Patriot One and Quasar Federal Finalize Exclusive TMS Licensing Agreement
July 25 2019 - 7:00AM
Patriot One Technologies Inc. (TSX: PAT)
(OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”),
developer of the PATSCAN™ Multi-Sensor Covert Threat Detection
Platform (“PATSCAN”), is pleased to announce that it has
completed an exclusive global commercial licensing agreement for
intellectual property with Quasar Federal Systems, Inc. (“Quasar”)
of San Diego, California, to ensure the successful deployment of
PATSCAN TMS components. PATSCAN TMS employs intelligent targeted
magnetic sensor technology to detect the on-body or in-bag location
of a growing list of concealed threat objects, such as
long-barreled weapons and bombs. It is the fourth threat detection
sensor component of the PATSCAN Platform.
Under the terms of the agreement, Quasar has
granted Patriot One a perpetual, worldwide, exclusive, fully
paid-up, transferable and irrevocable license (with a right of
sublicense) to use Quasar’s intellectual property (“Quasar IP”) to
use, develop, modify, manufacture and sell covert threat detection
technology in exchange for an aggregate cash consideration of USD
$5,000,000. The Quasar IP license includes access to patented
sensor technology and patent pending magnetic detection and
security screening technology. Patriot One also has the right to
engage Quasar’s development team to assist with future
modifications to the technology, as well as manufacturing and
implementation engineering.
“Not only are we excited about closing this
exclusive licensing agreement with Quasar for this fourth sensor
component to our multi-sensor threat detection platform, but our
clients are as well,” said Martin Cronin, Patriot One’s CEO.
“There’s a lot of momentum building following our recent
announcements with Cramer Security and several international
resellers, and our business development team has been delivering
PATSCAN Platform demonstrations to secure additional purchase
orders with our existing and new resellers – and their end-user
clients – in sectors that include business, retail, sports, events,
hospitality, education and religion.”
Patriot One is currently driving sales and
expanding its reseller network across the Americas, Europe, Middle
East, Africa and the Asia Pacific, and the company will make
additional announcements as necessary and required.
ON BEHALF OF THE BOARD
“Martin Cronin”
Martin Cronin, CEO
About Patriot One Technologies
Inc. (TSX:PAT) (OTCQX: PTOTF) (FRA: 0PL): Patriot One’s
mission is to deliver innovative threat detection and
counter-terrorism solutions for safer communities. Our PATSCAN™
Multi-Sensor Covert Threat Detection Platform provides a network of
advanced sensor technologies with powerful next-generation
AI/machine learning software. The network can be covertly deployed
from far perimeter to interiors across multiple weapons-restricted
facilities. The PATSCAN™ Platform identifies and reports threats
wherever required, including car parks, building approach, employee
and public entryways, and inside facilities. Each solution in the
platform identifies weapons, related threats or disturbances for
immediate security response. Our motto – “Deter, Detect and Defend”
– is based on the belief that widespread use of the PATSCAN™
Platform will act as an effective deterrent to diminish the
epidemic of active threats around the globe. For more information,
please visit www.patriot1tech.com or follow us on Twitter and
Facebook.
For further information, please contact: Patriot
One Technologies Inquiriesinfo@patriot1tech.com
www.patriot1tech.com
Investor RelationsJohn Martin+1 (888)
728-1332johnm@patriot1tech.com
Media Contacts:Scott Ledingham, PR Media
Now+1-613-806-7135 scott@prmedianow.com
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 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. 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 ability of resellers of the
Company’s products and services to successfully obtain final sales
from their end-user clients and complete implementation of the
Company’s solutions, currently being components of the PATSCAN
Platform, into their respective distribution territories and other
risks detailed from time to time in the filings made by the Company
pursuant to 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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