TORONTO, July 18, 2019 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (PAT.TO) (PTOTF) (0PL.F) (“Patriot One” or the “Company”), developer of the PATSCAN™ Multi-Sensor Covert Threat Detection Platform (“PATSCAN”) reports that its business development team is celebrating the commencement of international sales force engagement and entry into the global marketplace.
Today’s announcement establishes multiple reseller commitments representing the launch of international reseller operations and activates contractual multi-year commitments unique to each territory. The initial overseas commitments cumulatively represent CAD$1.96 million through our PATSCAN reseller network, with further demand driving additional purchase orders which are currently under review. When combined with previously announced North American reseller commitments, the Company is pleased to have converted sales leads into long term commitments with a potential CAD$8.1 million under contract over an initial three-year period.
The agreements require each reseller to use their best commercial efforts to deploy the PATSCAN Platform, including associated software licenses, maintenance and support programs throughout the engagement period. Initial product shipments to the international partners are scheduled to commence in August 2019. Patriot One is focused on driving sales and expanding its reseller network across the Americas, EMEA and Asia Pacific (APAC) regions. The Company looks forward to making additional announcements whenever commercial licensing agreements allow.
“We’re excited about these initial commitments from our international resellers,” expressed Martin Cronin, Patriot One CEO. “We are building relationships based on trust and our partners are excited to be introduced to the power of our approach, which is based on the integration of multiple threat detection sensors into our PATSCAN Platform.”
“Our philosophy is to employ the right sensors to suit the specific task and environment,” Cronin continues, “We believe that both technology and the nature of violent acts evolve, and so our strategy ensures that we stay ahead of disruptive technologies and emerging threats through diversification and constant technical advancement. To that end, all our technologies extensively benefit from networked artificial intelligence (AI) environments and multi-sensor redundancies to ensure ongoing market-leading relevance. In effect, our Platform aims to offer an adaptively layered approach to threat detection for the protection of weapon restricted buildings or venues anywhere on the planet - forever. This is an approach that we are finding resonates with our sales prospects as an effective long-term global business strategy.”
In related news, Patriot One today is very pleased to advise that its growing PATSCAN Platform now encompasses four uniquely compatible covert threat detection sensor / software components. The latest addition is the innovative PATSCAN TMS which Patriot One has secured with exclusive global commercial licensing rights in perpetuity.
PATSCAN TMS employs intelligent targeted magnetic sensor technology that can detect on-body or in-bag location of a growing list of concealed threat objects, such as long barreled weapons and bombs. The system is ideal for schools, universities, stadiums, event venues, resorts, casinos, government and office buildings. Operationally, when two or more people pass between the concealed sensors at the same time, the TMS sensor components will identify which individual is carrying the threat object and where it is located on-body or in-bag. Other technologies, such as millimeter wavelength and thermal imaging sensors, may pinpoint where threat objects can be found, but these solutions also reveal and display an actual body image and are high-cost systems. The extremely cost effective TMS sensors do not require nor generate a body image, thus protecting an individual’s personal rights and privacy.
“Privacy issues are an increasingly sensitive matter around the world,” notes Martin Cronin, “Patriot One’s goal has always been that each and every sensor component of our PATSCAN Platform will work individually or in combination to identify the presence of threat objects, such as a gun or bomb, and then quickly and quietly notify security as to the location of the individual involved, while allowing other members of the public to go about their business unimpeded.”
Patriot One determined to license the TMS technology from developer Quasar Federal Systems, Inc. of San Diego, CA (“Quasar”), based on an in-depth evaluation of its functionality to detect threat objects along with successful reseller demonstrations and their ability to secure subsequent purchase orders. Details of the exclusive license agreement will be announced separately and will be made available under the Company’s full disclosure obligations as a public issuer via its regulatory filings available on www.sedar.com.
“Adding our sensor technology to Patriot One’s AI powered PATSCAN Platform made complete sense,” shared YongMing Zhang, CEO of Quasar. “Integration with a suite of other threat detection sensors will have a positive impact for security in schools, resorts, stadiums and event venues; places where we have seen horrific tragedies these past few years.”
The PATSCAN TMS joins with the PATSCAN CMR sensor's ability to identify weapon classifications resulting in an increasingly powerful combination for the covertly deployed threat detection platform. Integration with the PATSCAN VRS software component, which allows for the identification of visible threats and anomalous behaviours such as fights and other disturbances, further strengthens the PATSCAN Platform’s overall facility protection performance. The PATSCAN STS multi-chemical threat detection sensor is undergoing trials and will be added to the PATSCAN Platform upon completion of pilot programs. STS is on track to discreetly detect explosive compounds, propellants such as gunpower and other threats to the public, including narcotics.
The Company remains committed to leverage machine learning as the primary means of integrating new sensor technologies and is currently evaluating a range of other potentially suitable threat technologies for eventual inclusion within the PATSCAN Platform and looks forward to future announcements and updates as and when appropriate.
ON BEHALF OF THE BOARD
Martin Cronin, CEO
About Patriot One Technologies, Inc. (PAT.TO) (PTOTF) (0PL.F):
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.
For further information, please contact:
Patriot One Technologies Inquiries
+1 (888) 728-1332
Scott Ledingham, PR Media Now
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 the ability of resellers of the Company’s products and services to successfully obtain final sales from their end user clients and complete implementation of the Company’s solutions, currently being components of the PATSCAN Platform, into their respective distribution territories and other risks detailed from time to time in the filings made by the Company pursuant to 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.