TORONTO, July 31, 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 signed a collaboration agreement with Xtract Technologies Inc. (“Xtract”), a leading Canadian artificial intelligence company based in Vancouver, B.C., to develop and improve new products and services, explore the potential for joint research and development activities and consider the feasibility of future strategic alternatives.
Xtract will work closely with three of the PATSCAN platform component teams – CMR, TMS and VRS – to explore how artificial intelligence technology can augment multiple data sets, such as people and threat objects, to enhance sensor threat-detection performance. In addition, the Xtract team will examine ways data fusion between the three sensor solutions can enhance overall platform effectiveness.
“We’re excited to begin collaborating with Patriot One, a company that’s demonstrated leadership in global threat detection and security-focused technology development,” said Kevin O’Neill, CEO of Xtract. “We’re confident that artificial intelligence technology can deliver improved results, further enhancing the PATSCAN Platform’s class-leading performance.”
“Xtract will be a valuable partner on this strategic project,” said Martin Cronin, CEO of Patriot One. “We’ve been truly impressed by the Xtract team and how they have delivered for both private and public organizations, giving us confidence that they will have a positive impact on the development and integration of our growing list of threat detection components. We’ve already begun working together and anticipate positive developments within the next 30 days. This collaboration agreement is a strong example of Patriot One’s commitment to continually investing in our development to maintain the gold standard of threat detection for public safety.”
Launching a digital media marketing campaign
Coinciding with the launch of international sales, Patriot One has engaged Native Ads, Inc. ("Native Ads") to provide and manage the Company’s digital media marketing campaign. Patriot One has entered into a services agreement with Native Ads for a total cost of approximately CAD250,000. Neither Native Ads nor any of its directors and officers own any securities of the Company. The agreement has an initial term of six months. Native Ads will provide content development, web development, media distribution and campaign reporting and optimization.
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.
About Xtract Technologies Inc.
Xtract develops and commercializes artificial intelligence, machine learning architectures and deep neural network and predictive solutions utilizing its proprietary technology for public institutions and private enterprise across a variety industry sectors, including security and national defence, health care, transportation, human resources, information technology, manufacturing and the global environment. For more information, visit www.xtract.ai.
About Native Ads
Native Ads provides strategic digital media services, marketing and data analytics services. Native Ads owns and operates a proprietary ad exchange with over 80 integrated SSPs (supply side platforms) resulting in access to 3-7 billion daily North American ad impressions. The full-service ad agency arm leverages its proprietary platform and traffic-buying methodologies to assist issuer clients with high volume content dissemination to appropriate audiences at the appropriate times.
For further information, please contact:
Patriot One Technologies Inquiries
info@patriot1tech.com
www.patriot1tech.com
Media Contacts:
Scott Ledingham, PR Media Now
For Patriot One Technologies
+1-613-806-7135
scott@prmedianow.com
Xtract Technologies
info@xtract.ai
John Malach, Native Ads
+1-604-808-7766
john@nativeads.com
Investor Relations:
John Martin, Patriot One
+1 (888) 728-1332
johnm@patriot1tech.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.
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.