TORONTO, July 25, 2019 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), developer of the PATSCAN™ Multi-Sensor Covert Threat Detection Platform (“PATSCAN”), is pleased to announce that it has completed an exclusive global commercial licensing agreement for intellectual property with Quasar Federal Systems, Inc. (“Quasar”) of San Diego, California, to ensure the successful deployment of PATSCAN TMS components. PATSCAN TMS employs intelligent targeted magnetic sensor technology to detect the on-body or in-bag location of a growing list of concealed threat objects, such as long-barreled weapons and bombs. It is the fourth threat detection sensor component of the PATSCAN Platform.
Under the terms of the agreement, Quasar has granted Patriot One a perpetual, worldwide, exclusive, fully paid-up, transferable and irrevocable license (with a right of sublicense) to use Quasar’s intellectual property (“Quasar IP”) to use, develop, modify, manufacture and sell covert threat detection technology in exchange for an aggregate cash consideration of USD $5,000,000. The Quasar IP license includes access to patented sensor technology and patent pending magnetic detection and security screening technology. Patriot One also has the right to engage Quasar’s development team to assist with future modifications to the technology, as well as manufacturing and implementation engineering.
“Not only are we excited about closing this exclusive licensing agreement with Quasar for this fourth sensor component to our multi-sensor threat detection platform, but our clients are as well,” said Martin Cronin, Patriot One’s CEO. “There’s a lot of momentum building following our recent announcements with Cramer Security and several international resellers, and our business development team has been delivering PATSCAN Platform demonstrations to secure additional purchase orders with our existing and new resellers – and their end-user clients – in sectors that include business, retail, sports, events, hospitality, education and religion.”
Patriot One is currently driving sales and expanding its reseller network across the Americas, Europe, Middle East, Africa and the Asia Pacific, and the company will make additional announcements as necessary and required.
ON BEHALF OF THE BOARD
“Martin Cronin”
Martin Cronin, CEO
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, including car parks, building approach, employee and public entryways, and inside 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, please 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
+1 (888) 728-1332
johnm@patriot1tech.com
Media Contacts:
Scott Ledingham, PR Media Now
+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 the ability of resellers of the Company’s products and services to successfully obtain final sales from their end-user clients and complete implementation of the Company’s solutions, currently being components of the PATSCAN Platform, into their respective distribution territories and other risks detailed from time to time in the filings made by the Company pursuant to 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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