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Patriot One Technologies Inc. (0PL.F)

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  • Patriot One CEO Issues Letter to Shareholders
    GlobeNewswire

    Patriot One CEO Issues Letter to Shareholders

    TORONTO, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX-V: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), is pleased to issue the following letter from Patriot One CEO, Peter Evans. Dear Shareholders,I am pleased to reach out for the first time since I was appointed CEO and as the Company enters its exciting new chapter ahead. It has been just over a month since I joined as the new CEO of Patriot One, and in that time, there has been much to learn, many customers to meet, and strategies to develop and execute. During these initial days of fact-finding, a common interest expressed by shareholders has been to provide regular updates on the status of the business, and what they can expect going forward.Please consider this the first of such investor communications, as I provide my views on the state of the business.One Month ObservationsThe first month of my tenure has been focused on “taking inventory” of the market and business environment, customer needs and opportunities, our technology and product-market fit, the staff and skills, and the needs of our business going forward. Here are my thoughts on the key findings:The Market Opportunity and Customer FeedbackThe market opportunity for our core solution is real and remains consistent. In the past month, I have met with (virtually, of course) more than two dozen prospects and customers, and a dozen partners. * The vast majority of qualified prospective customers remain very excited to work with us and wish to begin site surveys as soon as COVID restrictions are lifted. The common roadblock I have heard from our customers is their inability to access their place of business due to health concerns (or formal lockdowns). Customers have overwhelmingly expressed interest in executing the site surveys and beginning pilots and rollouts once lockdown restrictions are removed. * Our engagements with some customers have opened the door to activities with other facilities - such as casinos, sports franchises, and entertainment venues - all focused on similar business issues that we can solve. Again, the interest is there, but COVID has delayed the necessary steps to drive site surveys, proposals, and contracts at these locations. In summary, the demand has not diminished.Our Products and TechnologyIn the last two quarters, we have made great strides with our AI-powered smart security platform and recently announced the launch of several new and innovative products: * In 2020, Patriot One productized its core threat-detection solution in the form of our Multi Sensor Gateway (MSG) 1.0 Fastlane release within our multi-sensor PATSCAN platform. The MSG 1.0 solution works in uncluttered environments that require threat detection and have high people flow. With this solution, we are delivering on the original vision for the Company – the ability to inconspicuously and cost-effectively detect guns and threats with a high degree of accuracy (low false positive rates), with minimal interruption to the “flow” of a business, while also addressing concerns about personal privacy. We will stay very focused on this market now that we have a viable product. * We are continuing to enhance and evolve the MSG product with new releases that will provide further functionality and increasing levels of accuracy, which will then allow us to pursue additional market applications. The MSG solution includes our investment into microwave radar (CMR) technology integrated with other sensor technologies as required to deliver market requirements. * The artificial intelligence innovations that we acquired from Xtract AI and EhEye are critical components to the delivery of the total solution. By integrating advanced analytics, we will continue to refine the efficacy of the solution, while also building out an AI platform for a broader set of market applications. * The development of our multi-input, multi-machine-learning (ML) platform correlates smart AI insights and provides the end user with actionable intelligence. Patriot One owns a robust AI platform solution that has proven itself in multiple test applications in various vertical markets. We are currently analyzing the outputs of these projects to determine new market opportunities. This leading-edge AI-powered security platform is unique in the marketplace and has the flexibility to address varying market needs, while also supporting the creation of customizable solutions. All of this provides interesting considerations for both the near-term, and