Jeff Thomas
Admin · Yesterday at 2:46am
From Chris Mitchell
Friday March 16th myself and a handful of investment professionals are meeting with Martin Cronin, CEO, President & Director of Patriot One.
This is right after the Counter Terrorism Conference event beginning tomorrow and the World Game Protection Conference next week.
Chris Mitchell:
Hi
Morris LeBlanc:
It was great to sit down with Martin and Jeff and go through an update!
To your questions:
#1 With their currently supply chain they can produce up to 2,000 units per month if they give a six week lead time. The company that builds the hardware is called Copper Mountain Technologies - they are based in the US. This will change when they announce their Tier one partnerships.
#2 The are looking at more than one Tier 1 company. Jeff said PAT has over 9,000 leads with resellers and end-users right now. They are in discussions and advanced discussions with the largest integrators in the security space.
You will probably see some of those relationships coming out over the next six months as we roll out. This is not a plug-and-play. It does take integration, so by no means is PAT going to have a 1,000 person team to install all this so its really teaming up the Siemens, the Honeywells, the Tycos etc. They all have a very strong interest in us as it is disruptive and right now we think we have a 2-3 year head start.
There is nothing with this sort of small profile covert technology out there in this price range. With the demand in Vegas we could have sold 3,000 units in the past week alone, so it just a matter of rolling it out properly and being able to meet the demand without giving too high of an expectation.
#3 We continue to fund the research at McMaster, UBC, as well as in the UK. We are working on wearable and vehicle mounted device. They refereed this as pulse radar.
Chris Mitchell:
Their biggest challenge right now before roll out is to get the algorithm optimized to their standards. It is difficult to shortcut when training the algorithms. It is a time consuming and resource-consumptive process because there are a lot of variables in the real world. It is quite an intense exercise for the engineers to train the algorithms as to what it is they are seeing. For example, an air conditioning unit gives off a signal that needs to be discounted or a signal for a temperature change etc. There is no real shortcut to it - we need it to be robust."
He mentioned that they are also using IBM's Watson technology to help with our algorithm development. They will have an independent third party test the system and if it passes to their liking then they will be comfortable with the mass roll out.
Chris Mitchell:
1) According to Cronin, the installation at Westgate (hotel in Las Vegas) is going very well.
2) Preorders are capped right now at around 500 units. We don't want to have a big gap between orders and then the ability to deliver. So these are from early stage adopters and distributers and they understand at the stage we are at, but want to be in the first wave of deployment. We have a number of markets lined up - UK, Australia, New Zealand, Latin America, Caribbean, Europe and the Middle East.
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