#Defense #Stock
Update: Patriot One (TSX: $PAT.TO) (OTCQX: $PTOTF) Acquires Artificial
Intelligence #AI Company XTRACT Technologies Inc.; @patriot1tech
TORONTO,
ON - September 10, 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"),
is pleased to announce the acquisition of XTRACT Technologies Inc.
("XTRACT") and all its related interests, assets, and intellectual
property for consideration of $6,000,000 and the issuance of 9,422,956 Patriot
One common shares (the "Consideration Shares") to XTRACT's former
shareholders (the "Transaction"). Subject to certain exceptions based
on the business of the Company or the performance of the Company's common share
price, the Consideration Shares will be subject to escrow restrictions and
released on a quarterly basis over the next twelve consecutive fiscal quarters
of Patriot One. The Transaction follows demonstrated success of an ongoing
collaborative project between the two firms that was announced in late July
2019.
The XTRACT acquisition is
part of an ongoing strategic initiative by the Company to bring together
leading-edge technologies and services that will enhance the power of its
PATSCAN Platform, which offers a layered, multi-sensor approach to concealed
threat and disturbance detection.
“Just over a month ago, we announced a development project
with XTRACT, and during this period we’ve already seen great progress in significant opportunities for
enhanced detection accuracy" said Martin
Cronin, Patriot One’s CEO and President. “With new sales opportunities arising
every day for a covertly deployed, multi-sensor security solution, integrating
XTRACT more deeply into our development and day-to-day operations made perfect
sense. We are thrilled to have this highly talented
group join our ranks; as they share our vision for creating a world safer from
acts of mass violence.”
The XTRACT team will bring
additional leading-edge expertise in artificial intelligence (AI) and machine
learning to the Patriot One staff. XTRACT’s
novel neural network architecture and data fusion techniques are robust,
efficient and require less memory than comparable standards. With several strategic PATSCAN
deployment initiatives in progress, including with Johnson Controls
International and Bleutech Park-Las Vegas announced over the last month, the
Company sees this move as both necessary and a key differentiator for its
future platform development.
Following from the acquisition, former XTRACT
Chairman and CEO Kevin O’Neill has been retained as an advisor to Patriot One
and been invited to join Patriot One’s Board of Directors. Mr. O’Neill has many years of experience investing in growth
technology companies, following his early career in investment banking with
Merrill Lynch. He has been a private investor and advisor to numerous
successful early-stage technology businesses, including among others a
telecommunications company acquired by Microsoft.
As a wholly owned subsidiary, XTRACT will continue to operate as
its own business unit and under its current brand name. XTRACT will continue to service existing
clients, representing several
million dollars in committed contract backlog for
2019, along with new business opportunities as further opportunities are
presented. XTRACT has previously
developed and successfully implemented solutions for military, government,
industrial, environmental and transportation clients. Equally importantly,
XTRACT’s engineers and data scientists possess security clearance to work on
government defense projects.
Patriot One also wishes to announce that Jeffery Tindale has
resigned from the Board of Directors effective September 9, 2019 but will remain with the Company as
Senior Vice President of Capital Markets. “On behalf of the Company, I would
like to thank Jeff for his time and dedication to Patriot One’s Board since
inception,” shared Mr. Cronin, President and Chief Executive Officer.
Martin Cronin
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 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 XTRACT - a
Patriot One Technologies company
XTRACT develops and commercializes artificial intelligence,
machine learning, deep neural network and predictive solutions utilizing its
proprietary technology for public institutions and private enterprise. The firm has an award winning, highly
skilled team that develops deep neural network technology, which scales and
drives how machines learn. The technology is core to the Company’s platform
which runs more effective and reliable business solution and applications.
For
further information, please contact: Patriot One Inquiries info@patriot1tech.com www.patriot1tech.com
Investor Relations
John Martin
+1 (888) 728-1332
Media Contacts:
Scott Ledingham, PR Media Now
+1-613-806-7135
CAUTIONARY DISCLAIMER
STATEMENT:
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
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could differ materially from those anticipated in such statements. Important
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results to differ materially from those predicted, as a result of numerous
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