Stock News:
Patriot One (TSX: $PAT.TO) (OTCQX: $PTOTF) Provides Corporate Update
JOHNSON CONTROLS (NYSE: $JCI)
PARTNERSHIP, XTRACT TECHNOLOGIES ACQUISITION, SMART CITY PROJECTS
TORONTO,
ON - October 4, 2019 (Investorideas.com Newswire) Patriot
One Technologies Inc., (TSX: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL)
("Patriot One" or the "Company"), developer of the PATSCAN™
Multi-Sensor Covert Weapon Detection Platform (“PATSCAN Platform”), wishes to
provide the following corporate update.
Read this in full at
https://www.investorideas.com/news/2019/defense/10041PatriotOne-CorporateUpdate.asp
Over
the past quarter the Company has experienced exciting new developments. These
include:
·
JOHNSON CONTROLS PARTNERSHIP:
The Company announced an integration
partnership with Johnson Controls International (NYSE:
JCI)
following successful PATSCAN Platform demonstrations. The integrated
PATSCAN-JCI solution and subsequent ongoing development efforts, will become
part of overall security system deployment projects with several JCI key
clients, including sports franchises and a global transportation corporation.
·
XTRACT TECHNOLOGIES ACQUISITION:
In July, Patriot One announced a strategic
partnership with XTRACT Technologies Inc. (XTRACT.ai). Then in early September,
the Company acquired XTRACT.ai along with its related interests, assets and
intellectual property. XTRACT.ai’s novel neural network
architecture and data fusion techniques are robust, efficient and require less
memory than comparable standards. In addition, XTRACT.ai’s profitable work with
government and private industry will now contribute to the Company’s financial
performance.
·
NEW SENIOR ADVISOR:
Last month, the Company appointed retired
Vice Admiral Robert Stiles Harward Jr. to its Senior Advisory Board. Mr.
Harward’s esteemed career includes service as a United States Navy SEAL and
Deputy Commander of the United States Central Command, under the leadership of
General James Mattis. Mr. Harward is currently Chief Executive for Lockheed
Martin in the Middle East.
·
SMART CITY PROJECTS:
The Company has advanced discussions with
key partners around several strategic Smart City projects; including Bleutech
Park LV. Patriot One is very
pleased that its partners have included the PATSCAN Platform in their
specifications for select Smart City projects and will determine whether to
commit resources or capital upon further diligence.
PATSCAN
PLATFORM UPDATE
Patriot One continues
to expand and develop its PATSCAN Multi-Sensor Threat Detection Platform. The
Platform currently integrates artificial intelligence (AI) with four (4)
diverse threat detection sensor and software components, including microwave
radar, magnetic technology, chemical sensing and video analytics. The
Company’s recent acquisition of XTRACT.ai has enhanced data fusion between
PATSCAN sensors, helping lead to improved Platform performance.
o PLATFORM:
The
PATSCAN Platform (v1.0) was completed for commercial deployment in calendar Q3
2019. This robust, stable Platform
offers the ability to (a) quickly integrate new threat detection sensors, (b)
correlate events across combined sensors in novel use cases to produce
actionable intelligence far more powerful than the sum of the individual parts,
and (c) send alerts to any number of third-party mass notification systems
which have open API’s or provide access approval.
o CONCEALED
WEAPON DETECTION SENSORS: With the added support of XTRACT.ai,
the power of the CMR v1.0 sensors and
TMS v1.0 sensors in the PATSCAN Platform configuration is advancing
rapidly. By capturing real-world data
between each sensor independently and in combination with one another, Patriot
One’s AI team is helping to advance platform development and improve its
overall accuracy and performance.
o VIDEO
THREAT DETECTION SOFTWARE: During
this past quarter, the Company broadened VRS v1.0 software deployments, which
has been invaluable to fine-tuning its computer vision modules. As a result of
this development and AI input, the Company’s vision module accuracy and
validation capabilities extend beyond single-metric reporting. Due to the
strict requirements of large, critical infrastructure locations, the VRS’s data
is processed onsite to avoid privacy and latency issues faced by competitors
that use cloud-based data storage.
o CHEMICAL
THREAT DETECTION SENSOR: The STS v1.0 multi-chemical threat detection
sensor continues to advance under the Company’s joint venture with Nanobio
Detection Systems LLC. In July,
explosive detection capabilities were discussed and demonstrated in Washington,
DC with key partners and government officials.
These efforts will continue into calendar Q4 2019, as well as research
and lab work focused on opioid detection.
o PRODUCT DEVELOPMENT: Many clients
and investors have asked about product development. Like many successful technology companies,
Patriot One will always seek ways to advance its current sensor and software
solutions to continuously improve the performance of the PATSCAN Platform. Patriot One, like all companies who
produce RF emission products, is required to secure the appropriate FCC waivers
and licenses for testing these new models. The Company is fully compliant with FCC guidelines and our CMR v1.0 is FCC
approved. Patriot
One will continue to innovate, developing future versions which may use
different RF frequencies and characteristics or have changes to hardware and will require experimental licenses and
waivers, as appropriate. In
addition, Patriot One continues to examine other threat detection technologies
that offer the potential to be added to and further enhance the PATSCAN
Platform.
FY2020
Q1 ANTICIPATED MILESTONES
Management
continues to focused on three core areas as the Company begins this
quarter.
·
Deliver on key high-profile installations of
PATSCAN Platform with select reseller partners.
·
Report revenue from the sales of the PATSCAN
Platform and Xtract.ai division.
·
Establish new strategic partnerships within
the security technology and business space.
Patriot
One has a strong balance sheet with no debt and $45 million in working capital.
The Company is firming up deployments of its PATSCAN Platform with initial
clients, while advancing development of its sensors and the combined AI-driven
software. Patriot One is vigilant about
ensuring its PATSCAN Platform and each sensor component performs at the highest
level within the marketplace.
Respectfully,
Martin Cronin
President and CEO
Patriot One
Technologies Inc.
About Patriot One
Technologies Inc. (TSX:PAT) (OTCQX: PTOTF) (FRA: 0PL): Patriot
One’s mission is to deliver innovative threat detection and counter-terrorism
solutions for safer communities. Our PATSCAN™ Multi-Sensor Covert Threat
Detection Platform provides a network of advanced sensor technologies with
powerful next generation AI/machine learning software. The network can be
covertly deployed from far perimeter to interiors across multiple
weapons-restricted facilities. The PATSCAN Platform identifies and reports
threats wherever required; car park, building approach, employee & public
entryways and inside the facilities. Each solution in the PATSCAN Platform
identifies weapons, related threats or disturbances for immediate security
response. Our motto Deter, Detect and
Defend is based on the belief that widespread use of the PATSCAN Platform will
act as an effective deterrent to diminish the epidemic of active threats around
the globe. For more information, visit: www.patriot1tech.com or follow us on Twitter and Facebook.
Investor Relations
John Martin
+1 (888) 728-1332
Media
Contacts:
Scott
Ledingham, PR Media Now
+1-613-806-7135
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This
news release contains forward-looking statements relating to product
development, licensing, commercialization and regulatory compliance issues and
other statements that are not historical facts. Forward-looking statements are
often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical fact, included
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uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from
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results to differ materially from the Company's expectations include the
failure to satisfy the conditions of the relevant securities exchange(s) and
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preparation of any forward-looking information may prove to be incorrect.
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forward-looking information. Such information, although considered reasonable
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may differ materially from those anticipated. Forward-looking statements
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