long-term strategic opportunities for the Company.The Patriot TeamOver the course of this year, a new leadership team has joined the Company. This strategy is intentional, with a focus on bringing in seasoned operational executives who have successful track records building out successful sales, marketing, product development, and delivery organizations.With a hugely talented group of employees, we have a highly energized team focused on growing our revenue, expanding the value and fit of our technology, moving the strategy and roadmap forward, and taking the necessary execution steps to drive shareholder value.Looking forward to 2021 Our number one priority for the business is to drive revenue and growth in a repeatable, scalable, and predictable manner. To do this requires putting in place the operational disciplines necessary to secure and serve business.I have taken specific steps in the last four weeks to prepare the Company and position it for growth; however, it must be recognized that growth will not happen overnight. There is a ramp time for change to take effect. Further, with COVID and the uncertainties that still exist around the timing of a market return to something approximating normalcy, there is no short-term fix.In the past month, I have taken specific and necessary steps to set the foundation for growth: * Getting focused and removing distractions – As an early-stage company, we will stay focused, and remove the distractions from poorly qualified customers, partners, geographies, pilots, experiments, and wishful thinking. * Cutting non-strategic costs – We have taken specific cost-cutting measures and will continue to make cuts where appropriate, focusing our spend on items that will deliver near-term revenue or set a foundation for mid- to long-term revenue. * Building a professional and highly focused sales organization – We have started the process of building a seasoned direct sales organization to drive our business. Our first sales representatives start this week and are already in training. We are implementing a very disciplined sales process to rigorously qualify opportunities and focus on customers with a stated business need for enterprise deployments. * Building a professional marketing organization – We have redesigned our marketing strategy with a focus on building awareness, interest and, most importantly, a pipeline of qualified opportunities with customers in specific target market segments where we have a good product-market fit. In ConclusionWhen I look at Patriot One, there are multiple paths for aggressive growth in front of us. In the short-term, we will drive revenues from our current solutions for detecting and minimizing threats. There is pent-up demand that has been delayed due to COVID that we can serve well. We have a solution that uniquely meets the needs of specific market segments, and with further releases, our target markets will expand to address a broader set of environments. I also see great opportunities to leverage our AI platform and move into adjacent markets with a value proposition focused on protecting people and assets through AI-driven actionable intelligence.Going forward, our investor communications plan will be to provide a state-of-the-business CEO newsletter once per quarter in addition to our quarterly financial reporting. Time-to-time we will be holding additional sessions such as Facebook Live sessions, or other such activities.We have a new team, an exciting and innovative technology portfolio and promising market opportunities. Our focus will be on customers, driving revenue, and providing pragmatic delivery and execution for the business of today, and what we will be building for tomorrow.I would like to take this opportunity to thank all employees of Patriot One for a year of hard work and dedicated service; to our shareholders for their loyal support and patience; and to our directors and officers who have maintained strong belief in what we are working to accomplish. We look forward to a prosperous 2021 as we continue to execute on our business plan.Best Regards, PeterFor further information, please contact: Patriot One Technologies Inquiries info@patriot1tech.com www.patriot1tech.comInvestor Relations John Martin, Patriot One Technologies                         +1 (888) 728-1332                                         johnm@patriot1tech.com                                        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 system sales, 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 counterparty default 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 only as expressly required by applicable law.Neither the Toronto Stock Exchange (TSX) nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

