TORONTO, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (PAT.V) (PTOTF) (0PL.F) (“Patriot One” or the “Company”), developers of the award-winning PATSCAN™ covert weapon detection system, is pleased to announce its pre-qualification for up to $1 million (CAD) from the federal government’s Build in Canada Innovation Program (BCIP) for testing by the Department of National Defence.
About the Build in Canada Innovation Program (BCIP): The BCIP program helps innovators in four different ways:
- land a first major reference sale,
- sell their innovation, but keep and control the intellectual property,
- get their innovation tested in real-life settings and
- gain feedback to help advance products to market faster.
BCIP Proposal 007 Process: As a BCIP innovator, Patriot One submitted its proposal to the program in early 2018 once the Company’s PATSCAN threat detection solutions achieved an adequate Technology Readiness Level (TRL). Under call for proposals 007 guidelines, the Company was evaluated on the merit of innovation. Upon pre-qualification, the BCIP program sourced a Canadian Government Department as test partner.
Contract Value: The BCIP program opportunity pays up to $500,000 for non-military innovations and up to $1,000,000 for military innovations. Patriot One was pre-qualified under the military innovation component of the BCIP program.
Military Component: There are six priority areas within the military component. These priority areas include (i) Arctic & Maritime Security, (ii) Command & Support, (iii) Cyber-security, (iv) In-Service support, (v) Protecting the Soldiers and (vi) Training Systems. Patriot One meets several of these priority areas, specifically: Arctic/Maritime Security and Protecting Soldiers.
“We are excited to pre-qualify for up to $1 million (CAD) for the Military Component of the Build in Canada Innovation Program,” expressed Martin Cronin, CEO and President of Patriot One Technologies. “The ability to test our PATSCAN CMR and some of our other threat detection solutions in a real-life setting with an arm of the Department of Defense is exciting for our entire team. As a Canadian-based company, we are truly honored to be part of this effort to protect our serving military personnel around the world.”
Martin Cronin, CEO
Patriot One Technologies Inc.
About Patriot One Technologies, Inc. (PAT.V) (PTOTF) (0PL.F):
Patriot One has developed the PATSCAN™ next generation software and sensor solution for the covert detection of weapons threats. Designed as an innovative and effective platform to combat active shooter threats before they occur, the system features the award-winning PATSCAN™ CMR cognitive microwave radar system. Built for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware systems can be installed at key access points to covertly identify weapons and to alert security for the intervention of active threat events before they commence. Owner/operators of private and 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.
The Build in Canada Innovation Program (BCIP) helps Canadian companies of all sizes move their state-of-the-art goods and services from the laboratory to the marketplace. The program helps innovators land a first major reference sale, sell their innovation, but keep the intellectual property, get their innovation tested in a real-life setting, and gain feedback to help get products to market faster. The program pays up to $500,000 for non-military innovations and up to $1,000,000 for military innovations. Visit: https://www.tpsgc-pwgsc.gc.ca/app-acq/picc-bcip/priorites-priorities-eng.html.
+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 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 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.