Company summarizes Q1 and offers insights on upcoming events
TORONTO, ON–(May 2, 2017) – Patriot One Technologies Inc., (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), developer of a revolutionary award-winning concealed weapons detection system, is pleased to provide the following message from Company President and CTO Dinesh Kandanchatha.
Dear Shareholders, partners and stakeholders,
As President of Patriot One, I am pleased to provide an update of the Company’s accomplishments in the first quarter of 2017 and the milestones we expect to achieve in the upcoming quarter.
The start of 2017 was marked by a number of significant events for the Company. First was our installation of demonstration showcases involving several core verticals targeted by Patriot One through 2017 and 2018, including hospitality/gaming, entertainment, and houses of worship. Beyond effectively demonstrating Patriot One’s technology, these showcases garnered significant interest from local media and the broader security community. Additionally, these live installations provided valuable opportunities to further refine Patriot One’s cognitive microwave radar system in real-world conditions. Over an extended field trial period, the system successfully and consistently detected concealed weapons with zero false negatives and a false positive rate of less than 5 per cent.
Next, Patriot One was honoured to receive a prestigious award from the Security Industry Association (SIA) for best new counter terrorism/force protection product, as evaluated by security leaders from some of the world’s largest security organizations. The SIA presented the award during the ISC West conference in Las Vegas — one of America’s largest security technology conferences. During the event, the Company also hosted two informative panel sessions, which included representatives from the Company’s newly announced business affiliates at Mutual Safe of South Africa and the University of North Dakota. These experts also shared their insights on Patriot One’s website testimonial page.
To support Patriot One’s central aim to deliver products in Q4 2017, the Company has intensified pre-sales preparations as demonstrated by a significant backlog of pending orders. In fact, as of today, Patriot One’s purchase commitments exceed the Company’s 2017 target production volume.
To achieve Patriot One’s product delivery goals, a significant effort over the next 60 days will focus on meeting specific certification obligations. Internal testing results of our technology through our rigorous Quality Assurance process indicate our production system can meet or exceed all the requirements for both FCC and Industry Canada certification while meeting our commitment to maintain the highest possible standard of efficacy. Currently, our production team is deep in the process of completing the documentation and system requirements to submit for certification before the end of Q2.
Concurrent to these efforts, Patriot One is in conversations with three of the global security market’s largest system integrators. New members have been added to the Patriot One team to support the Company’s system training and deployment program through integration partnerships. Overall, the Company’s production, engineering, marketing and sales programs are well positioned to execute a planned ramp up through the second half of 2017 and into 2018.
Lastly, we have registered the trademark PATSCAN to protect branding activities that will underpin an expanded product line of detection technologies based on Patriot One’s Cognitive Microwave Radar (CMR) technology. Patriot One recently announced its successful award of a federal NSERC (Natural Sciences Engineering Research Council) grant that will support existing research and development dollars to accelerate the Company’s new PATSCAN CMR covert concealed weapons detection system for fixed, mobile and wearable applications and increase the manufacturing margins of Patriot One’s current technology design.
In closing, I thank our Board for their counsel and guidance through this foundational year, as well as the Company’s many investors, both long-standing and those new to Patriot One, for their valuable feedback and support in the first quarter of 2017.
We are excited by the Company’s achievements and prospects, and are committed to our ongoing mission to generate significant results and shareholder returns going forward.
ON BEHALF OF THE BOARD
President & Director
About Patriot One Technologies, Inc. (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL): Patriot One has developed PATSCAN™ the next generation of its award-winning Patriot One Technologies™ NForce CMR1000 software and radar solution. PATSCAN™ is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system as an effective tool to combat active shooter threats before they occur. Designed for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware can be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. Owner/operators of private and certain 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.
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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 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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