#Defense Stock News: Patriot One (TSX.V: $PAT.V) (OTCQB: $PTOTF) CEO Martin Cronin summarizes Q3 2017/18 results, and offers insights to year ahead
TORONTO, ON - January 25, 2018 (Investorideas.com Newswire) Patriot One Technologies Inc., (TSX.V: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) ("Patriot One" or the "Company"), developer of a revolutionary award-winning concealed weapons detection system, is pleased to provide the following message from Company CEO Martin Cronin.
Dear Shareholders, partners and stakeholders,
I am pleased to provide the following highlights of the Company' s accomplishments in the last Quarter of 2017, and to outline key milestones we look forward to achieving in the upcoming quarter.
The last few months have been marked by a number of significant events and activities.
2018 LAS VEGAS SECURITY FORUM: January 2018 saw Patriot One co-host a full day security forum at the Westgate Las Vegas Resort & Casino. This forum attracted top security leaders from the Las Vegas entertainment and resort industries, as well as federal and local law enforcement officials. Almost fifty (50) select attendees with purchasing authority for over 150 U.S. resort and casino properties participated, and received a presentation of PATSCAN as part of the day' s activities. Feedback was unanimously positive. We expect to develop significant opportunities from this successful event.
ENGINEERING & REGULATORY ADVANCEMENTS: Based on our ongoing efforts at our Las Vegas Development Center, our engineering team has significantly increased its ability to support additional client feature requests. The team has fielded, and is now testing, a growing number of applicable use-case scenarios for in-market demonstration. Most notably, we have enabled our algorithms to make use of neural networks to complement existing processes. Additionally, as part of our global deployment efforts, PATSCAN has completed all requisite testing and is now certified by the European Telecommunications Standards Institute (ETSI), making PATSCAN saleable in 66 countries across Europe, the Middle East and Asia.
SALES & MARKETING: Our sales and go-to-market efforts continue to generate daily requests for PATSCAN globally. The product was recently featured prominently in coverage by Fox News, Security Today, and WIRED Magazine. Complementing this media coverage, PATSCAN will be seen publicly at events including the upcoming ISC West conference in April. Our Sales and Marketing team is planning to maximize our event visibility directly and through various reseller and technology partner activities. Further, our sales efforts continue to inform and attract distributors, governments and private clients worldwide. We currently have agreements with 13 large clients and distributors, with a backorder of 453 units committed for scheduled delivery over the next 12 months.
MANAGEMENT ADDITIONS & UPDATES: As announced earlier this week, Patriot One is very excited about several management additions, their respective strengths and our increased development focus. The additions of Mr. Robert Lex, Senior Vice President of Operations, and Dr. Paul Rice, Ph.D., Vice President of Research, Radar Systems, offer significantly increased ability to advance our development and commercialization pace. The shift of Mr. Dinesh Kandanchatha to the role of corporate strategy, corporate development and business alliances, will dramatically aid the Company' s growth for 2018 and beyond.
FINANCING TO FUND ONGOING DEVELOPMENT: Last but not least on this list of quarterly achievements is the successful closing of a significant financing round, which has enabled us to accelerate PATSCAN solution deployment to core verticals originally targeted in 2017, and which will be a continuing focus in 2018. These active installations will provide the means to integrate PATSCAN into client infrastructure, as well as further refine our cognitive microwave radar under actual live, real-world conditions. Further to this end, we will expand our initial deployment at our Westgate Las Vegas Resort & Casino development center. In addition, during Q1/Q2, 2018 our deployment of the PATSCAN CMR solution will target multiple U.S. and Canadian municipal, educational and governmental sites. The goal is to accelerate systems deployment in Florida, the U.S. Midwest and Canada in order to advance our machine learning processes across multiple live interactive customer locations. To achieve this goal, we have added an additional three technical staff to support customer development and test installations.
THANK YOU FOR YOUR ONGOING SUPPORT: In closing, I thank our Board for its counsel and guidance through 2017. I am also grateful to our many investors, both long-standing and those new to Patriot One, for their valuable feedback and support over the past several quarters. We are excited by the prospects ahead and committed to building upon 2017 achievements. Our team is focused on generating significant client and shareholder value for those who have placed their confidence in our ability to deliver a game changing solution to the world.
ON BEHALF OF THE BOARD
CEO and Director
About Patriot One Technologies, Inc. (TSX.V:PAT) (OTCQB: PTOTF) (FRA: 0PL):
Patriot One has developed PATSCAN™ the next generation of it' s award-winning Patriot One Technologies™ NForce CMR1000 software and radar solution. PATSCAN™ is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system as an effective tool to combat active shooter threats before they occur. Designed for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware can be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. Owner/operators of private and certain 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.
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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.
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