#Security
/#AI Breaking News - Patriot One (TSX: $PAT.TO) (OTCQX: $PTOTF) Acquires
Artificial Intelligence (AI) Company XTRACT Technologies Inc.
TORONTO, September 9, 2019 (Investorideas.com Newswire ) Patriot
One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (FRANKFURT:
0PL) (“Patriot One” or the “Company”), developer of the PATSCAN™ Multi-Sensor
Covert Weapon Detection Platform (“PATSCAN Platform”), is pleased to announce
the acquisition of XTRACT Technologies Inc. (“XTRACT”) and all its related
interests, assets, and intellectual property for consideration of $6,000,000
and the issuance of 9,422,956 Patriot One common shares (the “Consideration Shares”) to
XTRACT’s former shareholders (the
“Transaction”). Subject to certain exceptions based on the business of the
Company or the performance of the Company’s common share price, the
Consideration Shares will be subject to escrow restrictions and released on a
quarterly basis over the next twelve consecutive fiscal quarters of Patriot
One. The Transaction follows demonstrated
success of an ongoing collaborative project between the two firms that was
announced in late July 2019.
The
XTRACT acquisition is part of an ongoing strategic initiative by the Company to
bring together leading-edge technologies and services that will enhance the
power of its PATSCAN Platform, which offers a layered, multi-sensor approach to
concealed threat and disturbance detection.
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“Just over a
month ago, we announced a development project with XTRACT, and during this
period we’ve already seen great progress in
significant opportunities for enhanced detection accuracy" said Martin Cronin, Patriot One’s CEO and President. “With
new sales opportunities arising every day for a covertly deployed, multi-sensor
security solution, integrating XTRACT more deeply into our development and
day-to-day operations made perfect sense. We are thrilled to have this highly
talented group join our ranks; as they share our
vision for creating a world safer from acts of mass violence.”
The
XTRACT team will bring additional leading-edge expertise in artificial
intelligence (AI) and machine learning to the Patriot One staff. XTRACT’s novel neural network architecture and data fusion techniques
are robust, efficient and require less memory than comparable standards. With several strategic
PATSCAN deployment initiatives in progress, including with Johnson Controls
International and Bleutech Park-Las Vegas announced over the last month, the
Company sees this move as both necessary and a key differentiator for its
future platform development.
Following from the acquisition, former XTRACT
Chairman and CEO Kevin O’Neill has been retained as an advisor to Patriot One
and been invited to join Patriot One’s Board of Directors. Mr. O’Neill has many years of experience
investing in growth technology companies, following his early career in
investment banking with Merrill Lynch. He has been a private investor and
advisor to numerous successful early-stage technology businesses, including
among others a telecommunications company acquired by Microsoft.
As a wholly owned subsidiary, XTRACT will
continue to operate as its own business unit and under its current brand name. XTRACT will continue to service existing clients,
representing several million
dollars in committed contract backlog for 2019, along
with new business opportunities as further opportunities are presented. XTRACT has previously developed and
successfully implemented solutions for military, government, industrial,
environmental and transportation clients. Equally importantly, XTRACT’s
engineers and data scientists possess security clearance to work on government
defense projects.
Patriot One also wishes to announce that
Jeffery Tindale has resigned from the Board of Directors effective September 9,
2019 but will remain with
the Company as Senior Vice President of Capital Markets. “On behalf of the Company, I would
like to thank Jeff for his time and dedication to Patriot One’s Board since
inception,” shared Mr. Cronin, President and Chief Executive Officer.
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 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 XTRACT - a
Patriot One Technologies company
XTRACT develops and commercializes
artificial intelligence, machine learning, deep neural network and predictive
solutions utilizing its proprietary technology for public institutions and
private enterprise. The
firm has an award winning, highly skilled team that develops deep neural
network technology, which scales and drives how machines learn. The technology
is core to the Company’s platform which runs more effective and reliable
business solution and applications.
For
further information, please contact: Patriot One Inquiries info@patriot1tech.com www.patriot1tech.com
Investor
Relations
John Martin
+1 (888) 728-1332
Media
Contacts:
Scott Ledingham, PR Media Now
+1-613-806-7135
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regulatory compliance issues and other statements that are not historical
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