TORONTO, Nov. 27, 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 announce the execution of a definitive acquisition agreement with EhEye Inc. (“EhEye”) of New Brunswick, Canada (the “Transaction”).
Identified earlier this year as a prime candidate for integration into the PATSCAN product line-up, EhEye’s video threat recognition software recently met with overwhelming security reseller and end-client interest during a number of recent invitation-only industry events held at Patriot One’s development center in Las Vegas.
The terms of the Transaction provide for the acquisition of a 100% equity interest in EhEye by Patriot One in consideration of the issuance of 1,636,363 common shares of Patriot One to the existing shareholders of EhEye. Patriot also proposes to grant up to 277,775 replacement incentive stock options to employee, director and officer option holders of EhEye in consideration of the cancellation of those outstanding EhEye options.
“We are extremely excited to join the Patriot One team. Their mission to become the foremost proponent and provider of innovative threat detection and counter-terrorism solutions and services for general public safety fully aligns with our own mission,” stated James Stewart, EhEye’s CEO and President. “Further to that end, we expect their advancements in machine learning for weapon recognition through their proprietary PATSCAN software, as well as their key strategic partnerships, to propel our video recognition solution’s commercialization. This will ensure significantly enhanced detection capability whenever weapons are handled inside or outside of facilities like event venues, schools or virtually any public building.”
This truly unique system automates the detection of weapons, disturbances and suspicious behaviours through existing camera infrastructure. Using computer vision techniques coupled with machine learning for artifact recognition, the solution employs deep learning architecture to alert security teams to anomalies that a standard video system cannot identify.
EhEye is in the process of piloting the solution with an international airport and a correctional facility through the Build in Canada Innovation Program. In addition, the developers also received the support of the National Research Council of Canada. In 2017, they received three (3) awards – two (2) KIRA awards for Most Innovative Startup and Most Innovative Technology and one (1) of StartupFest’s Choice Awards.
“We are very pleased to welcome the EhEye team into the Patriot One family. Their award-winning threat recognition software will integrate into our client’s existing video camera networks offering a first line of defense to detect active shooters or terrorists approaching a venue with weapons drawn,” explained Martin Cronin, CEO and President of Patriot One. “It will also offer an additional layer of detection inside buildings to track threats and even identify irregular disturbances or physical altercations between individuals.”
This novel video recognition software joins Patriot One’s family of threat detection solutions under the brand name PATSCAN VRS, denoting video recognition sensors for threat detection. Sales of the PATSCAN VRS solution will be based on a SaaS pricing model on a per camera-use basis per location. The solution is currently in late stage pilot testing, as the platform is an AI based system designed to improve weapon detection, disturbance recognition and ongoing accuracy once deployed. It will continually learn through shared network updates as part of its monthly recurring subscription service, similar to the revenue model for the Company’s flagship PATSCAN CRM covert weapon detection solution.
Additional technology candidates for potential inclusion into the PATSCAN product line-up are currently undergoing technical assessment, focus group and marketing evaluation. Subject to the conclusion of a rigorous period of due diligence, Patriot One aims to extend its brand offering through the inclusion of select technology partner agreements.
In October, Cisco Systems invited Patriot One, as one of its innovation partners, to showcase to its largest clients and partners our PATSCAN family of threat detection solutions, including PATSCAN VRS, during their annual Cisco Connect event at the Toronto Congress Centre. Further to this end, Patriot One expects to begin commercial deployment of the PATSCAN VRS solution to select customer sites followed by distribution to its security system integrator network in Q1 of 2019.
The Transaction is subject to a number of standard closing conditions, including any required approvals of the TSX Venture Exchange.
Martin Cronin, CEO
Patriot One Technologies Inc.
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:
Patriot One Inquiries
info@patriot1tech.com
www.patriot1tech.com
Investor Relations
John Martin
+1 (888) 728-1332
johnm@patriot1tech.com
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CAUTIONARY DISCLAIMER STATEMENT:
This news release contains forward-looking statements relating to the Transaction, 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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