VANCOUVER, BC--(Marketwired - Oct 11, 2016) - Patriot One Technologies Inc., (TSX VENTURE: PAT) (the "Company") announces that Patriot One Detection Ltd. ("Patriot"), developers of an innovative covert concealed weapons detection system, will be presenting at the International Association of Chiefs of Police ("IACP") Conference in San Diego on October 15, 2016. Further to the Company's news releases of August 12, 2016 and October 3, 2016 (the "Prior Announcements"), the Company has executed a definitive securities exchange agreement with Patriot and each security holder of Patriot, pursuant to which it will acquire 100% of the outstanding securities of Patriot in exchange for securities of the Company on a 1:1 basis (the "Transaction"). Please refer to the Prior Announcements for more details regarding the Transaction.
Launch Event with Governor Tom Ridge
Patriot eagerly anticipates welcoming Tom Ridge, First Secretary of the U.S. Department of Homeland Security and former Governor of Pennsylvania as keynote speaker at an invitation-only hosted event to formally introduce its NForce CMR1000 product during the IACP Conference. Limited space is available and Patriot requires certain criteria for attendance. To find out if you qualify and would like to attend this exciting event, registered attendees of IACP are invited to call +1 (800) 753-0031 as soon as possible to determine if registration slots are still available.
Innovative Covert Concealed Weapons Detection System in Prep for Commercialization
Patriot is at an advanced development stage of its NForce covert concealed weapons system, with over five years of academic research and successful testing complete. Early stage trial devices are currently advancing to prototypes slated for pilot use in a number of Canadian and US facilities by year end. Patriot has further entered into dialogue with certain law enforcement partners in order to collect weapons signature data for use in the Company's rapidly growing proprietary NForce weapons detection library.
Current competitive technologies are large, expensive and require operators and/or personal compliance to screen for threats. As has been proven numerous times recently, committed active shooters simply identify soft targets or otherwise circumvent static scanning equipment altogether. Patriot is developing technologies to be deployed covertly to screen without a subject's individual awareness, even while the subject is moving.
Patriot's goal is to Deter, Detect and Defend against active threats to citizens who rely on an ability to visit schools, offices, shopping centers, transit hubs and other facilities without fear of random acts of senseless violence occurring during their daily activities.
Patriot CEO, Mr. Martin Cronin states, "We have developed our NForce CMR1000 covert concealed weapons detection system as a robust and cutting edge tool for law enforcement, professional security experts and business owners alike, as a means to directly address a primary threat to public safety today. In recent times there have been many instances of 'disruptive technologies,' and we believe NForce is truly disruptive in many ways."
About the IACP
The International Association of Chiefs of Police was founded in 1893 in Chicago, Illinois. Originally intended to serve as a means to apprehend and return criminals who had fled agency jurisdictions in which they were wanted, the association has grown to serve as one of the largest police chiefs organizations in the world. Throughout those past 100-plus years, the IACP has been launching historically acclaimed programs, conducting ground-breaking research and providing exemplary programs and services to its membership across the globe. Currently, the IACP has over 20,000 members and aims to continue to serve as the voice for police chiefs into the 21st century. Find out more at: www.iacp.org and visit the conference website at: www.theiacpconference.org.
About Patriot One Detection Ltd.
Patriot is developing a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system as an effective tool to combat active shooter threats before they occur. Intended for cost-effective deployment in weapon-restricted buildings and facilities, NForce CMR1000 is designed to be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. Patriot's technology aims to allow owner/operators of private and certain public facilities to prominently post anti-weapons policies with compliance assured. Patriot's motto: Deter, Detect and Defend is based on the belief that widespread use of its technology will act as an effective deterrent, thereby diminishing the epidemic phenomena of active shooters across the globe.
Completion of the Transaction is subject to a number of conditions, including TSX Venture Exchange acceptance and shareholder approval. The Transaction cannot close until the required approvals are obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete, and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
ON BEHALF OF THE BOARD OF PATRIOT ONE TECHNOLOGIES INC.
Chief Executive Officer
For further information contact Geoff Balderson at 604 602-0001.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.