TORONTO, ON--(Marketwired - Nov 14, 2017) - Patriot One Technologies Inc. (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) ("Patriot One" or the "Company"), is pleased to advise that it has closed on the previously announced $10M bought deal financing. The financing was with a syndicate of underwriters led by Canaccord Genuity Corp. and increased in size to close at $11.5M in gross proceeds to the company.
"I am thrilled that we have experienced such terrific interest from the investment community," expressed Martin Cronin, CEO. "This new round of investment increases our working capital to approximately $15M and enables us to expand our product development efforts to meet global demand for PATSCAN."
The financing further supports research to develop future iterations of the technology such as mobile applications including wearable devices for police officers, as well as detection of other non-traditional weapons-grade materials. The pace of activities on several fronts is rapidly increasing, and directly benefitting from the recent financing.
The Company is in the process of rolling out initial client installations while optimizing software configurations to meet real-world demands and variables. PATSCAN systems are in the process of deploying in the US, initially in Las Vegas, as well as in Canada. These installations will be used to build-out machine learning capability to ensure effective detection parameters are available as commercial deployment advances.
Patriot One, Westgate Resorts and Ridge Global have scheduled a December date for "Keeping Las Vegas Fabulous," a security forum open for select local and national security executives from the hospitality and entertainment industry, along with property managers, public safety, and law enforcement officials to discuss how to address threats without fundamentally altering the public experience. The event will be held at Westgate Las Vegas Resort & Casino, the upcoming site of Patriot One's first active development facility in the heart of the city.
Currently, the Company has two development centers, located in Ontario, Canada in the cities of Burlington and Ottawa. During Q4, 2017, Patriot One will expand into two additional product development centers in the United States and the United Kingdom; two nations which have seen horrific acts of terror on their citizens during 2017. These two centers are planned for locations with key strategic partners in Las Vegas, Nevada, and London, UK.
Along with a proposed showroom at the Burlington development center, Patriot One further plans to open a second Canadian PATSCAN showroom and client training facility in British Columbia. Each showroom facility will feature multiple use-case scenarios for the PATSCAN CMR concealed weapon detection radar device and software solution. The showrooms will serve as both demonstration and training facilities.
In addition to the Company's current four global PhD engineering experts in weapon detection and cognitive microwave radar, Patriot One is excited to announce the addition of two more PhD engineers who have recently joined the team and who will be running the new London Development center. These two new team members hold over two dozen patents in the area of microwave and weapon detection technologies.
"This is an extremely important round of investment," explained the Company CTO Dinesh Kandanchatha. "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."
About Patriot One Technologies, Inc. (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL):
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. Patriot One Technologies are proud winners of the 2017 Anti-Terrorism / Force Protection category of the Security Industry Association's New Product Showcase at ISC West.
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 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" 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 the failure to satisfy the conditions of the relevant securities exchange(s) 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 as expressly required by applicable law.
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