Security Stock Patriot One (TSX: $PAT.TO) (OTCQX: $PTOTF) @patriot1tech Reports $4.5M CAD Co-Investment from Digital Technology Supercluster #COVID-19 Program
TORONTO, ON - May 22, 2020 (Investorideas.com Newswire, Homelanddefensestocks.com) Patriot One Technologies Inc. (TSX: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) ("Patriot One" or the "Company"), is pleased to announce it has been selected by Canada's Digital Technology Supercluster (the " Supercluster") for participation in a funding program for up to $4.5 million (CAD) in co-investment capital (the "Investment") for the PATSCAN Multi-Sensor Threat Detection Platform (the "PATSCAN Platform"). This investment is proposed to fund the advanced development and deployment of the PATSCAN VRS health and safety detection modules for thermal elevated body temperature, facial mask screening, social distancing and contact tracing (the "Health & Safety Modules") as part of the Company's suite of video object recognition solutions.
The co-investment is subject to the completion of a definitive contract, which proposes to release funding under a two-stage approach to develop and deploy (a) a thermal screening module that highlights persons presenting with elevated temperatures in real-time, using commodity-priced thermal cameras, (b) additional computer modules that detect the presence or non-presence of medical and non-medical masks and face coverings, and the ability to highlight persons and problem areas where social distance requirements are not being maintained, and (c) cross-location monitoring and prediction of future outbreaks based on the overall trending of a combination of quantifiable indicators. Stage one is proposed to comprise up to $2.25 Million in Investment funding to demonstrate the development and deployment of Modules over a four to six-month timeframe on-site with five or more co-development customers, and commercial validation by one or more customers recruited as a co-development partner for Stage two. Following a successful Stage One deployment, the Company will receive a second Investment advance of up to $2.25 Million over a six to eight-month timeframe to refine the Health & Safety Modules and redeploy same with Stage One partners and customer(s). Expenses eligible for Investment are subject to the Supercluster's COVID-19 Program Co-Investment Guidelines.
The Health & Safety Modules are additional video object recognition solutions that have been added to the PATSCAN Platform, which also includes weapon detection, disturbance and fight detection modules.
"Our mission has always been to create safer communities by detecting dangers before they become a threat to our global citizens and communities," shared Martin Cronin, CEO of Patriot One. "We believe our thermal camera solution will greatly help businesses, healthcare, retail, sport, entertainment, and hospitality industries as they re-open the economy. The thermal and facial mask screening solutions will allow property management to screen employees and customers for elevated body temperatures, and if detected, those individuals can proceed through secondary screening process for further evaluation, as well as for compliance with mask protocols."
"The Health & Safety Modules can use off-the-shelf thermal cameras, powered with our PATSCAN artificial intelligence (AI) software, to identify and analyze instances of elevated body temperature," explained Dietmar Wennemer, Patriot One's new President and COO. "It is not as simple as installing a thermal camera and expecting to get a precise temperature reading; the fine temperature tolerances are not detected with every standard IR thermal camera. The key is in our use of machine learning to identify anomalies. Any anomalous detection outside a nominal body temperature range will result in an immediate alert, which will be instantly transmitted to onsite security for further action. This new thermal module is compatible with the PATSCAN Platform and compatible with all other solutions including the facial mask detection module. All detection Modules can be monitored remotely. We also have two excellent AI research teams that continuously enhance our AI features and the effectiveness of the computer neural networks we utilize for our advanced solutions."
"We are proud to support the development and deployment of the PATSCAN Platform to improve the health and safety of all Canadians through the Health & Safety modules being developed by Patriot One," said Sue Paish, CEO of the Digital Technology Supercluster. "This innovative screening technology will support Canada in safely re-opening the economy in the COVID 19 environment."
Development of the PATSCAN Platform's VRS thermal elevated body temperature and facial mask detection modules has already begun, with testing in four (4) distinct North American settings, including a hospital, business office, sport stadium and law enforcement facility. Following these onsite client tests and evaluations, Patriot One and the Digital Technology Supercluster will discuss the commercial rollout and deployment of these new Health & Safety Modules across Canada, as part of the overall PATSCAN Multi-Sensor Covert Threat Detection Platform.
In addition, the Company has plans to undertake a corporate awareness campaign to raise its profile in the U.S. domestic investment community, and has engaged Winning Media, LLC ("Winning Media") to provide Patriot One with a breadth of targeted digital media and corporate brand recognition initiatives. Winning Media is a Houston, Texas - based marketing agency that specializes in digital and corporate brand marketing services to enhance corporate visibility and retail investor awareness. The agency will handle specific functions of digital distribution of public information relating to the Company. Winning Media and its principals do not have any direct or indirect equity interest in the Company and will not receive any securities of the Company as compensation for their services.
Martin Cronin, CEO
About Patriot One Technologies Inc.
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 and 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.comor follow us on Twitter and Facebook.
About Digital Technology Supercluster:
The Digital Technology Supercluster is led by global companies such as MDA, Microsoft, Telus, Teck Resources Limited, Mosaic Forest Management, Lululemon, LifeLabs and Terramera, and tech industry leaders such as 1Qbit, D-Wave Systems, Finger Food Advanced Technology Group, Sanctuary AI, and LlamaZOO. Members also include BC's post-secondary institutions such as Emily Carr University of Art + Design, British Columbia Institute of Technology, University of British Columbia and Simon Fraser University. A full list of Members can be found here.
About the COVID-19 Program:
The COVID-19 Program funds projects that contribute to improving the health and safety of Canadians, supporting Canada's ability to address issues created by the COVID-19 outbreak. In addition, these projects will build expertise and capacity to address and anticipate issues that may arise in future health crises. More information can be found here.
For further information, please contact:
Patriot One Inquiries
John Martin, Patriot One
+1 (888) 728-1332
Scott Ledingham, Patriot One
Digital Technology Supercluster
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.
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