Sep. 26, 2017 04:15PM PSTCyber Security Investing
The Investing News Network had the opportunity to speak with Martin Cronin, CEO of Patriot One Technologies, at the Extraordinary Future 2017 Conference in Vancouver.
At the Extraordinary Future 2017 Conference in Vancouver on September 20, Patriot One Technologies (TSXV:PAT) was one of the most highly anticipated companies, and it’s not hard to understand why. The company has worked to commercialize a system that immediately detects concealed weapons by using rad technologies and other custom software solutions.
In fact, the company won the “Best in Show” Award sponsored by Stockhouse due to the company’s aim of addressing the spread of violence.
As such, the Investing News Network (INN) had the opportunity to speak with Patriot One Technologies CEO, Martin Cronin, at the conference. In particular, highlights of the conversation include Cronin describing the company’s technology, how the company will meet demand for its product once it starts shipping commercially, what investor response has been to its PATSCAN CMR concealed weapons detection system that received Industry Canada certification, and what the company is looking forward to in the months ahead.
Below is a transcript of our interview. To watch the interview, please scroll back to the top. The interview has been edited for clarity and brevity.
INN: The company’s aim is to address the spread of active violence through superior detection technology that instantly identifies concealed weapons. Can you describe a little bit about this process to our investor audience?
MC: What we are using is a technology called cognitive microwave radar, which is using radar, nothing new about that, it’s been around for 70 years, but using radar to illuminate the subject and then machine intelligence to interpret the signal that comes back. Our core technology is an algorithm so it can interpret the signal and reflect it from a radar signal and say ‘that’s a gun,’ or ‘that’s a knife,’ or ‘that’s a bomb.’
INN What does the technology that Patriot One Technologies uses to ensure that protection is more up to date and safe?
MC: Well, if you think about the conventional way of identifying a threat, think of the technology you see in airports. You have metal detector wands, metal detector archeries, and very high-end millimeter wavelength scanners when you step into the booth and it turns around you.
All of that technology, what it has in common is this large fixed visible infrastructure. People have to go to that screening point, they subject themselves to physical search, they have to comply with search, it requires people, and it’s expensive.
Our technology does all of that passively. As you walk through the field of the sensor, it determines in real-time whether there’s a threat present. It knows what benign objects are like, so it discounts cell phones, keys, belt buckles. So, it’s a threat detection device rather than a metal detector.
INN: I note that the company isn’t yet shipping commercial product yet, but plans to by the end of this year. What will the company do moving forward to meet demand for the product?
MC: The key capitalist for us is having regulatory approval. All electronic devices need to have regulatory approval, governing emissions to show that they’re safe for the public and that they don’t have to be with … systems.
We now have our Industry Canada approval and we expect to be FCC approved in the US imminently. That’s the catalyst to then allow us to go out and do commercial installations. That roll out is a very careful process because this is a machine learning system. It’s got to go out and learn its environment, it’s got to learn the effect of high temperature, low temperature, having elevators … having air conditioners, etc.. Then all of that learning gets pushed out to our investors. So, the initial roll out is a relatively small number of sites with early adopter clients, so … they can learn how to implement the system. That will prepare us for a mass market roll out in 2018.
INN: In September, the company announced its PATSCAN CMR™concealed weapons detection system that received Industry Canada certification for commercial use. What has investor response been to this?
MC: This is one of the key catalysts… the FCC is seen as the big one because of the size of the US market. But, the good thing about getting the industry Canada certification, firstly, it allows us to operate in our home market in Canada, but also the regulations are identical in Canada and the US. So, having satisfied the Industry Canada approval process, we have a high degree of confidence that our FCC certification is imminent. And, that, I think, is a big catalyst for the market.<
INN: Looking forward, what is the company most looking forward to in the months ahead?
MC: I think it’s being out there in the real world, with real paying customers … installed in their premises, providing a game-changing technology. I think that’s what our investors need to see. The story is out there, people are aware of the technology. What they need to see now is that it’s in commercial premises with paying customers, so that’s what we’re very excited about undertaking in this quarter.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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