Patriot One Technologies (TSXV:PAT) announced that the company has seen significant advancements in PATSCAN CMR and VRS threat detection solutions development in Q4 2018. The company said that during the fourth quarter of 2018, it has moved to rollouts of paid trails with its global reseller network which it said represents a potential client base …
Patriot One Technologies (TSXV:PAT) announced that the company has seen significant advancements in PATSCAN CMR and VRS threat detection solutions development in Q4 2018.
The company said that during the fourth quarter of 2018, it has moved to rollouts of paid trails with its global reseller network which it said represents a potential client base of thousands of schools and universities.
As quoted in the press release:
“Two weeks ago, I was pleased to announce our first paid trial programs with several partners including Florida-based Smart CT Solutions, and the Government of Canada’s Department of National Defence as part of the federal ‘Build in Canada Innovation Program’,” said Martin Cronin, CEO and President of Patriot One Technologies. “Today, I am excited to inform that we will now begin shipping PATSCAN products to several other global security integrators to support paid product trials in their respective markets.”
Global Paid Trials Begin Q4, 2018:
At the request of our security integrators, the Company has embraced a “paid trial” model enabling Patriot One to scale efficiently and cost-effectively through its reseller network. This effort meets Phase 4 of its previously described Lab-to-Market strategy.
Paid trials aim to ultimately transition into commercial deployment, effectively launching product rollout. The Company will finalize policies, procedures, terms and PATSCAN installation training with its resellers in preparation for ongoing commercial activity in Q2, 2019.
No other company has ever mass-deployed these types of integrated threat detection technologies before. Therefore, advancement into full-scale mass production is, by necessity, constrained until completion and review of the technical trial results.
Three (3) Business Goals Achieved
- revenues as planned commencing Q4 2018
- successful deployments of PATSCAN products with key security system integrators and their clients during Q4 2018, and
- advanced live tests and trials of PATSCAN solutions with a broad end-user base, targeting transition from paid trials to commercial deployments.
Related Quarterly Announcements
Additional Funding Closed: Mid-November brought the close of a $46M CAD bought deal from Canaccord Genuity and GMP. The proceeds will help drive evaluation and assembly of an extended PATSCAN product lineup of covert solutions.
EhEye Acquisition: Completed the strategic acquisition of EhEye, Inc. video analytics and object recognition technology. Re-branded as PATSCAN VRS, this innovative threat detection solution has begun paid trial deployment with Patriot One’s reseller network.
University of North Dakota: As implementation of the University Of North Dakota’s Centre of Excellence in Threat Detection accelerates forward, UND has invested USD$100,000 for trial deployment of PATSCAN systems in four separate facilities across campus.
Innovation Programs: Through Cisco Systems Innovation Program, Patriot One joined Cisco’s sales team in presenting PATSCAN solutions to key clients. The Company launched PATSCAN showcases within Cisco’s Toronto-based and IBM’s Montreal-based Innovation Centre’s.