Patriot One Technologies, Inc. (OTCQB: PTOTF) is engaged within the research and development of radar devices and software solutions. Among the company’s solutions is a concealed weapons detection system, which can help fight active shooter situations before it is too late. Shares of the radar detection company are rallying 7.26%, through early trading on Tuesday, October 3, 2017. Over the past month, Patriot One Technologies, Inc. has seen average daily volume of 48,183 shares. However, volume of 176,230 shares or dollar volume of $128,647, has already exchanged hands on the day.
Shares of Patriot One Technologies, Inc. are rallying today, after the company announced it has received FCC approval for PATSCAN CMR concealed weapon detection system. The company is now nearing commercial release and preparing for launch. Here is the full press release detailing of the FCC approval:
Patriot One Technologies, Inc. Press Release:
TORONTO, ON–(Marketwired – Oct 2, 2017) – Patriot One Technologies, Inc. (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), is extremely pleased to announce that its award-winning PATSCAN CMR™ (Cognitive Microwave Radar) concealed weapons detection system has achieved Federal Communications Commission (FCC) Declaration of Conformity certification, a copy of which can be found here: https://fccid.io/2ALZTCMR.
“This is a momentous occasion for us,” states Patriot One Technologies CTO Dinesh Kandanchatha. “We now hold both FCC and Industry Canada (IC) certification allowing us to move into commercial roll-out across North America, with other countries soon to follow. The next stage of this exciting journey now begins with select deployments with key early adopters. Our system, which relies on machine learning algorithms, has graduated from the lab and is about to enter the arena of commercial distribution. Our strategy involves deployment through the remainder of the year to meet our backlog of commitments, and to immerse our engineering teams into an in-depth analysis of real-world threat scenarios in order to ensure that Patriot One offers the leading world-class solution for global threat detection.
“This is an important milestone for the Patriot One team for which they should be proud,” said Governor Tom Ridge, first U.S. Secretary of Homeland Security and a member of the Patriot One Advisory Board. “I very much look forward to seeing the rollout of this game-changing technology across the United States and to supporting their efforts to improve public safety.”
“We have used the waiting period for regulatory approval to assemble a team capable of meeting the go-to market challenges ahead.” Kandanchatha continues, “I anticipate a phased rollout, and like any new technology we will advance carefully and deliberately, recognizing progress will come quickly as we learn from each installation. We have worked hard to ensure that our system would pass this rigorous hurdle and to have achieved it in less than a year is a testament to our team of dedicated engineers, researchers and support staff who have put in the huge effort to achieve today’s news.”
PATSCAN CMR sales efforts currently focus on markets encompassing houses of worship, academic institutions, event centres, casinos, commercial offices, hotel properties, government agencies and other locations at high risk of terrorist attack or random violence. Interest and orders have been received from around the globe and today’s announcement will trigger a number of sales, marketing and support initiatives in major markets including the United Kingdom, Eurozone and Asia-Pacific regions.
“This is wonderful news for our company, our stakeholders and shareholders alike.” states Company CEO Martin Cronin. “We well understand that there are hurdles with any new technology, especially when it is revolutionary. We are also very clear regarding the role that the investment community has played in getting us to where we are today, and we will redouble our commitment as we move ahead to build shareholder value and to earn capital market support. Today we celebrate meeting a significant building block in our strategy for public safety through threat detection and our ongoing mission to make the world a safer place.”
ON BEHALF OF THE BOARD
CEO & Director
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 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. 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.