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Patriot One Technologies (OTCQX: PTOTF) has announced new AI-driven solutions to enhance venue security with features like Facility Reporting, Facility Insights, and Customizable Alerting. These tools provide real-time data for security operators to improve staffing and protect patrons. The updates aim to optimize decision-making in event management, such as monitoring patron traffic and mitigating wait times. The Company will showcase these innovations at ISC East on November 17th and 18th in NYC.
Patriot One Technologies (OTCQX: PTOTF) announced a $2 million USD partnership with Raytheon Technologies for the development of its AI-powered threat detection platform. This funding falls under the Government of Canada's Industrial and Technological Benefits (ITB) Policy, aimed at fostering innovation and job creation. This marks the second collaboration with Raytheon, highlighting its commitment to community safety solutions provided by Patriot One. The ITB Policy ensures that companies winning defense contracts conduct business in Canada equivalent to their contract value.
Patriot One Technologies (OTCQX: PTOTF) reported its fourth quarter and annual financial results for the year ending July 31, 2021. Revenue declined to $1.1 million from $2.1 million in 2020, with a backlog of sales commitments increasing to $2.4 million. The company's operational loss improved to $12.8 million compared to $23.4 million the previous year. Notably, Patriot One secured $4.5 million in funding for advanced product development and closed multiple long-term contracts, positioning itself for growth in fiscal 2022.
Patriot One Technologies has launched an upgraded version of its Multi-Sensor Gateway (MSG)
Patriot One Technologies deployed its PATSCAN Multi-Sensor Gateway (MSG) at FirstEnergy Stadium for the Cleveland Browns' preseason game against the New York Giants. This advanced system securely scans for weapons without the disruptions typical of metal detectors, enhancing fan entry speed and safety. The MSG installation is part of ongoing trials aimed at improving security at stadiums and entertainment venues. For more on their technologies, visit Patriot One's site.
Patriot One Technologies (OTCQX: PTOTF) issued a letter from CEO Peter Evans detailing significant advancements made during the busy fiscal quarter. Following participation in the ISC West trade show, the company has engaged with major customers in the security sector, particularly in casinos and live entertainment. Patriot One is seeing a robust sales pipeline and has successfully conducted independent technology reviews, winning all three assessments. The company is focused on enhancing security solutions to meet market demands, with ongoing collaborations for product development.
Patriot One Technologies Inc. has launched Alert Center, a mobile app solution enhancing security alert orchestration. This innovation broadens the capabilities of the PATSCAN platform for security operations, allowing teams to configure alerts for incidents in real-time across various venues. The app can notify staff of security threats while automating back-office monitoring tasks, aiding in quicker response times. This addresses significant security staff shortages by improving operational efficiency without increased personnel costs, ultimately enhancing the patron experience.
Patriot One Technologies (OTCQX: PTOTF) reported its third quarter financial results for the period ending April 30, 2021. Revenue decreased to $0.2 million for Q3 and $0.8 million for the nine months due to a prior substantial government contract. The company achieved a net loss of $3.2 million for the quarter, down from $5.2 million a year prior. The backlog for the PATSCAN platform exceeded $800,000, and additional contract commitments of $2.2 million were secured after the quarter. CEO Peter Evans expressed optimism about the growing sales pipeline and customer engagement.
Xtract AI, a subsidiary of Patriot One Technologies (OTCQX: PTOTF), has secured a $999,940 contract to create a prototype aimed at detecting disinformation campaigns targeting Canadian military personnel overseas. Funded through Canada’s IDEaS program, this AI-driven system will provide early warnings against hostile disinformation, enabling timely countermeasures. The project enhances Patriot One’s existing threat detection capabilities, leveraging the PATSCAN AI platform for a comprehensive approach to security, both online and offline.
Patriot One Technologies Inc. has enhanced its Video Recognition Software (VRS), an AI-driven system that identifies weapons and disturbances in crowds. This solution aims to significantly improve security across various venues, including schools and retail locations, by detecting potential threats up to 150 feet away.
The VRS effectively reduces false positives by cross-referencing data from multiple cameras in real-time. New features include high-fidelity object recognition and crowd management analytics, which support operational efficiency and compliance with safety regulations.
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