Patriot One Provides Corporate Update
Company moves to paid trials with global reseller network for schools and universities, resorts, casinos, retail and government facilities
TORONTO, Dec. 20, 2018 (GLOBE NEWSWIRE) — Patriot One Technologies Inc. (TSX.V: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), developer of the award-winning PATSCAN™ covert weapon detection system, is pleased to advise that Q4 2018 saw significant advancements in the PATSCAN CMR and VRS threat detection solutions development, including moving to rollouts of paid trials with its global security integrator/reseller network which represents a potential client-base of thousands of schools and universities, resorts, casinos, retail and government facilities.
“Two weeks ago, I was pleased to announce our first paid trial programs with several partners including Florida-based Smart CT Solutions, and the Government of Canada’s Department of National Defence as part of the federal ‘Build in Canada Innovation Program’,” said Martin Cronin, CEO and President of Patriot One Technologies. “Today, I am excited to inform that we will now begin shipping PATSCAN products to several other global security integrators to support paid product trials in their respective markets.”
Global Paid Trials Begin Q4, 2018:
At the request of our security integrators, the Company has embraced a “paid trial” model enabling Patriot One to scale efficiently and cost-effectively through its reseller network. This effort meets Phase 4 of its previously described Lab-to-Market strategy.
Paid trials aim to ultimately transition into commercial deployment, effectively launching product rollout. The Company will finalize policies, procedures, terms and PATSCAN installation training with its resellers in preparation for ongoing commercial activity in Q2, 2019.
No other company has ever mass-deployed these types of integrated threat detection technologies before. Therefore, advancement into full-scale mass production is, by necessity, constrained until completion and review of the technical trial results.
Three (3) Business Goals Achieved
- revenues as planned commencing Q4 2018
- successful deployments of PATSCAN products with key security system integrators and their clients during Q4 2018, and
- advanced live tests and trials of PATSCAN solutions with a broad end-user base, targeting transition from paid trials to commercial deployments.
Related Quarterly Announcements
Additional Funding Closed: Mid-November brought the close of a $46M CAD bought deal from Canaccord Genuity and GMP. The proceeds will help drive evaluation and assembly of an extended PATSCAN product lineup of covert solutions.
EhEye Acquisition: Completed the strategic acquisition of EhEye, Inc. video analytics and object recognition technology. Re-branded as PATSCAN VRS, this innovative threat detection solution has begun paid trial deployment with Patriot One’s reseller network.
University of North Dakota: As implementation of the University Of North Dakota’s Centre of Excellence in Threat Detection accelerates forward, UND has invested USD$100,000 for trial deployment of PATSCAN systems in four separate facilities across campus.
Innovation Programs: Through Cisco Systems Innovation Program, Patriot One joined Cisco’s sales team in presenting PATSCAN solutions to key clients. The Company launched PATSCAN showcases within Cisco’s Toronto-based and IBM’s Montreal-based Innovation Centre’s.
Public Policy efforts: Ongoing representation in Washington DC to advise and inform key decision makers regarding product rollout. Met with members of Congress, the Department of Homeland Security, Secret Service and Pentagon officials. Company executives also met with the ACLU to discuss PATSCAN deployment in a civil liberties and privacy context.
Defence Contractor Partnership: Our partner, a major international defence contractor, is anticipating government approval in the coming weeks, at which time a detailed announcement will be made.
Media & Public Relations Coverage: Mainstream media includes ABC, CBS and NBC featured coverage of PATSCAN demonstrations at the Company’s Las Vegas Development Centre. The Company further earned media coverage with key European and UK publications including INTERSEC-Journal of International Security, Defence Online, Defence Contracts Magazine and MOD Defence Contracts Bulletin.
We look forward to a great year ahead working to build safer communities and to deliver shareholder value. We thank our many partners and supporters for their continued confidence.
On Behalf of the Board,
Martin Cronin, President, CEO & Director
About Patriot One Technologies, Inc. (TSX.V:PAT) (OTCQX: PTOTF) (FRA: 0PL):
Patriot One has developed the PATSCAN™ next generation software and sensor solution for the covert detection of weapons threats. Designed as an innovative and effective platform to combat active shooter threats before they occur, the system features the award-winning PATSCAN™ CMR cognitive microwave radar system. Built for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware systems can be installed at key access points to covertly identify weapons and to alert security for the intervention of active threat events before they commence. Owner/operators of private and 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. Patriot One Technologies are proud winners of the 2017 Anti-Terrorism / Force Protection category of the Security Industry Association’s New Product Showcase at ISC West.
For further information, please contact:
+1 (888) 728-1332
Scott Ledingham, PR Media Now
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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