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The Company Moves into Growth Stage after Successful Product Commercialization
TORONTO, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company) announces that Martin Cronin, the Company's Chief Executive Officer (CEO) and one of its early founding members, will be stepping down from his position as CEO. Having overseen the successful rollout of the PATSCAN™ Multi-Sensor Threat Detection Platform and the commencement of initial sales of the product, Mr. Cronin will remain CEO and a Board Member until his replacement has been found, after which he will remain on the Board in an advisory role spearheading new technologies and partnership opportunities. The Company has initiated its search for a new CEO with sales and business development experience as the Company moves from the start-up phase to full scale operations.
“We’re extremely proud of the accomplishments Martin has achieved and pleased that he will remain on the Board as an advisor in such a critical area for our growth,” expressed Peter van der Gracht, Patriot One’s Chairman of the Board. “Martin has been instrumental in leading Patriot One’s substantial fundraising efforts, as well as the initial sales of the PATSCAN Platform these past four years. His leadership, business focus and personal drive has positioned the Company for great success in this new fiscal year, and beyond.”
“It’s been a rewarding experience leading Patriot One on this path from concept to product launch and I’m proud to have been part of the team,” shared Martin Cronin. “The Board and I agree that it is the right time for this thoughtful succession process, and I am committed to supporting a smooth transition for the benefit of all of our stakeholders. As in every start-up in today’s economy, my departure is part of a natural evolution in corporate leadership. Now it is about sales execution and scaling. The addition of our new COO and President Dietmar Wennemer was the first step in this process which was followed up by the hiring of our new CFO, Karen Hersh. The search for a CEO with demonstrated growth-stage experience will complement and round out our new leadership group and I look forward to working with this new C-Suite team and the Board as the Company continues its mission to save lives and improve the way of life for our communities.”
About Patriot One Technologies:
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, or potential health and safety threats 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:
John Martin, Patriot One Technologies
+1 (888) 728-1332
Scott Ledingham, Patriot One Technologies
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.