TORONTO, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX.V: PAT)
(OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), developer of the award-winning PATSCAN™ covert weapon detection
system, is pleased to announce the execution of a definitive acquisition agreement with EhEye Inc. (“EhEye”) of New Brunswick,
Canada (the “Transaction”).
Identified earlier this year as a prime candidate for integration into the PATSCAN product line-up, EhEye’s
video threat recognition software recently met with overwhelming security reseller and end-client interest during a number of
recent invitation-only industry events held at Patriot One’s development center in Las Vegas.
The terms of the Transaction provide for the acquisition of a 100% equity interest in EhEye by Patriot One in
consideration of the issuance of 1,636,363 common shares of Patriot One to the existing shareholders of EhEye. Patriot also
proposes to grant up to 277,775 replacement incentive stock options to employee, director and officer option holders of EhEye in
consideration of the cancellation of those outstanding EhEye options.
“We are extremely excited to join the Patriot One team. Their mission to become the foremost proponent and
provider of innovative threat detection and counter-terrorism solutions and services for general public safety fully aligns with
our own mission,” stated James Stewart, EhEye’s CEO and President. “Further to that end, we expect their advancements in machine
learning for weapon recognition through their proprietary PATSCAN software, as well as their key strategic partnerships, to propel
our video recognition solution’s commercialization. This will ensure significantly enhanced detection capability whenever weapons
are handled inside or outside of facilities like event venues, schools or virtually any public building.”
This truly unique system automates the detection of weapons, disturbances and suspicious behaviours through
existing camera infrastructure. Using computer vision techniques coupled with machine learning for artifact recognition, the
solution employs deep learning architecture to alert security teams to anomalies that a standard video system cannot identify.
EhEye is in the process of piloting the solution with an international airport and a correctional facility
through the Build in Canada Innovation Program. In addition, the developers also received the support of the National
Research Council of Canada. In 2017, they received three (3) awards – two (2) KIRA awards for Most Innovative Startup
and Most Innovative Technology and one (1) of StartupFest’s Choice Awards.
“We are very pleased to welcome the EhEye team into the Patriot One family. Their award-winning threat recognition software will
integrate into our client’s existing video camera networks offering a first line of defense to detect active shooters or terrorists
approaching a venue with weapons drawn,” explained Martin Cronin, CEO and President of Patriot One. “It will also offer an
additional layer of detection inside buildings to track threats and even identify irregular disturbances or physical altercations
between individuals.”
This novel video recognition software joins Patriot One’s family of threat detection solutions under the brand
name PATSCAN VRS, denoting video recognition sensors for threat detection. Sales of the PATSCAN VRS solution will be based on a
SaaS pricing model on a per camera-use basis per location. The solution is currently in late stage pilot testing, as the
platform is an AI based system designed to improve weapon detection, disturbance recognition and ongoing accuracy once deployed. It
will continually learn through shared network updates as part of its monthly recurring subscription service, similar to the revenue
model for the Company’s flagship PATSCAN CRM covert weapon detection solution.
Additional technology candidates for potential inclusion into the PATSCAN product line-up are currently
undergoing technical assessment, focus group and marketing evaluation. Subject to the conclusion of a rigorous period of due
diligence, Patriot One aims to extend its brand offering through the inclusion of select technology partner agreements.
In October, Cisco Systems invited Patriot One, as one of its innovation partners, to showcase to its largest
clients and partners our PATSCAN family of threat detection solutions, including PATSCAN VRS, during their annual Cisco
Connect event at the Toronto Congress Centre. Further to this end, Patriot One expects to begin commercial deployment of the
PATSCAN VRS solution to select customer sites followed by distribution to its security system integrator network in Q1 of 2019.
The Transaction is subject to a number of standard closing conditions, including any required approvals of the
TSX Venture Exchange.
Martin Cronin, CEO
Patriot One Technologies Inc.
About Patriot One Technologies, Inc. (TSX.V:PAT) (OTCQX: PTOTF) (FRA: 0PL):
Patriot One has developed the PATSCAN™ next generation software and sensor solution for the covert detection of weapons threats.
Designed as an innovative and effective platform to combat active shooter threats before they occur, the system features the
award-winning PATSCAN™ CMR cognitive microwave radar system. Built for cost-effective deployment in weapon-restricted buildings and
facilities, the Patriot One software solution and related hardware systems can be installed at key access points to covertly
identify weapons and to alert security for the intervention of active threat events before they commence. Owner/operators of
private and public facilities can now prominently post anti-weapons policies with compliance assured. The Company’s motto Deter,
Detect and Defend is based on the belief that widespread use of its technology will act as an effective deterrent, thereby
diminishing the epidemic phenomena of active shooters across the globe. For more information, visit: www.patriot1tech.com. Patriot One Technologies are proud winners of the 2017 Anti-Terrorism /
Force Protection category of the Security Industry Association’s New Product Showcase at ISC West.
For further information, please contact:
Patriot One Inquiries
info@patriot1tech.com
www.patriot1tech.com
Investor Relations
John Martin
+1 (888) 728-1332
johnm@patriot1tech.com
Media Contacts:
Scott Ledingham, PR Media Now
+1-613-806-7135
scott@prmedianow.com
CAUTIONARY DISCLAIMER STATEMENT:
This news release contains forward-looking statements relating to the Transaction, 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" 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 failure to satisfy the conditions of the relevant securities exchange(s) 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 as expressly required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
