Patriot One to Acquire Video Threat Recognition Software
28 November 2018 - 12:30AM
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, CEOPatriot 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 Inquiriesinfo@patriot1tech.com
www.patriot1tech.com
Investor RelationsJohn Martin+1 (888)
728-1332johnm@patriot1tech.com
Media Contacts:Scott Ledingham,
PR Media Now+1-613-806-7135 scott@prmedianow.com
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.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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