Patriot One Provides Corporate Update
October 03 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”), wishes to provide the following corporate
update.
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 (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.
- 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.
- 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.
- 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.
- 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.
- 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
MILESTONESManagement 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 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 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.
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.
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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