Xtract One Technologies Inc (XTRAF)

[NetworkNewsWire]

PTOTF Closes $11.5M Financing; Fast-tracks Expansion & Development Plans

Patriot One Technologies, Inc. (TSX.V: PAT) (OTCQB: PTOTF) this morning said it has closed on the previously announced $10 million financing with a syndicate of underwriters led by Canaccord Genuity Corp. The financing increased to $11.5 million in gross proceeds to the company at the time of closing. The company also announced the addition of two PhD engineers to run the company’s new London Development center. Additionally, the financing supports research to develop future technology such as mobile applications including wearable devices for police officers. “These funds will not only enable us to increase our base of scientific knowledge with our two new team members, but also makes Patriot One the only company in the security technology space with six of the leading global experts in microwave radar and weapons detection technologies,” Patriot One CTO Dinesh Kandanchatha stated in the news release.

To view the full press release, visit http://nnw.fm/Pwv71

About Patriot One Technologies, Inc.

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 hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. 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.