Last week, small cap security stock Patriot One Technologies (OTCQB: PTOTF; TSE: PAT.V) announced that its bought deal financing, which increased in size to closeto $11.5M in gross proceeds to the Company, with the financing deal set to become a big aid inbusiness development. This includes helping to fund:
North American and UK development centers Product showrooms Security forum sponsorships Addition of leading experts to the team
Patriot One Technologies award-winning PATSCAN CMR concealed weapons detection system is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection systemthat is an effective tool to combat active shooter threats before they occur as its designed for cost-effective deployment in weapon-restricted buildings and facilities. The solution and related hardware can be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. The owners/operators of private and certain public facilities can then prominently post anti-weapons policies with compliance being assured.
Given the recent tragic events in Las Vegas and other incidents around the country, its the right time for Patriot One Technologies to take PATSCAN CMR to the next level. The Companys plans include:
Support research to develop future iterations of the technology e.g. mobile applications including wearable devices for police officers, as well as detection of other non-traditional weapons-grade materials. Roll out initial client installations while optimizing software configurations to meet real-world demands and variables. PATSCAN systems are in the process of deploying in the US (initially in Las Vegas, as well as in Canada) and these installations will be used to build-out machine learning capability to ensure effective detection parameters are available as commercial deployment advances. Expand into two additional product development centers (during Q4) in the United States and the United Kingdom -two nations which have seen horrific acts of terror on their citizens during 2017. These two centers are planned for locations with key strategic partners in Las Vegas, Nevada, and London, UK. Currently, the Company has two development centers, located in Ontario, Canada in the cities of Burlington and Ottawa. Open a second Canadian PATSCAN showroom and client training facility in British Columbia in addition to a proposed showroom at the Burlington development center. Each showroom facility will feature multiple use-case scenarios for the PATSCAN CMR concealed weapon detection radar device and software solution. The showrooms will serve as both demonstration and training facilities.
In addition to the Companys current four global PhD engineering experts in weapon detection and cognitive microwave radar, the announcement noted the addition of two more PhD engineers who will be running the new London Development center. These two new team members hold over two dozen patents in the area of microwave and weapon detection technologies.
Patriot One, Westgate Resorts and Ridge Global also have scheduled a December date for Keeping Las Vegas Fabulous, a security forum open for select local and national security executives from the hospitality and entertainment industry, along with property managers, public safety, and law enforcement officials to discuss how to address threats without fundamentally altering the public experience.
Investors should keep in mind that Patriot One Technologies would be a small cap Canadian listed stock which, for American investors, trades on the OTC Venture Marketplace (OTCQB). This isthe middle tier of the over-the-counter (OTC) market intended for entrepreneurial and development stage US and international companies. To be eligible for an OTCQB listing, companies must be current in their reporting to a US regulator (or are listed on a qualified international stock exchange) and undergo an annual verification and management certification process to verify officers, directors, controlling shareholders and shares outstanding. Thus, OTCQB stocks offer more piece of mind for small cap investors and traders than other small caps trading on lower OTC market tiers.