Patriot One Partners with Raytheon Canada Limited
TORONTO, March 29, 2019 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX.V: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) makers of the award-winning PATSCAN threat detection system today announced a partnership with defence contractor Raytheon Canada Limited (RCL), a subsidiary of Raytheon Company (NYSE: RTN) to extend developmental innovation of Patriot One’s threat detection technology and product pipeline.
Today’s release formally announces RCL as the defence contractor referenced in the company’s August 14, 2018 announcement. RCL will fund Patriot One with $3 million CAD in non-dilutive cash financing for further development of the PATSCAN CMR. The initial program is part of a Canadian Industrial and Technological Benefits (ITB) transaction, with the potential for further partnering with Raytheon on development and marketing initiatives.
Raytheon has been a leader in developing radar technology since World War II. One of our missions is seeing the unseen which complements Patriot Ones’ concealed threat detection solution
stated Terry Manion, RCL’s vice president.
Supporting Canadian innovation through the Federal Industrial and Technological Benefits Policy provides current and future opportunities to create high-value jobs and economic growth throughout Canada
Since 1956, Raytheon has been a vital partner to Canada, providing leading-edge solutions for the nation’s defence and security sectors while investing in innovation and economic development across the country. This non-dilutive cash investment will not only expand the development of Patriot One’s PATSCAN Cognitive Microwave Radar (CMR) but will also allow key learnings derived from the principal threat detection solution to help advance other covert technologies, all with the goal to harden facilities without creating fortress-like environments.
We are thrilled to announce this strategic partnership
expressed Martin Cronin, CEO and President of Patriot One.
This financial support definitely signals the serious nature of our vision to create a world safer from acts of violence
Patriot One has developed PATSCAN CMR™ the next generation of its award-winning radar device and software solution. PATSCAN CMR is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system, designed as an effective tool to combat active shooter threats before they occur. Built for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware can be installed in key access points to covertly identify weapons and to alert security of an active threat. 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. 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.
About Raytheon Canada Limited
Raytheon Canada Limited (RCL), a subsidiary of Raytheon Company, is a leader in high technology solutions, engineering services, surveillance and navigation systems, highway traffic management systems, maritime surveillance radars and systems, and a thought and technology leader in the global optics industry, specializes in the design and manufacture of technologically sophisticated and superior quality optical solutions that meet strict military and commercial specifications.
Raytheon Company, with 2018 sales of $27 billion and 67,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 97 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I™ products and services, sensing, effects and mission support for customers in more than 80 countries.
For further information, please contact:
Patriot One Inquiries
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 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 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.