Patriot One Acquires Artificial Intelligence (AI) Company XTRACT Technologies Inc.
September 09 2019 - 8:00AM
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”), 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.
“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 CroninPresident and CEOPatriot 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 companyXTRACT 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 RelationsJohn Martin+1 (888)
728-1332johnm@patriot1tech.com
Media Contacts:Scott Ledingham, PR Media
Now+1-613-806-7135scott@prmedianow.com
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 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.
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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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