Patriot One Technologies Inc. (PAT:TSX; PTOTF:OTCQX) announced in a news release its achievements during the last quarter. They include:
- A partnership with Johnson Controls International (JCI). The integrated PATSCAN-JCI solution and further developments will be part of overall security system deployments for several JCI clients.
- The acquisition of XTRACT.ai: This brought a novel neural network architecture, robust, efficient data fusion techniques and government and private sector clients.
- An appointment to the board: Vice Admiral Robert Stiles Harward Jr. will serve on Patriot One's senior advisory board. Currently, a chief executive for Lockheed Martin in the Middle East, Harward is a U.S. Navy SEAL and was deputy commander of the U.S. Central Command.
- The pursuit of smart city projects: The company has discussed various of these projects, such as Bleutech Park Las Vegas, with key partners.
As for updates regarding Patriot One's covert weapon detection platform PATSCAN, it was completed for commercial launch during Q3/19. The company used XTRACT.ai's technology to enhance data fusion between PATSCAN sensors, ultimately improving performance. Also, during Q3/19, the company broadened virtual rescan software deployments and subsequently honed its computer vision modules. Patriot One keeps advancing the multi-chemical threat detection sensor.
During the current quarter, calendar Q4/19 or fiscal Q1/20, management will continue to install the PATSCAN platform with select reseller partners and develop new partnerships in the security technology and business space. The company has $45 million in working capital and no debt.
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