Xtract One Breaks New Barriers with Global Expansion
October 16 2023 - 6:00AM
Xtract One Technologies (TSX: XTRA) (OTCQX: XTRAF)(FRA: 0PL)
(“Xtract One” or the “Company”), a leading technology-driven threat
detection and security solution that prioritizes the patron
screening experience by leveraging AI, today announces its next
phase of growth with targeted and strategic international
expansion.
Xtract One has successfully landed contracts
with three significant multi-national companies, including a global
entertainment organization, for deployment of SmartGateway at their
venue. This three-year deal, totaling over US$5.1 million includes
hardware, software, installation, and support components.
Using that initial customer deal as a launchpad
into global markets, the Company has taken a strategic and
intentional approach of partnering with key global customers and
establishing agreements with resellers and install partners to
support and help scale into these markets. These strategic
partnerships have generated further interest from similar
entertainment organizations, professional sports franchises, and
other international organizations.
Over the past six months, Xtract One has
established the necessary requirements for international expansion
and is now expanding beyond its core North American market,
effectively responding to international demand for its solutions.
The focus has been on ensuring product fit and function to serve
unique international requirements, completing certification
activities, and establishing key channel partners to provide
selling and support services.
“Over the past two years, we've been committed
and focused on mitigating the pressing issue of weapon threats in
North America, staying hyper-focused on serving our target market
well, and establishing Xtract One as a well-recognized provider of
weapons detection solutions. We have unique differentiators to
other solutions in the market, specifically our ability to detect
knives with a high degree of accuracy. This separates Xtract One,
and the SmartGateway, as the key provider of solutions to the
international markets where knives, not firearms, are the prevalent
concern. Today, we're taking our innovative solutions to the global
stage,” said Peter Evans, CEO of Xtract One. “The strategy has
always been to grow effectively and thoughtfully. For geographical
growth this means moving into international markets when
significant ‘anchor’ accounts have been won, and we can build the
business on top of those key customers. I am proud to say that we
have established those wins with significant global customers who
have deployed or are deploying our solutions today. Our strategic
collaborations with these major multi-national businesses have been
instrumental in navigating the intricacies of international
regulations, certifications, and operations. These partnerships
serve as a solid foundation for our pragmatic global
expansion.”
To learn more, visit www.xtractone.com.
About Xtract OneXtract One
Technologies is a leading technology-driven threat detection and
security solution leveraging AI to provide seamless and secure
patron access control experiences. The company makes unobtrusive
threat detection systems that enable venue building operators to
prioritize and deliver improved patron experiences while providing
unprecedented safety. Xtract One’s innovative Gateway product
enables companies to covertly screen for weapons at points of entry
without disrupting the flow of traffic. Its AI-based software
allows venue and building operators to identify weapons and other
threats inside and outside of facilities, and receive valuable
intelligence for optimizing operations. For more information, visit
www.xtractone.com or connect on Facebook, Twitter, and
LinkedIn.
Forward Looking StatementsThis
news release contains forward-looking statements within the meaning
of applicable securities laws. All statements that are not
historical facts, including without limitation, statements
regarding future estimates, plans, programs, forecasts,
projections, objectives, assumptions, expectations or beliefs of
future performance, are “forward-looking statements”.
Forward-looking statements can be identified by the use of words
such as “plans”, “expects” or “does not expect”, “is expected”,
“estimates”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
events or developments to be materially different from any future
results, events or developments expressed or implied by such
forward looking statements. Such risks and uncertainties include,
among others, the Company’s limited operating history and lack of
historical profits; risks related to the Company’s business and
financial position; fluctuations in the market price of the Common
Shares; that the Company may not be able to accurately predict its
rate of growth and profitability; risks related to the COVID-19
pandemic and its impact on the Company, economic conditions, and
global markets; the failure of the Company to use any of the
proceeds received from the Offering in a manner consistent with
current expectations; reliance on management; the Company’s
requirements for additional financing, and the effect of capital
market conditions and other factors on capital availability;
competition, including from more established or better financed
competitors; and the need to secure and maintain corporate
alliances and partnerships, including with research and development
institutions, clients and suppliers. These factors should be
considered carefully, and readers are cautioned not to place undue
reliance on such forward-looking statements. Although the Company
has attempted to identify important risk factors that could cause
actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other risk
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in forward-looking statements. The Company has no
obligation to update any forward-looking statement, even if new
information becomes available as a result of future events, new
information or for any other reason except as required by law.
For further information, please
contact:
Xtract One Inquiries:
info@xtractone.com, http://www.xtractone.com
Investor Relations: xtract1@rbmilestone.com
Media Contact: Kristen Aikey, JMG Public
Relations, 212-206-1645, kristen@jmgpr.com
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