Patriot One Releases Fourth Quarter and Year-end Results
TORONTO, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), developer of the PATSCAN™ Multi-Sensor Threat Detection Platform, is pleased to announce its fourth quarter and annual financial results for the year ended July 31, 2020. All information is in Canadian dollars unless otherwise indicated.
The following press release should be read in conjunction with the Company’s Annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our Management’s Discussion and Analysis for the years ended July 31, 2020 and July 31, 2019, which can be found on SEDAR at www.sedar.com and on the Company’s website at www.patriot1tech.com.
“The key focus this year has been the de-risking the Company's technology for full commercial release,” shared Martin Cronin, Patriot One’s Chief Executive Officer. “Like many corporations around the world, it has been challenging for Patriot One to service our customers since the onset of the COVID-19 global pandemic which began in March 2020. Instead, the Company has taken this opportunity to use its existing capabilities to provide solutions to assist other businesses safely re-open. The Company has identified opportunities to service public and private sectors with technology solutions to mitigate the risks of this pandemic, and other possible threats to business continuity and public health. In addition, we began transitioning to an experienced C-Suite with skills in growing startups, while also expanding our sales and operations teams to scale quickly as we move beyond trial deployments to full scale operations.”
“During the fourth quarter, the Company launched its first commercial release of its video-based sensor technology being the PATSCAN VRS-W, VRS-HS and VRS-T solutions, which dually serve end-user needs of weapons-related and public health threat detection,” added Dietmar Wennemer, President and Chief Operating Officer. “We followed this with the release of our first Multi Sensor Gateway system, being the MSG 1.0 Fastlane solution that is currently being installed in multiple locations. This gateway completes our Security Platform and we will continue to build out and improve our technology portfolio to address our customers’ needs.”
Company Highlights for the Fiscal Year ended July 31, 2020
The following is a summary of the key business highlights for the Company for the year ended July 31, 2020:
Fiscal 2020 Annual Financial Results
Fiscal 2020 Fourth Quarter Financial Results
About Patriot One Technologies
Patriot One’s mission is to deliver innovative threat detection and counter-terrorism solutions for safer communities. Our PATSCAN™ Multi-Sensor Covert Threat Detection Platform provides a network of advanced sensor technologies with powerful next generation AI/machine learning software. The network can be covertly deployed from far perimeter to interiors across multiple weapons-restricted facilities. The PATSCAN™ platform identifies and reports threats wherever required; car park, building approach, employee and public entryways and inside the facilities. Each solution in the platform identifies weapons, related threats or disturbances, or potential health and safety threats for immediate security response. Our motto Deter, Detect and Defend is based on the belief that widespread use of the PATSCAN™ platform will act as an effective deterrent to diminish the epidemic of active threats around the globe. For more information, visit: www.patriot1tech.com or follow us on Twitter and Facebook.
For further information, please contact:
Patriot One Technologies Inquiries
CAUTIONARY DISCLAIMER STATEMENT:
Neither the Toronto Stock Exchange (TSX) nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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