TORONTO, May 23, 2019 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc.(TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One”, “Patriot One Technologies” or the “Company”), is pleased to announce that it has entered into a binding reseller agreement (the “Agreement”) with West Virginia-based Cramer Security & Investigations, Inc. (www.cramersecurity.com) (“Cramer Security”) to distribute Patriot One’s PATSCAN VRS commercial units. The Agreement is for an initial term of five years, and pursuant to the Agreement Cramer Security has acquired an initial 3-year lease of the solution as a first phase approach to deploying the PATSCAN multi-sensor covert threat detection platform across a broad range of its end customers. The Agreement requires Cramer Security to use its commercially best efforts to deploy at least 150 PATSCAN VRS systems, including associated software license, maintenance and support (together the “System”), which, provided the minimum yearly commitment is met, represents a value of $6,285,166 CAD ($4,672,800 USD) over this 3-year lease period. The Agreement includes minimum yearly sales requirements in order for Cramer Security to maintain its System pricing equal to 50 Systems in the first year, no less than 100 Systems by the end of the second year, and no less than 150 Systems by the end of the third year.
This initial PATSCAN VRS commercial deployment effort follows successful pilots and product demonstrations at client sites, as well as at the International Security Conference and Exposition (ISC West) in Las Vegas last month, April 9-12, 2019.
“Cramer Security has long been a supporter of Patriot One and its mission to provide innovative threat detection and counter-terrorism solutions for safer communities,” shared David Utt, Vice President of Cramer Security. “Adding PATSCAN solutions to our current and future clients’ security technology infrastructure will enable our 500+ officers to better protect their customers, employees and properties from the horrific terrorist and lone actor attacks our communities are witnessing.”
Since 2003, Cramer Security has been servicing clients in the mid-Atlantic region of the US as a security system integrator and provider of security personnel. The company has been engaged with Patriot One for the past two and a half years and was part of its pilot program in Q1, 2019.
“We’re extremely honored that David and his team at Cramer Security & Investigation have placed their trust in our covert, multi-sensor approach to threat detection,” advised Martin Cronin, CEO and President of Patriot One Technologies. “They have been unswerving in their support as we work to successfully deliver our PATSCAN VRS solution to the marketplace. We look forward to working with their engineers and installers to deliver our systems into the marketplace quickly and effectively. This reseller agreement represents a major milestone for the Company, as we transition from development of our proprietary technology to deploying same in real world situations. This is a very exciting time in the Company’s history.”
On Behalf of the Board,
“Martin Cronin”
Martin Cronin, Chief Executive Officer
About Patriot One Technologies, Inc. (TSX:PAT) (OTCQX: PTOTF) (FRA: 0PL):
Patriot One Technologies’ 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 Cramer Security & Investigations, Inc.
Cramer Security was founded in 2003. The company observed faults in how physical security was being implemented in the marketplace, versus how it should be. Cramer Security was created to set the industry standard, delivering professional trustworthy officers and providing each individual with structure and organization that fulfills the client’s individual needs. Today, Cramer Security has grown across West Virginia, Virginia, Ohio, and Kentucky, employing over 500 officers that provide security services and technologies to their clientele. Learn more at www.cramersecurity.com.
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
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 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.
Neither the Toronto Stock Exchange (TSX) nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.