Patriot One Technologies Inc. (CVE:PAT) announced on Monday that it received FCC approval for PATSCAN CMR, a microwave radar concealed weapons detection system
SmallCapPower | October 4, 2017: Patriot One Technologies Inc. (TSXV: PAT) shares soared 61% to close at $1.32 on Tuesday, a day after the concealed weapons detection system developer announced that it received FCC approval for PATSCAN CMR. Patriot One Technologies now holds both FCC and Industry Canada certification allowing it to move into commercial roll-out across North America, with other countries soon to follow.
Shares of Patriot One Technologies surged more than 80% over the two-day period ending on Tuesday.
This announcement comes after more than 50 people died and more than 400 were hurt when a 60-year-old gunman with an arsenal of at least 10 rifles fired on a Las Vegas country music festival on Sunday. Patriot One Technologies has developed technology that it hopes could prevent incidents like this from happening in future.
PATSCAN CMR is a first-of-its-kind cognitive microwave radar concealed weapons detection system, designed as an effective tool to combat active shooter threats before they occur. Currently, PATSCAN CMR focuses on markets encompassing houses of worship, academic institutions, event centres, casinos, commercial offices, hotel properties, government agencies and other locations at high risk of terrorist attack or random violence. Interest and orders have been received from around the globe and Monday’s announcement will likely trigger a number of sales, marketing and support initiatives in major markets including the United Kingdom, Eurozone and Asia-Pacific regions.
This approval has significantly helped the Patriot’s share price, which was down 45% YTD before the announcement. Currently, Patriot One Technologies trades at Price to Book ratio of 2.24x and Price to TTM Sales of 5.39x.
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