Defense Stocks in the News: Patriot One (TSX: $PAT.TO) (OTCQX: $PTOTF) Awarded $780,000 Contract by Innovative Solutions Canada (ISC) for Department of National Defense (DND)
TORONTO, ON - January 31, 2020 (Investorideas.com Newswire) Patriot One Technologies Inc., (TSX: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) ("Patriot One" or the "Company"), is pleased to announce it has been awarded an $780,000 CAD contract by Innovation Solutions Canada (ISC) for the Canadian Department of National Defense (DND). The contract will include the purchase, deployment and evaluation of the PATSCAN Multi-Sensor Covert Threat Detection Platform with the Royal Canadian Navy (RCN), who will evaluate and learn how to deploy the Platform for personnel and asset protection at ports of call around the world.
The $780,000 CAD contract, initially announced for pre-qualification on December 5, 2018 by Patriot One, among the Company, the Canadian Government and Innovative Solutions Canada (ISC) - formerly the Build In Canada Innovation Program (BCIP) - was initiated under the call for proposals 007 guidelines. Patriot One's PATSCAN Platform was evaluated and pre-qualified under the Military Innovation Component on the merit of innovation, and ISC sourced the Department of National Defense (DND) as the implementation and evaluation partner. The Military Innovation Component consists of six (6) priority areas, which includes (i) Arctic & Maritime Security, (ii) Command & Support, (iii) Cyber-security, (iv) In-Service support, (v) Protecting the Soldiers and (vi) Training Systems. Patriot One's PATSCAN Platform met several of these priority areas but was specifically selected under the Arctic/Maritime Security and Protecting Soldiers.
"We've been working with Innovation, Science and Economic Development (ISED) Canada's ISC division and Canadian Department of National Defense (DND) over the past year on this critical program for personnel and asset protection while at port around the world," shared Martin Cronin, CEO and President of Patriot One. "The ability to deploy, evaluate and train the DND personnel on the PATSCAN Platform in a variety of real-life settings is extremely exciting for our team. As I've shared before, and as a Canadian company, we are truly honored to be part of this effort to protect our serving military personnel."
Patriot One's business development and engineering teams have already begun work with teams at ISC, and Canadian Department of National Defense on the production of the PATSCAN Platform, which will be delivered beginning in February 2020. Deployment and testing will begin in March 2020. Specific locations where the PATSCAN Platform will be deployed and evaluated will not be disclosed for the safety of personnel and Canadian DND bases.
Martin Cronin, CEO
About Patriot One Technologies Inc. (TSX:PAT) (OTCQX: PTOTF) (FRA: 0PL):
Patriot Ones' 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.
About Innovative Solutions Canada (ISC)
Innovative Solutions Canada helps Canadian innovators by funding R&D and testing prototypes in real-life settings. The program operates two streams with a combined funding of over $140 million dedicated to Canadian innovators who want to start, grow, and get to market.
For further information, please contact:
Patriot One Technologies Inquiries
John Martin, Investor Relations Manager
Patriot One Technologies
+1 (888) 728-1332
Scott Ledingham, Public Relations
Patriot One Technologies
Missy Knight, Public Relations & Community Support Liaison
Mt. Healthy City Schools
Innovation Solutions Canada (ISED)
Business hours: 7:30 a.m. to 5:30 p.m
media relations team.
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.
News -Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Disclosure : this news release featuring TSX: PAT is a paid for news release on Investorideas.com ($750) More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Sign up for free stock news alerts at Investorideas.com