Investorideas.com

Get great ideas from our AI, cannabis, cleantech, crypto, esports and mining podcasts - be a guest or sponsor : 800 665 0411


Share on StockTwits

Breaking Defense Stock News: Patriot One's (TSX: $PAT.TO) (OTCQX: $PTOTF) Xtract.ai Division Secures $975,000 Contract for Department of National Defense

British Columbia-based AI firm to work with Public Works and Government Services Canada

Patriot One's (TSX.V: $PAT.V) (OTCQB: $PTOTF) on Investorideas.com

 

VANCOUVER, BC - February 5, 2020 (Investorideas.com Newswire, Homelanddefensestocks.com) Xtract Technologies Inc. ("Xtract.ai"), a subsidiary of Patriot One Technologies Inc. (TSX: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL), is pleased to announce it has secured a $975,000CAD Contract with Canada's Department of National Defense through the Public Works and Government Services Canada Division.

The contract is for a project related to improving situational awareness for the Canadian Armed Forces ("CAF") and security personnel using video analytics, artificial intelligence and augmented reality. This project will continue previous work completed by Xtract.ai for the CAF to develop technology solutions to augment the situational awareness of their soldiers and address the following challenges:

  • detect, recognize, and identify persons or objects of interest in a physical environment, and/or
  • track identified persons and objects of interest using seamless information sharing across a decision network.

Work will proceed in multiple phases, including the design, development and deployment of advanced machine learning models, proprietary data sets and integration with advanced visualization hardware.

"We're very excited to leverage the Xtract.ai team's expertise in video analytics, object detection and artificial intelligence with the Canadian Department of National Defense," expresses Martin Cronin, CEO of Patriot One Technologies. "With the work Xtract.ai has be doing with several clients, as well as on Patriot One's PATSCAN Multi-Sensor Covert Threat Detection Platform, the team brings tremendous experience in video analytics and threat object detection and look forward to delivering a high-performing solution that we hope will augment our military personnel in their service to our country."

For more details on the Public Work's DND contract, please visit: https://buyandsell.gc.ca/procurement-data/award-notice/PW-SV1-001-37327-001

The Xtract.ai team is already under way in the project's design and development phase, and will make announcements, as required, on the progress of its efforts in achieving the goals of Canadian Department of National Defense.

About XTRACT TECHNOLOGIES INC - a subsidiary of Patriot One Technologies

Xtract.ai develops and commercializes artificial intelligence, machine learning, deep neural networks and predictive solutions utilizing advanced technology for public institutions and private enterprise. The firm has an award winning, highly skilled team that develops AI solutions to solve challenges across computer vision (CV), natural language processing (NLP), anomaly detection, and time-series analysis for applications ranging from security and defense to environmental solutions and healthcare. For more information on building your AI solution, visit: xtract.ai

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.

For further information, please contact:

Patriot One Technologies Inquiries
info@patriot1tech.com
www.patriot1tech.com

Investor Relations
John Martin, Patriot One Technologies
+1 (888) 728-1332
johnm@patriot1tech.com

Media Contacts:
Scott Ledingham, Patriot One Technologies
+1-613-806-7135
scott@prmedianow.com

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

Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

About Investorideas.com

https://www.investorideas.com/About/

Sign up for free stock news alerts at Investorideas.com

https://www.investorideas.com/Resources/Newsletter.asp


Get more Defense Stock Investor Ideas - news, articles, and stock directories