Patriot
One (TSX.V: $PAT.V) (OTCQX: $PTOTF) @patriot1tech – Makers of PATSCAN CMR
covert #Weapondetection System enters into conditional agreement in principle
with International #Defence Contractor
TORONTO, ON - August 15, 2018
(Investorideas.com Newswire) Defense stock news alert - Patriot One
Technologies Inc., (TSX.V:
PAT) (OTCQB:
PTOTF) (FRANKFURT: 0PL) ("Patriot One" or the
"Company"), makers of the award-winning PATSCAN CMR covert weapon
detection system, advises that it has reached an agreement in principle with a
major international Defence contractor pursuant to which Patriot One will,
subject to certain governmental approvals, receive funding for the further
development and integration of its PATSCAN CMR technology. The agreement aims
to extend the technical development of Patriot One’s cognitive microwave radar
technology beyond the initial goals of the Company and includes a two stage,
several million dollar (final amounts to be determined) non-dilutive funding
for the development of the PATSCAN CMR technology with in-kind technical
support for additional research and development. Until such time as all
required approval is received (presuming it is received) Patriot One is
restricted from providing additional details regarding the transaction.
Additional information regarding the transaction and related matters will be
announced as soon as the pending commercial activities permit full disclosure.
Read this in full
at http://www.investorideas.com/news/2018/defense/08151TSXVPAT-ConditionalAgreement.asp
While
final contractual review and diligence is underway, Patriot One believes the
possibility exists that certain members of the public may become aware of the
agreement and choose to speculate on its meaning. As all final approvals have
not been received and the matter is subject to certain non-disclosure
agreements, the Company is not at liberty to discuss additional particulars at
this time. However, as a public issuer it was determined that the obligations
of continuous disclosure and communications to investors required a statement
of fact at this time. We caution that there is no assurance that a definitive
final agreement will be reached shortly, if at all, or that all governmental
approvals will be granted, although we are certainly working hard to accomplish
this goal.
“We
are thrilled to have the possibility of working with a highly-respected,
international leader in defence and security
technologies. Their interest
in potentially providing assistance to help us further
develop our PATSCAN
CMR solution reinforces the significance of our work to-date. It is also
a source of pride that our innovative threat detection technology has captured
the serious interest of a major industry player at this early stage of our
business development,” expressed Martin Cronin, CEO and President of Patriot One.
We
will provide updates as they occur and are permitted.
On
Behalf of the Board,
“Martin
Cronin”
Martin
Cronin, Chief Executive Officer
About Patriot One
Technologies, Inc. (TSX.V:PAT) (OTCQX: PTOTF) (FRA: 0PL):
Patriot
One has developed PATSCAN CMR™ the next generation of its award-winning radar
device and software solution. PATSCAN CMR is a first-of-its-kind Cognitive
Microwave Radar concealed weapons detection system, designed as an effective
tool to combat
active shooter threats
before they occur. Built for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution
and related hardware
can be installed in key access points to covertly identify
weapons and to alert security
of an active threat. Owner/operators of private and
certain public facilities can now prominently post anti-weapons policies with
compliance assured. The Company’s motto Deter, Detect and Defend is based on
the belief that widespread use of its technology will act as an effective
deterrent, thereby diminishing the epidemic phenomena of active shooters across
the globe. For more information, visit: www.patriot1tech.com. Patriot
One Technologies are proud winners
of the 2017 Anti-Terrorism / Force Protection category of the Security Industry
Association’s New Product
Showcase at ISC West.
For further
information, please contact:
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 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 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 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 as expressly required by applicable law.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
John
Martin, Investor Relations
+1
(888) 728-1332
This news is
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Additional
info regarding BC Residents and global Investors: Effective September 15 2008 -
all BC investors should review all OTC and Pink sheet listed companies for
adherence in new disclosure filings and filing appropriate documents with
Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global
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