TORONTO, July 31, 2019 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (PAT.TO) (PTOTF) (0PL.F) (“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.”
ORONTO, July 25, 2019 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (PAT.TO) (PTOTF) (0PL.F) (“Patriot One” or the “Company”), developer of the PATSCAN™ Multi-Sensor Covert Threat Detection Platform (“PATSCAN”), is pleased to announce that it has completed an exclusive global commercial licensing agreement for intellectual property with Quasar Federal Systems, Inc. (“Quasar”) of San Diego, California, to ensure the successful deployment of PATSCAN TMS components. PATSCAN TMS employs intelligent targeted magnetic sensor technology to detect the on-body or in-bag location of a growing list of concealed threat objects, such as long-barreled weapons and bombs. It is the fourth threat detection sensor component of the PATSCAN Platform.
Under the terms of the agreement, Quasar has granted Patriot One a perpetual, worldwide, exclusive, fully paid-up, transferable and irrevocable license (with a right of sublicense) to use Quasar’s intellectual property (“Quasar IP”) to use, develop, modify, manufacture and sell covert threat detection technology in exchange for an aggregate cash consideration of USD $5,000,000. The Quasar IP license includes access to patented sensor technology and patent pending magnetic detection and security screening technology. Patriot One also has the right to engage Quasar’s development team to assist with future modifications to the technology, as well as manufacturing and implementation engineering.
“Not only are we excited about closing this exclusive licensing agreement with Quasar for this fourth sensor component to our multi-sensor threat detection platform, but our clients are as well,” said Martin Cronin, Patriot One’s CEO . “There’s a lot of momentum building following our recent announcements with Cramer Security and several international resellers, and our business development team has been delivering PATSCAN Platform demonstrations to secure additional purchase orders with our existing and new resellers – and their end-user clients – in sectors that include business, retail, sports, events, hospitality, education and religion.”
Patriot One is currently driving sales and expanding its reseller network across the Americas, Europe, Middle East, Africa and the Asia Pacific, and the company will make additional announcements as necessary and required.