Defense Stock News: Patriot One (TSX: $PAT.TO) (OTCQX: $PTOTF) Provides Corporate Update
JOHNSON CONTROLS (NYSE: $JCI) PARTNERSHIP, XTRACT TECHNOLOGIES ACQUISITION, SMART CITY PROJECTS
TORONTO, ON - October 4, 2019 (Investorideas.com Newswire) Patriot One Technologies Inc., (TSX: PAT) (OTCQB: 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 (NYSE: 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 MILESTONES
Management 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.
President and CEO
Patriot 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.
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Scott Ledingham, PR Media Now
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