#Security Stock Patriot One (TSX: $PAT.TO) (OTCQX:
$PTOTF) @patriot1tech Reports $4.5M CAD Co-Investment from Digital Technology
Supercluster #COVID19 Program
TORONTO, ON- May 22, 2020 (Investorideas.com Newswire, Homelanddefensestocks.com)-Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), is pleased to announce it
has been selected by Canada’s Digital Technology Supercluster
(the “ Supercluster”) for participation in a funding program for up to $4.5
million (CAD) in co-investment capital (the “Investment”) for the PATSCAN
Multi-Sensor Threat Detection Platform (the “PATSCAN Platform”). This investment is proposed to fund the advanced
development and deployment of the PATSCAN VRS health and safety detection
modules for thermal elevated body temperature, facial mask screening, social
distancing and contact tracing (the “Health & Safety Modules”) as part of
the Company’s suite of video object recognition solutions.
Read this news featuring PATRIOT ONE in full at https://www.investorideas.com/news/2020/defense/05221PatriotOne-DigitalTechnologySuperclusterCOVID19Program.asp
The co-investment is subject to the
completion of a definitive contract, which proposes to release funding under a
two-stage approach to develop and deploy (a) a thermal screening module that
highlights persons presenting with elevated temperatures in real-time, using commodity-priced thermal cameras, (b) additional
computer modules that detect the presence or non-presence of medical and
non-medical masks and face coverings, and the ability to highlight persons and
problem areas where social distance requirements are not being maintained, and
(c) cross-location monitoring and prediction of future outbreaks based on the
overall trending of a combination of quantifiable indicators. Stage one is proposed to comprise up to $2.25
Million in Investment funding to demonstrate the development and deployment of
Modules over a four to six-month timeframe on-site with five or more
co-development customers, and commercial validation by one or more customers
recruited as a co-development partner for Stage two. Following a successful Stage One deployment,
the Company will receive a second Investment advance of up to $2.25 Million
over a six to eight-month timeframe to refine the Health & Safety Modules
and redeploy same with Stage One partners and customer(s). Expenses eligible
for Investment are subject to the Supercluster’s COVID-19 Program Co-Investment
Guidelines.
The Health & Safety Modules are
additional video object recognition solutions that have been added to the PATSCAN
Platform, which also includes weapon detection, disturbance and fight detection
modules.
“Our mission has always been to
create safer communities by detecting dangers before they become a threat to
our global citizens and communities,” shared Martin Cronin, CEO of Patriot One.
“We believe our thermal camera solution will greatly help businesses,
healthcare, retail, sport, entertainment, and hospitality industries as they
re-open the economy. The thermal and facial
mask screening solutions will allow property management to screen employees and
customers for elevated body temperatures, and if detected, those individuals
can proceed through secondary screening process for further evaluation, as well
as for compliance with mask protocols.”
“The Health & Safety Modules can use off-the-shelf thermal cameras, powered with our PATSCAN
artificial intelligence (AI) software, to identify and analyze instances of
elevated body temperature,” explained Dietmar Wennemer, Patriot One’s new
President and COO. “It is not as simple
as installing a thermal camera and expecting to get a precise temperature
reading; the fine temperature tolerances are not detected with every standard
IR thermal camera. The key is in our use
of machine learning to identify anomalies.
Any anomalous detection outside a nominal body temperature range will
result in an immediate alert, which will be instantly transmitted to onsite
security for further action. This new thermal module is compatible with the PATSCAN
Platform and compatible with all other solutions including the facial mask
detection module. All detection Modules can be monitored remotely. We also have two excellent AI research teams
that continuously enhance our AI features and the effectiveness of the computer
neural networks we utilize for our advanced solutions.”
“We are proud to support the development and deployment of the PATSCAN
Platform to improve the health and safety of all Canadians through the Health
& Safety modules being developed by Patriot One,” said Sue Paish, CEO of
the Digital Technology Supercluster.
“This innovative screening technology will support Canada in safely
re-opening the economy in the COVID 19 environment.”
Development of the PATSCAN
Platform’s VRS thermal elevated body temperature and facial mask detection
modules has already begun, with testing in four (4) distinct North American
settings, including a hospital, business office, sport stadium and law
enforcement facility. Following these
onsite client tests and evaluations, Patriot One and the Digital Technology
Supercluster will discuss the commercial rollout and deployment of these new
Health & Safety Modules across Canada, as part of the overall PATSCAN
Multi-Sensor Covert Threat Detection Platform.
In addition, the Company has plans to undertake a
corporate awareness campaign to raise its profile in the U.S. domestic
investment community, and has engaged Winning Media, LLC (“Winning Media”) to
provide Patriot One with a breadth of targeted digital media and corporate
brand recognition initiatives. Winning Media is a Houston, Texas – based
marketing agency that specializes in digital and corporate brand marketing
services to enhance corporate visibility and retail investor
awareness. The agency will handle specific functions of digital distribution
of public information relating to the Company. Winning Media and its
principals do not have any direct or indirect equity interest in the Company
and will not receive any securities of the Company as compensation for their
services.
Respectfully,
“Martin Cronin”
Martin Cronin, CEO
About Patriot One Technologies Inc.
Patriot Ones' 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 and public entryways and inside the
facilities. Each solution in the 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.comor follow us on Twitter and Facebook.
About Digital Technology Supercluster:
The Digital Technology Supercluster is led by global companies
such as MDA, Microsoft, Telus, Teck Resources Limited, Mosaic Forest Management, Lululemon, LifeLabs and Terramera, and
tech industry leaders such as 1Qbit, D-Wave Systems, Finger Food Advanced
Technology Group, Sanctuary AI,
and LlamaZOO.
Members also include BC’s post-secondary institutions such as Emily Carr University of Art
+ Design, British
Columbia Institute of Technology, University of British
Columbia and Simon Fraser University. A full list of Members can be found here.
About the COVID-19 Program:
The COVID-19 Program funds projects that contribute to improving
the health and safety of Canadians, supporting Canada’s ability to address
issues created by the COVID-19 outbreak.
In addition, these projects will build expertise and capacity to address
and anticipate issues that may arise in future health crises. More information
can be found here.
For further information, please contact:
Patriot One Inquiries
info@patriot1tech.com
Investor Relations
John Martin, Patriot One
+1 (888) 728-1332
johnm@patriot1tech.com
Media Contacts:
Scott Ledingham, Patriot One
+1-613-806-7135
scott@prmedianow.com
Digital Technology Supercluster
Elysa Darling
587-890-9833
CAUTIONARY DISCLAIMER STATEMENT:
No securities exchange has reviewed
nor accepts responsibility for the adequacy or accuracy of the content of this
news release. This news release contains
forward-looking statements relating to system sales, 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”, “believes”, and
similar expressions. All statements
other than statements of historical fact, included in this release are
forward-looking statements that involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's expectations include
counterparty default and other risks detailed from time to time in the filings
made by the Company with securities regulations. The reader is cautioned that assumptions used
in the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as a result of
numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company.
The reader is cautioned not to place undue reliance on any
forward-looking information. Such
information, although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ materially
from those anticipated. Forward-looking
statements contained in this news release are expressly qualified by this
cautionary statement. The forward-looking
statements contained in this news release are made as of the date of this news
release and the Company will update or revise publicly any of the included
forward-looking statements only as expressly required by applicable law.
Neither the Toronto Stock Exchange
(TSX) nor its Regulation Services Provider (as that term is defined in policies
of the TSX) accepts responsibility for the adequacy or accuracy of this
release.
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