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TORONTO, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (PAT.V) (PTOTF) (0PL.F) (“Patriot One” or the “Company”), developer of the award-winning PATSCAN™ covert weapon detection system, is pleased to announce the closing of its acquisition of EhEye Inc. (“EhEye”) of New Brunswick, Canada (the “Transaction”). EhEye is now a wholly-owned subsidiary of Patriot One and its video recognition software rebranded as PATSCAN VRS.
Patriot One acquired a 100% equity interest in EhEye in consideration of the issuance of 1,636,363 common shares of Patriot One to the former shareholders of EhEye. Patriot One also granted 277,775 replacement incentive stock options to employee, director and officer option holders of EhEye in consideration of the cancellation of their outstanding EhEye options, in each case with terms to match the benefit foregone by the cancellation of such EhEye options.
In connection with and pursuant to the terms of the Transaction, Patriot One’s new video analytics team will be led by Dr. James Stewart, Ph.D. Dr. Stewart will hold the role of Senior VP of Video Analytics for Patriot One. In addition to Dr. Stewart, the Company has engaged nine other key team members to strategic positions.
“We’re thrilled to have this talented group join our ranks,” expressed Martin Cronin, President and CEO of Patriot One. “It has been a pleasure meeting each member of our new Video Analytics team, all of whom share our vision to create a world safer from acts of violence on our global citizens.”
During Q4, 2018, Dr. Stewart and several of his team members were deployed with Patriot One engineering counterparts to begin implementing paid trials with key reseller partners at the University of North Dakota’s Grand Forks main campus. More paid trial deployments will occur in Q1, 2019 at a number of the Company’s key reseller partners across the globe.
Martin Cronin, President and CEO
Patriot One Technologies Inc.
About Patriot One Technologies, Inc. (PAT.V) (PTOTF) (0PL.F):
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.
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Scott Ledingham, PR Media Now
CAUTIONARY DISCLAIMER STATEMENT:
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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