Patriot One and Quasar Federal Secure US$5 Million Deal

Patriot One Technologies (TSX:PAT), security company announced that it has secured a deal with Quasar Federal for its threat detection sensors. As part of the deal, Patriot One will pay Quasar US$5 million in cash for exclusive rights to Quasar’s intellectual property for the production of the sensors.

As quoted in the press release:

Under the terms of the agreement, Quasar has granted Patriot One a perpetual, worldwide, exclusive, fully paid-up, transferable and irrevocable license (with a right of sublicense) to use Quasar’s intellectual property (“Quasar IP”) to use, develop, modify, manufacture and sell covert threat detection technology in exchange for an aggregate cash consideration of USD $5,000,000. The Quasar IP license includes access to patented sensor technology and patent pending magnetic detection and security screening technology. Patriot One also has the right to engage Quasar’s development team to assist with future modifications to the technology, as well as manufacturing and implementation engineering.

“Not only are we excited about closing this exclusive licensing agreement with Quasar for this fourth sensor component to our multi-sensor threat detection platform, but our clients are as well,” said Martin Cronin, Patriot One’s CEO. “There’s a lot of momentum building following our recent announcements with Cramer Security and several international resellers, and our business development team has been delivering PATSCAN Platform demonstrations to secure additional purchase orders with our existing and new resellers – and their end-user clients – in sectors that include business, retail, sports, events, hospitality, education and religion.”

Click here to read the full press release.