News 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.