Patriot One Enters into Conditional Agreement for Technology Funding

- August 14th, 2018

Patriot One Technologies (TSXV:PAT) announced that it has reached an agreement in principle with a major international defence contractor to which the company will receive funding for further development and integration of its PATSCAN CMR technology. As quoted in the press release: The agreement aims to extend the technical development of Patriot One’s cognitive microwave …

Patriot One Technologies (TSXV:PAT) announced that it has reached an agreement in principle with a major international defence contractor to which the company will receive funding for further development and integration of its PATSCAN CMR technology.

As quoted in the press release:

The agreement aims to extend the technical development of Patriot One’s cognitive microwave radar technology beyond the initial goals of the Company and includes a two stage, several million dollar (final amounts to be determined) non-dilutive funding for the development of the PATSCAN CMR technology with in-kind technical support for additional research and development. Until such time as all required approval is received (presuming it is received) Patriot One is restricted from providing additional details regarding the transaction. Additional information regarding the transaction and related matters will be announced as soon as the pending commercial activities permit full disclosure.

While final contractual review and diligence is underway, Patriot One believes the possibility exists that certain members of the public may become aware of the agreement and choose to speculate on its meaning. As all final approvals have not been received and the matter is subject to certain non-disclosure agreements, the Company is not at liberty to discuss additional particulars at this time. However, as a public issuer it was determined that the obligations of continuous disclosure and communications to investors required a statement of fact at this time. We caution that there is no assurance that a definitive final agreement will be reached shortly, if at all, or that all governmental approvals will be granted, although we are certainly working hard to accomplish this goal.

“We are thrilled to have the possibility of working with a highly-respected, international leader in defence and security technologies. Their interest in potentially providing assistance to help us further develop our PATSCAN CMR solution reinforces the significance of our work to-date. It is also a source of pride that our innovative threat detection technology has captured the serious interest of a major industry player at this early stage of our business development,” expressed Martin Cronin, CEO and President of Patriot One.

Click here for the full text release.

 

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