Patriot One Technologies Inc. (PAT.T), a Vancouver-based covert weapons-detection company, has signed a multi-year reseller agreement with a West Virginia-based security provider to begin deploying its proprietary camera infrastructure.
Beginning immediately and for at least the next three years, Cramer Security & Investigations Inc. will distribute at least 150 units of Patriot One’s PATSCAN VRS product.
In a Thursday press release, Patriot One announced it had entered into a “substantial reseller agreement” for its PATSCAN VRS solution, which automates the detection of weapons and suspicious behaviour.
Under the agreement, Cramer Security will deploy at least 150 PATSCAN VRS systems across a range of its customers over the next three years. Associated software licenses, maintenance and support are all part of the deal.
The contract is valued at just under $6.3 million CAD ($4.7 million U.S.) and requires a minimum first-year order of 50 systems.
Cramer Security decided to go with PATSCAN VRS after piloting the system at various client sites and at the International Security Conference and Exposition in Las Vegas back in April. Both companies have been working together in some capacity for the past two-and-a-half years.
PATSCAN VRS uses artificial intelligence to detect the following:
- guns, rifles, bombs
- fights, public disturbances
- suspicious items
According to David Utt, Cramer Security’s VP, integrating PATSCAN VRS will help the security provider counter terrorism and other potential threats. Clearly, this isn’t just about replacing outdated surveillance cameras.
“Adding PATSCAN solutions to our current and future clients’ security technology infrastructure will enable our 500+ officers to better protect their customers, employees and properties from the horrific terrorist and lone actor attacks our communities are witnessing.”
Patriot One’s CEO Martin Cronin says the deal represents the next phase of evolution for his company as it goes from R&D to actual real-world implementation.
According to Cronin:
“This reseller agreement represents a major milestone for the Company, as we transition from development of our proprietary technology to deploying same in real world situations. This is a very exciting time in the Company’s history.”
Threat detection is big business (unfortunately)
The market for threat detection systems is growing exponentially as more public and private spaces begin to adopt a proactive approach to safety.
Concert halls, schools, airports, banks and even shopping centres have all upped the ante on their security requirements. These and other public venues have learned the hard way that threat detection systems are absolutely necessary.
Depending on who you ask, the global market for ‘threat intelligence services’ could reach $12.9 billion by 2023. A more holistic definition of ‘threat detection’ that includes critical infrastructure suggests the market could be worth upwards of $119 billion over the next three years.
Regardless of how you define it, the global threat detection market is growing at a double-digit compound annual growth rate. With attacks on gun-free zones (“soft targets“) growing by the day and the threat of terrorism ever-present, demand for enhanced security infrastructure has never been higher.
Patriot One has been advancing its technology within the walls of academia and government. The company’s management is expert in counter-terrorism, communications technology and even high-intensity conflict environments (Cronin himself had postings in Yemen, Iraq, Pakistan and Jordan, among other not-so-safe places).
Patriot One’s security tech was developed at McMaster University (my alma mater, go Marauders) using funding from NATO/NERC. This process eventually led to the testing of its Cognitive Microwave Radar, which forms the backbone of its weapons detection system.
Patriot One’s latest business venture rounds out what is shaping up to be a promising year for the company. Back in April, Patriot One’s stock was approved to graduate from the TSX Venture Exchange to the highly coveted Toronto Stock Exchange.
The stock is back to trading well above $2.00 on the TSX, having rebounded 12% from last week’s low.
Full disclosure: Patriot One Technologies is an Equity.Guru marketing client.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
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