Shares of Patriot One Technologies Inc. (TSXV:PAT) have gained nearly 75% over the past six months on positive news developments related to PATSCAN
SmallCapPower | February 1, 2018: Patriot One Technologies Inc. (TSXV:PAT) recently provided an update on key events over the past quarter related to the development of its concealed weapons detection system, PATSCAN, as well as management changes.
As part of the Company’s efforts to advance the commercialization and sales/marketing of PATSCAN, Patriot One Technologies co-hosted a full-day security forum at the Westgate Las Vegas Resort & Casino last month. The forum was attended by security leaders from the federal and local law enforcement agencies as well as the Las Vegas entertainment and resort industries, including 50 select attendees with purchasing authority for over 150 U.S. resort and casino properties. Patriot One Technologies also announced that the product was recently featured in the media across Fox News, Security Today, and WIRED Magazine, and will be complemented by showcasing the product for the public at events including the upcoming ISC West conference in April. Leveraging these events, the Company’s sales team continues to target and attract distributors, governments and private clients worldwide. Currently Patriot One Technologies has agreements with 13 large clients and distributors, with a backorder of over 450 units for scheduled delivery over the next year.
Another key event was the successful closing of an $11.5 million financing in October 2017, which has provided Patriot One Technologies with sufficient capital to accelerate active deployment of the PATSCAN solution to core verticals, enabling integration into client infrastructure while allowing further refinement under real-world conditions. Additionally, during 1Q/2Q 2018, deployment of the PATSCAN solution will target multiple U.S. (Florida and U.S. Midwest) and Canadian municipal, educational and governmental sites.
Patriot One Technologies also highlighted several management additions over the past two months. While the additions of Mr. Robert Lex, Senior Vice President of Operations, and Dr. Paul Rice, Ph.D., Vice President of Research, Radar Systems, significantly increases the Company’s ability to advance development and commercialization pace, the shift of Mr. Dinesh Kandanchatha to corporate strategy will drive the Company’s growth in 2018 and beyond.
Incorporated in March 2016, Patriot One Technologies is advancing the commercialization of first-of-its-kind concealed weapons detection system ‘PATSCAN™ CMR that deters, detects and defends against active shooter threats before they occur. The product received Industry Canada certification for commercial use in Canada in August 2017, and U.S. Federal Communications Commission (FCC) declaration of conformity certification in September 2017. As discussed above, Patriot One Technologies successfully made initial delivery and installation of PATSCAN in 4Q17 and plans to ramp up its sales efforts in 1Q18.
Shares of Patriot One Technologies have gained nearly 75% over the past six months on positive news developments related to PATSCAN and currently trade at $2.02 on the TSXV for a market capitalization of $177 million. As Patriot One Technologies successfully commercializes its product and generates revenues in the coming quarters, its shares could move even higher in the months ahead.
Disclosure: Neither the author nor his/her family own shares in the company mentioned above.
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