Patriot One Technologies Inc. (OTCQB: PTOTF) (TSX-V: PAT) is pleased to advise that it has closed on the previously announced $10M bought deal financing. The financing was with a syndicate of underwriters led by Canaccord Genuity Corp. and increased in size to close at $11.5M in gross proceeds to the company.
"I am thrilled that we have experienced such terrific interest from the investment community," expressed Martin Cronin, CEO. "This new round of investment increases our working capital to approximately $15M and enables us to expand our product development efforts to meet global demand for PATSCAN."
The financing further supports research to develop future iterations of the technology such as mobile applications including wearable devices for police officers, as well as detection of other non-traditional weapons-grade materials. The pace of activities on several fronts is rapidly increasing, and directly benefitting from the recent financing.
The Company is in the process of rolling out initial client installations while optimizing software configurations to meet real-world demands and variables. PATSCAN systems are in the process of deploying in the US, initially in Las Vegas, as well as in Canada. These installations will be used to build-out machine learning capability to ensure effective detection parameters are available as commercial deployment advances.
Patriot One, Westgate Resorts and Ridge Global have scheduled a December date for "Keeping Las Vegas Fabulous," a security forum open for select local and national security executives from the hospitality and entertainment industry, along with property managers, public safety, and law enforcement officials to discuss how to address threats without fundamentally altering the public experience. The event will be held at Westgate Las Vegas Resort & Casino, the upcoming site of Patriot One's first active development facility in the heart of the city.
Currently, the Company has two development centers, located in Ontario, Canada in the cities of Burlington and Ottawa. During Q4, 2017, Patriot One will expand into two additional product development centers in the United States and the United Kingdom; two nations which have seen horrific acts of terror on their citizens during 2017. These two centers are planned for locations with key strategic partners in Las Vegas, Nevada, and London, UK.
Along with a proposed showroom at the Burlington development center, Patriot One further plans to open a second Canadian PATSCAN showroom and client training facility in British Columbia. Each showroom facility will feature multiple use-case scenarios for the PATSCAN CMR concealed weapon detection radar device and software solution. The showrooms will serve as both demonstration and training facilities.
In addition to the Company's current four global PhD engineering experts in weapon detection and cognitive microwave radar, Patriot One is excited to announce the addition of two more PhD engineers who have recently joined the team and who will be running the new London Development center. These two new team members hold over two dozen patents in the area of microwave and weapon detection technologies.
"This is an extremely important round of investment," explained the Company CTO Dinesh Kandanchatha. "These funds will not only enable us to increase our base of scientific knowledge with our two new team members, but also makes Patriot One the only company in the security technology space with six of the leading global experts in microwave radar and weapons detection technologies."
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