Xtract One Technologies Inc. T.XTRA

PAT ANNNOUNCES $2 MLNS US CONTRACT WITH RAYTHEON (2ND ONE).

[Humanist]

Hopefully things are moving in the right direction, and more to come.. glta

Patriot One Secures $2.0M USD from Raytheon Technologies Corporation
GlobeNewswire
Publishing date:
Nov 05, 2021  •  2 hours ago  •  3 minute read  •   Join the conversation
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.”

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 .

[BIGMOE]

This is basically a 3 months expense.  I hope Raytheon takes them over at higher price.

[TedOrlow]

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[Roadrunner71]

@Nightstocker wrote; Another possibility- the best case scenario, is requiring additional funds to complete a large scale product order; i.e. Walmart, US Federal Agency, Amazon, Citibank, etc.  You could be right on this. It's starting to make sense, if this is the case.