Patriot One Technologies Inc. (TSX.V: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) recently announced that it has reached an agreement in principle with a major international defense contractor. Per the terms of the agreement, Patriot One will receive funding toward the development and integration of its PATSCAN CMR technology, subject to certain governmental approvals. The purpose of the agreement is to extend the technical development of Patriot One’s cognitive microwave radar technology, surpassing the initial goals of the company. This will be comprised of a two stage, several million dollar non-dilutive funding for the development of the PATSCAN CMR technology to include in-kind technical support for additional research and development. “We are thrilled to have the possibility of working with a highly-respected, international leader in defense and security technologies. Their interest in potentially providing assistance to help us further develop our PATSCAN CMR solution reinforces the significance of our work to-date. It is also a source of pride that our innovative threat detection technology has captured the serious interest of a major industry player at this early stage of our business development,” Patriot One CEO and President Martin Cronin stated in the news release.
To view the full press release, visit http://nnw.fm/pjYk9
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 key access points to covertly identify weapons and to alert security of an active threat. 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.
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