Breaking
#Security #Stock News-PATRIOT ONE (TSX: $PAT.TO) (OTCQX: $PTOTF) Provides
Corporate Update-JOHNSON CONTROLS (NYSE: $JCI)
PARTNERSHIP, XTRACT TECHNOLOGIES ACQUISITION, SMART CITY PROJECTS
TORONTO, October 3, 2019 ( Investorideas.com Newswire ) -- Patriot One Technologies Inc. (TSX: PAT) (OTCQX: 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/10031TSXPAT-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
CAUTIONARY
DISCLAIMER STATEMENT:
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 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 the failure to satisfy the conditions of the relevant
securities exchange(s) 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
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