  • Patriot One Appoints Peter Evans to its Board of Directors and Releases First Quarter Results
    GlobeNewswire

    Patriot One Appoints Peter Evans to its Board of Directors and Releases First Quarter Results

    TORONTO, Dec. 10, 2020 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), developer of the PATSCAN™ Multi-Sensor Threat Detection Platform, is pleased to announce the appointment of the Company’s new Chief Executive Officer (“CEO”) Peter Evans to its Board of Directors, effective immediately following the quarterly board and committee meetings on Thursday, December 10, 2020. The Company has also released its first quarter interim financial results for the three month period ended October 31, 2020. All information is in Canadian dollars unless otherwise indicated. The following press release should be read in conjunction with the Company’s Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our Management’s Discussion and Analysis for the three month period ended October 31, 2020, which can be found on SEDAR at www.sedar.com and on the Company’s website at www.patriot1tech.com.Appointment of Peter Evans to the Board of DirectorsMr. Evans brings over 25 years of experience working with venture-backed and public companies in executive leadership, operations and board roles. Peter’s demonstrated success in the security and technology industries in identifying marketplace opportunities, along with growing revenues and profitability, makes him a complementary fit with the Patriot One Board of Directors.“This past month has been very compelling, meeting with customers, partners, shareholders, and the Patriot One team. The insights gained have confirmed that there is market demand for our solutions, and for further enhanced solutions enabled by our innovative approach to AI that can drive actionable intelligence provided by our PATSCAN Platform and XTRACT.ai divisions,” expressed Peter Evans, Patriot One’s new CEO. “I am excited about the opportunities in front of the Company as we move into 2021. Joining the board allows me to share my operational, technical, and go-to-market insights and experience, while working side-by-side with fellow board members in steering the strategy of the business in this critical growth phase,” added Mr. Evans.Company Highlights for the Three Month Period Ended October 31, 2020The following is a summary of the key business highlights for the Company for the three month period ended October 31, 2020:  * The Company commercially released its first covert sensor technology being the PATSCAN Multi-Sensor Gateway (“MSG 1.0”), which identifies on-body concealed weapons utilizing its unique passive sensor array in uncluttered environments; * In August 2020, the Company welcomed Karen Hersh, CPA, CA as Chief Financial Officer and Corporate Secretary, bringing expertise with early stage technology companies and added operational experience;  * Throughout the quarter, the Company enhanced its partnership portfolio and overall sales channel capabilities by adding additional resellers; * The Company continued to implement restructuring and cost cutting efforts to improve operating efficiencies and to better align the Company with its strategic direction and business development plans; and * The Company secured wage subsidy funding, significantly assisting the sustainment of the Company’s operations and near-term cash flow requirements; and * Subsequent to quarter end, the Company welcomed Peter Evans as Chief Executive Officer, bringing expertise in revenue growth and profitability, as well as identifying and developing new market opportunities.Fiscal 2021 First Quarter Financial Results * Revenue was $0.4 million for the three months ended October 31, 2020 as compared to $0.1 million for the same period ended October 31, 2019. * The Company had $0.3 million of deferred revenue and $0.9 million of contracted revenue not yet recognized as revenue as of October 31, 2020, of which 100% is expected to be recognized over the next twelve months. * Net loss decreased from $7.3 million in the first quarter ended October 31, 2019 to $3.3 million in the first quarter ended October 31, 2020. The decrease in loss pertains to streamlining of the Company’s business operations, COVID-19 relief funding received and transaction costs incurred for the acquisition of Xtract in the comparative period. * Basic and diluted loss per share was $0.02 for the first quarter ended October 31, 2020 as compared to $0.05 for the same period ended October 31, 2019.About Patriot One TechnologiesPatriot One’s mission is to deliver innovative threat detection and counter-terrorism solutions for safer communities. Our PATSCAN™ Multi-Sensor Threat Detection Platform provides a network of advanced sensor technologies with powerful next generation AI/machine learning software. The network can be covertly deployed from far perimeter to interiors across multiple weapons-restricted facilities. The PATSCAN™ platform identifies and reports threats wherever required; car park, building approach, employee and public entryways and inside the facilities. Each solution in the platform identifies weapons, related threats or disturbances, or potential health and safety threats for immediate security response. Our motto Deter, Detect and Defend is based on the belief that widespread use of the PATSCAN™ platform will act as an effective deterrent to diminish the epidemic of active threats around the globe. For more information, visit: www.patriot1tech.com or follow us on Twitter and Facebook.For further information, please contact: Patriot One Technologies Inquiries info@patriot1tech.com www.patriot1tech.comInvestor Relations John Martin, Patriot One Technologies +1 (888) 728-1332 johnm@patriot1tech.comMedia Contact Scott Ledingham, Patriot One Technologies +1-613-806-7135 scott@prmedianow.comCAUTIONARY 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 system sales, 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 failure to receive required regulatory approvals, counterparty default and other risks detailed from time to time in the filings made by the Company with securities regulators. 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 only as expressly required by applicable law.Neither the Toronto Stock Exchange (TSX) nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

