Breaking #Security #Stock News -Patriot One (TSX: $PAT.TO)
(OTCQX: $PTOTF) Awarded
$780,000 Contract by Innovative Solutions Canada (ISC) for Department of
National Defense (DND)
ISED’s
Testing Stream Program to fund deployment and evaluation of PATSCAN Platform
TORONTO, ON– January 30, 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 awarded an
$780,000 CAD contract by Innovation Solutions Canada (ISC) for the Canadian
Department of National Defense (DND).
The contract will include the purchase, deployment and evaluation of the
PATSCAN Multi-Sensor Covert Threat Detection Platform with the Royal Canadian
Navy (RCN), who will evaluate and learn how to deploy the Platform for personnel and asset protection at ports of call
around the world.
Read this news
featuring Patriot One in full at https://www.investorideas.com/news/2020/defense/01301TSXPAT-ISC-DND.asp
The $780,000 CAD contract, initially announced for
pre-qualification on December 5, 2018 by Patriot One, among the Company, the
Canadian Government and Innovative Solutions Canada (ISC) – formerly the Build
In Canada Innovation Program (BCIP) - was initiated under the call for proposals
007 guidelines. Patriot One’s PATSCAN Platform was evaluated
and pre-qualified under the Military Innovation Component on the merit of
innovation, and ISC sourced the Department of National Defense (DND) as the
implementation and evaluation partner. The Military Innovation Component consists
of six (6) priority areas, which includes (i) Arctic & Maritime Security,
(ii) Command & Support, (iii) Cyber-security, (iv) In-Service support, (v)
Protecting the Soldiers and (vi) Training Systems. Patriot One’s PATSCAN
Platform met several of these priority areas but was specifically selected
under the Arctic/Maritime Security and Protecting Soldiers.
“We’ve been working with Innovation,
Science and Economic Development (ISED) Canada’s ISC division and
Canadian Department of National Defense (DND) over the past year on this
critical program for personnel and asset protection while at port around the
world,” shared Martin Cronin, CEO and President of Patriot One. “The ability to deploy, evaluate and train
the DND personnel on the PATSCAN Platform in a variety of real-life settings is
extremely exciting for our team. As I’ve shared before, and as a Canadian
company, we are truly honored to be part of this effort to protect our serving
military personnel.”
Patriot One’s business development and engineering teams
have already begun work with teams at ISC, and Canadian Department of National
Defense on the production of the PATSCAN Platform, which will be delivered
beginning in February 2020. Deployment
and testing will begin in March 2020. Specific
locations where the PATSCAN Platform will be deployed and evaluated will not be
disclosed for the safety of personnel and Canadian DND bases.
Respectfully
“Martin Cronin”
Martin Cronin, CEO
About
Patriot One Technologies Inc. (TSX:PAT) (OTCQX:
PTOTF) (FRA: 0PL):
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 &
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.com
or follow us on Twitter
and Facebook.
About
Innovative Solutions Canada (ISC)
Innovative Solutions
Canada helps Canadian innovators by funding R&D and testing prototypes in
real-life settings. The program operates
two streams with a combined funding of over $140 million dedicated to Canadian
innovators who want to start, grow, and get to market.
For
further information, please contact:
Patriot
One Technologies Inquiries
info@patriot1tech.com
Investor
Relations
John Martin, Patriot One Technologies
+1 (888) 728-1332
johnm@patriot1tech.com
Media
Contacts:
Scott Ledingham, Patriot One Technologies
+1-613-806-7135
scott@prmedianow.com
Innovation
Solutions Canada (ISED)
Ottawa Headquarters
Telephone: 343-291-1777
Business hours: 7:30
a.m. to 5:30 p.m
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
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