TORONTO, Nov. 05, 2021 (GLOBE NEWSWIRE) — Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company) is pleased to announce a $2.0 million USD Industrial and Technological Benefits transaction through a partnership with defense contractor Raytheon Technologies Corporation (NYSE: RTX) (“Raytheon”). The funds will be used for the continued innovation and development of Patriot One’s AI-powered Platform for threat and weapon detection.
This transaction is the second partnership transaction arrangement with the defense contractor, one of the largest aerospace and defense manufacturers in the world. Raytheon will fund Patriot One with $2.0 million USD in non-dilutive cash financing for continued development of Patriot One’s AI-powered platform. This investment was made under the Government of Canada’s Industrial and Technological Benefits (ITB) Policy as a result of the Canadian Government’s procurement of the CF-18 Hornet radar upgrade.
“We are delighted that Raytheon has selected us for their continued support and their strategic partnership in the development of our threat detection and patron screening solutions,” expressed Peter Evans, Chief Executive Officer of Patriot One. “This support again signals the importance of our vision to become one of the foremost proponents and providers of innovative commercial threat countermeasures for community safety.”
The ITB Policy leverages defense and security procurement to create jobs and economic growth and requires companies awarded defense contracts to do business in Canada equal to the value of their contracts.
About Patriot One Technologies
Patriot One Technologies makes unobtrusive, artificial intelligence (AI)-driven weapons and threat detection systems that enable arenas, casinos, schools, theaters and other businesses to provide unprecedented safety while also improving the patron experience. The company’s Multi-Sensor Gateway enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic, and its AI-based Video Recognition System enables venue and building operators to identify weapons and other threats inside and outside of facilities, while also providing valuable intelligence for optimizing operations. Follow us on Twitter @patriot1tech.
About Raytheon Technologies Corporation
Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. With four industry-leading businesses ― Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense ― the company delivers solutions that push the boundaries in avionics, cybersecurity, directed energy, electric propulsion, hypersonics, and quantum physics. The company, formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Waltham, Massachusetts.
For further information, please contact:
Patriot One Technologies Inquiries
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 within the meaning of applicable securities laws relating to system sales, 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”,” believes”, and similar expressions or the negative of these words or other comparable terminology. 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 counterparty default 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 only as expressly required by applicable law.
Neither the Toronto Stock Exchange (TSX) nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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