  • iDENT and Limitless Integrations Adds PATSCAN Platform to its Mobile Onsite Detection System for Stadiums & Event Venues
    GlobeNewswire

    iDENT and Limitless Integrations Adds PATSCAN Platform to its Mobile Onsite Detection System for Stadiums & Event Venues

    The iDENT MODSTM to Use Patriot One’s Threat Detection Solutions to Help Instill Event Goer Confidence to Return to Their Favorite Entertainment and Sporting Programs MODS front view Mobile Onsite Detection System MODS viewed from above Mobile Onsite Detection SystemTORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) -- iDENT LLC and Limitless Integrations LLC announced the launch of the patent pending iDENT MODSTM (Mobile Onsite Detection System) that will include Patriot One Technologies Inc.’s (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One”) PATSCAN Multi-Sensor Threat Detection Platform with specific modules for the early detection of weapons and potential-health related threats, such as viruses. The iDENT MODS unit has been designed to be used in key public gathering locations, such as stadiums, arenas, entertainment venues, and other secure facilities. Leaders from the entertainment, professional sports, and events industries have expressed great interest in the iDENT MODS units, and its inclusion of the PATSCAN Platform, to ensure a safe and secure environment for their patrons. The solution will be showcased over the next several months, with the intent to restore trust and confidence to their customers and allow staff and talent to return to work and play.Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/5379ef59-b1b1-44a2-b185-fc17ad303d2bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/2416a94b-9d0c-40a9-a212-ed96a7789933The iDENT MODS unit was specifically designed in response to key entertainment and professional sports clients who were looking for an all-inclusive physical threat and health safety solution that could be used to re-open their venues safely and securely. The goal was to minimize time and inconvenience for all event goers, and venue staff at onsite security checkpoints, while providing enhanced safety and security at the venue.“These iDENT MODS offer event promoters and venue operators a touchless and frictionless security screening process for up to 1800 people per lane per hour,” explained Albert Reynolds, iDENT’s COO and Co-founder. “Our two (2) or six (6) lane units offer great options for front of house or back of house screening to ensure customer, staff and talent safety and security as they attend their favorite programs.”By incorporating the PATSCAN Platform’s innovative AI-powered threat detection solutions, visitors to event or sports venue can be quickly screened for visible and concealed threats at the outer perimeter of facilities’ plazas, so when entering the secure area all are ensured a great experience. The PATSCAN solutions leverage advanced AI capabilities, correlating data from multiple sensing devices, in near-real time, allowing for very high accuracy, and a pre-emptive approach to minimizing or eliminating risk. By looking for, and identifying risks first, and then identifying individuals, the solution also protects all attendee’s privacy and civil liberties. If a threat is detected, whether associated with weapons, or health risks, onsite security will be immediately notified, and the individual will be flagged for additional screening before gaining access to the stadium or arena. “Opening up event venues is critical to our communities from both an economic and social perspective,” expressed Peter Evans, CEO of Patriot One, “Incorporating our PATSCAN platform threat detection solutions into these mobile onsite detection units not only provides entertainment, hospitality and retail businesses the opportunity to return to work, but it also provides event goers the confidence that they will be safe and secure as they return to their favorite entertainment and sporting events.”The iDENT MODS are constructed from mobile shipping containers, which can be transported from one venue to another, and be quickly deployed. Event goers, along with onsite venue staff and talent, simply walk through a mobile checkpoint in 4 simple steps without the need to empty their pockets of keys, cellphones, wallets, change or other personal items. * Step 1: As an event attendee approaches the iDENT MODS unit the PATSCAN VRS Weapon & Facial Mask video detection solutions identify potential visible threats in real-time. * Step 2: As the attendee passes through the unit, the PATSCAN MSG multi-sensor gateway instantly scans for concealed weapons, such as larger knives, guns and rifles. * Step 3: As the concealed weapon scan is taking place, the PATSCAN VRS-T solution scans for elevated body temperature, which may indicate a viral threat. * Step 4: As the event attendee prepares to leave