Patriot One Technologies Provides Third Quarter Update
2018-09-24 08:00:33 AM ET (GlobeNewswire)
Patriot One Technologies Inc. (TSX.V: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) ("Patriot One" or the "Company"), developers of the award-winning PATSCAN(TM) covert weapon detection system, is pleased to provide the following Q3 2018 corporate update from CEO & President Martin Cronin.
Dear Patriot One Shareholders & Partners,
I am pleased to take this opportunity to report on our ongoing activities and progress, including exciting developments involving complementary multi-sensor technologies to enhance our capabilities and profitability.
Sadly, many of our most significant developments over the past 24 months since we launched Patriot One have been set against a backdrop of ever-increasing active shooter and terrorist assaults targeting people at schools, event venues, churches, tourist attractions, business environments and beyond. Each of these horrific and saddening events serves as a constant reminder of how serious our venture is and drives us to succeed.
Here are our latest highlights in the relentless pursuit of our goal to bring security to people everywhere. In doing so we demonstrate our commitment to establish Patriot One as a competitive force in a global physical security market estimated to be worth $153 billion by 2023.
PATSCAN CMR Achieves Target Antennae Efficiency
I am delighted to advise that our engineering team has achieved its optimization and efficiency targets for the spec-6 antennae system, which now demonstrates consistent results within complex environments including human versus target-threat separation. Our engineering team is continuing to work diligently to refine this important aspect of Patriot One technology as part of our efforts to bring forward market-leading products.
Real-World Insights Reveal New Opportunities
Our numerous conversations with resellers, distributors and end-users has both aided our research efforts and revealed unmet market opportunities to improve and extend the capability of our algorithm-based software platform through the adoption of multiple specialized sensors for threat detection.
Through conversations with our customer base, the concept of a PATSCAN multi-sensor platform approach has taken shape. While many of our investors will see this as a way to capture an even larger market share, our clients will see a multi-sensor approach as a means to further guard their properties without creating fortress-like environments. We see a multi-sensor approach as a win-win opportunity that offers market share growth and improved security through enhanced threat detection.
Thanks to our investments in machine learning, we are now able to consider the assembly of data points from a variety of sources. To that end, we are investigating the integration of a select suite of advanced sensors to extend the power of machine learning across a secure multi-sensor network environment. We firmly believe that this method can help us best serve varying customer requirements, such as a need to address installation costs related to all of a venue's indoor and outdoor architectural and environmental realities. We believe the bottom line is that offering greater protection for the general public will result in greater safety and greater revenues.
Advancing into Sales
Thanks to technological and other advancements we are moving ever closer to commercial launch including through a number of innovation partnership opportunities. We believe our multi-sensor program efforts will both extend the capability of our PATSCAN system significantly and will result in a number of product launches in Q4 2018.
ASIS/GSX LAS Vegas - PATSCAN Showcase Event
On a timely note, key members of our business development and engineering teams will meet industry visitors and guests at the American Society for Industrial Security (ASIS) and Global Security Exchange (GSX) conference at the Las Vegas Convention Center this week from September 24-27. The Company looks forward to showcasing the PATSCAN systems at its Las Vegas Development Centre to clients and partners from North America and abroad.
Valued Partnerships
We are ever grateful to organizations such as the Westgate Las Vegas Resort & Casino, University of North Dakota, several key law enforcement agencies, security professionals and government officials, as well as our partners in the UK and the many representatives of businesses, sports venues, schools districts and places of worship across North America that have provided us with contextual insights, resources and access to facilities that have vastly accelerated our development efforts.
The Importance of Listening
It is my sincere hope that as you read this quarterly update, you will come to the same exciting conclusion that we have - the continuing emergence of single-system threat detection technologies, including those of our competitors, emphasizes the importance of listening to our customers so that we can identify market gaps and continue to develop sector-leading solutions.
As we continue to optimize our flagship PATSCAN CMR product to become the gold-standard in threat detection solutions, our clients are looking to Patriot One for threat detection scalability. Our job is to ensure we build and deliver affordable, robust and effective solutions, while achieving sustainable revenues, and delivering excellent shareholder value. Paying attention to what our customers want helps to ensure that we retain a sector-leading role and achieve our vision to become the foremost proponent and provider of innovative threat detection and counter-terrorism solutions and services for global public safety.
Sincerely,
Martin Cronin, CEO
Patriot One Technologies Inc.
About Patriot One Technologies, Inc. (TSX.V:PAT) (OTCQX: PTOTF) (FRA: 0PL):
