TORONTO, ON--(Marketwired - Jan 9, 2017) - Patriot One Technologies Inc., (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) ("Patriot One" or the "Company"), developer of a revolutionary concealed weapons detection system, is pleased to issue the following letter from Patriot One President, Dinesh Kandanchatha.
To our partners, affiliates, stakeholders and shareholders,
As President of Patriot One, I am pleased to provide this update regarding the Company's accomplishments to-date, and the milestones we look forward to achieving in 2017.
The end of 2016 was marked by three significant events. First, our participation at the International Association of Chiefs of Police (IACP) conference where the best and brightest in law enforcement meet to learn and network. We had excellent attendance and response from some of the worlds most respected law enforcement leaders for our corporate launch and CMR product technology introduction. This was followed in November with a very successful public market offering. Lastly, we are pleased to report that the company can readily meet its near term projected financial obligations with over $2M in working capital in its treasury.
December 2016 saw us enter a strategic partnership with the expert security team at Ridge Global LLC. Gov. Ridge, chairman of Ridge Global and the first U.S. Secretary of Homeland Security, endorsed our platform stating, "As we have seen in the Western world, our adversaries will continue to pursue so-called 'soft targets' such as transportation hubs, sporting venues, restaurants and office buildings. Almost by definition, democracies are soft targets. Patriot One has developed powerful technologies to mitigate these ongoing challenges while at the same time being less obtrusive to event attendees. Ridge Global is proud to work with Martin and his team to bring these innovations to the marketplace." The team at Patriot One plans to work closely with Ridge Global for guidance with significant opportunities within key government departments, educational institutions, and industry associations.
Internal projections for the first two quarters of 2017 are currently on-track for delivering product milestones and closing agreements with our first strategic clients and reseller partners. Q1 will also focus on engaging with key regulatory agencies such as the FCC in the US, and related international establishments. Q2 will see the Company exhibit at ISC West, the leading security trade show in the U.S. with over 28,000 industry professionals attending the annual event in Las Vegas. 2017 heralds the commencement of ongoing outreach to potential clients both in North America and internationally. Our objective is to secure purchase orders from strategic clients over the next 60 days. It is fair to say that our technology has captured the attention of security professionals across the globe and we aim to leverage and transform that interest into meeting quantifiable sales targets.
International interest in our technology continues to grow and we are expanding our sales presence to address this opportunity. The United Kingdom has traditionally been in the forefront of advances in security technology, and as such, it is a high value strategic market for us. Our newest team members in London are in the process of establishing an office and demonstration site to meet the increasing attention from British buyers.
While this letter was being written, the recent tragedy in Fort Lauderdale reminds us once again of the ever-present danger of senseless and horrific violence perpetrated against ordinary citizens going about their daily lives. Our hearts got out to the victims and their families as we redouble our efforts to bring forward new solutions for public safety.
In closing, I want to thank our Board for their counsel and guidance through this foundational year for Patriot One. I would also like to thank our many investors, both founders and those new to Patriot One, for their valued feedback and support in 2016. In return, we are committed to building a strong and sustainable business with the continued help of all those who have placed their confidence in our ability to deliver results.
Find out more at www.patriot1tech.com.
ON BEHALF OF THE BOARD
President & Director
About Patriot One Technologies, Inc. (TSX VENTURE: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL)
Patriot One is advancing five years of academic research and successful testing into a commercial first-of-its-kind Cognitive Microwave Radar concealed weapons detection system. The Company's NForce CMR1000 aims to Deter, Detect and Defend against active shooter threats before they occur. NForce CMR1000 is being designed to be cost-effectively installed in hallways and doorways to covertly identify weapons and to alert security of active threats before entry. Soon, facility operators aim to have an ability to prominently post anti-weapons policies with compliance assured. Patriot One believes widespread use of its technology could act as an effective deterrent, thereby diminishing the epidemic phenomena of active shooters across the nation and around the world. For more information, visit: www.patriot1tech.com.
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This news release contains forward-looking statements relating to product development, commercialization 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 develop and commercialize the Company's technology as anticipated or at all, the ability of the Company 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 not update or revise publicly any of the included forward-looking statements unless expressly required by applicable law.