the iDENT MODS unit, they swipe their event ticket across the contactless ticketing system. Saffire Tix and blockchain-based Health Passport from GetChkd Inc. have combined their technologies to create a portable contactless ticketing solution, which can be linked to an at home or on-site point of care test. Venues could require a negative COVID-19 test, health screening questionnaire, proof of identity and a temperature scan before an event goer and staff can attend and enter a stadium or an arena. * Threat Detected? If at any time during this 4-step screening process a threat should be detected, then onsite security are notified in real-time, and can move the individual to a secondary screening areas for further investigation prior to providing event access. See how simply the iDENT MODS Unit works (click: www.identmods.com) As highlighted above, the unveiling of the iDENT MODS unit will take place over the next few months with iDENT, Patriot One and executives from entertainment, events and sports facilities. Each potential client will see the working iDENT MODS unit and discuss their specific use cases and facility needs.Respectfully“Albert Reynolds”Albert Reynolds, COO & Co-Founder, iDENT LLC “T.J. Dooley”T.J. Dooley, CEO & Co-Founder, Limitless Integrations LLC “Peter Evans”Peter Evans, CEO, Patriot One TechnologiesAbout iDENT LLC iDENT, LLC was formed to help create a seamless network between those who develop life-saving technology, those who deploy it, and those who can utilize it. Acting as the keystone between technology and application; iDENT has played a vital role in connecting industry-leading companies. Through open communication and exceptional service, we will assist your team in finding the right solution to fit your needs.  We are experts when it comes to designing the safest and most secure environments possible and can handle everything from design & delivery to implementation and servicing. To learn more about iDENT, LLC, visit us on the web at: https://www.identtech.com/ or follow us on social media on Facebook, LinkedIn, Twitter, and Instagram.About Limitless Integrations LLC Limitless Integrations LLC offers high-quality, reliable commercial/industrial security and safety services in the Ohio/Kentucky/Indiana Tri-State Midwest region. The firm offers reliable and professional security and safety solutions for large venue and private facilities, including the iDENT MODS mobile onsite detection system with partner iDENT LLC of California. The team is made up of highly trained, high quality engineering staff for technology and security system deployments and is committed to providing a comprehensive full suite of services to its clients. To learn more, visit limitlessintegrations.comAbout Patriot One Technologies Patriot One’s mission is to deliver innovative threat detection and counter-terrorism solutions for safer communities. Our PATSCAN™ Multi-Sensor Covert Threat Detection Platform provides a network of advanced sensor technologies with powerful next generation AI/machine learning software. The network can be covertly deployed from far perimeter to interiors across multiple weapons-restricted facilities. The PATSCAN™ platform identifies and reports threats wherever required; car park, building approach, employee and public entryways and inside the facilities. Each solution in the platform identifies weapons, related threats or disturbances, or potential health and safety threats for immediate security response. Our motto Deter, Detect and Defend is based on the belief that widespread use of the PATSCAN™ platform will act as an effective deterrent to diminish the epidemic of active threats around the globe. For more information, visit: www.patriot1tech.com or follow us on Twitter and Facebook.For further information, please contact: iDENT Sales Albert Reynolds, III, Sales Albert@identtech.com 916-529-5715Eli Covell, Sales Eli@identtech.com 530-412-0400iDENT Investor Relations Mark Cordano, Investor Relations Mark@identtech.com 916-600-4245iDENT Marketing Brett Aitkenhead, Media/Marketing Brett@identtech.com 619-307-3839iDENT Email us at info@identtech.com Main Office: 916-741-3311Limitless Integrations LLC T.J. Dooley, CEO & Co Founder +1-513-319-9986Patriot One Investor Relations John Martin, Patriot One Technologies +1 (888) 728-1332 johnm@patriot1tech.comPatriot One Media Contacts: Scott Ledingham, Patriot One Technologies +1-613-806-7135 scott@prmedianow.comPatriot One Technologies Inquiries info@patriot1tech.com www.patriot1tech.comCAUTIONARY 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 system sales, 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 counterparty default 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 only as expressly required by applicable law.Neither the Toronto Stock Exchange (TSX) nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.