- AI penny stock Xtract One Technologies (TSX:XTRA) has expanded its footprint overseas with three new contracts with major multi-national companies
- These are highlighted by a more than US$5.1 million contract with a global entertainment organization to deploy its SmartGateway patron screening solution
- Xtract One Technologies applies AI to provide secure and streamlined patron screening solutions
- Xtract One Technologies stock (TSX:XTRA) has added 79 per cent over the past year, well ahead of the S&P/TSX Composite Index’s 4.52 per cent return over the period
AI penny stock Xtract One Technologies (TSX:XTRA) has expanded its footprint overseas with three new contracts with major multi-national companies.
These are highlighted by a more than US$5.1 million contract – including hardware, software, installation and support components – with a global entertainment organization to deploy Xtract One’s SmartGateway patron screening solution.
The SmartGateway uses AI-powered sensors to unobtrusively scan patrons for guns, knives and other prohibited items. The system is designed for high-throughput locations, including stadiums and other ticketed venues.
Xtract One intends to leverage these initial contracts to seek new international reseller agreements, channel partners and certifications to scale its global presence. The company is fielding new inquiries from other entertainment organizations, sports franchises and other international organizations.
“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,” Peter Evans, CEO of Xtract One, said in a statement. “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. 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,” he added.
Xtract One Technologies applies AI to provide secure and streamlined patron screening solutions, including data analysis services that aggregate venue data into actionable insights.
Xtract One Technologies stock (TSX:XTRA) last traded at $0.77 per share. The AI penny stock has added 79 per cent over the past year, well ahead of the S&P/TSX Composite Index’s 4.52 per cent return over the period, but remains down by 69 per cent over the past five years.
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