Breaking
#Defense #Stock News -Patriot One (TSX: $PAT.TO) (OTCQX: $PTOTF) Selected for $4.5M CAD Co-Investment from Digital Technology
Supercluster COVID-19 Program @patriot1tech
TORONTO,
ON- May 21, 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/05211TSXPAT-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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