Patriot One Technologies (TSX: PAT) has announced that is has been awarded a contract with the Canadian Department of National Defence through an innovation program initiated by Innovative Solutions Canada in the amount of $780,000. The contract will see that the Canadian Department of National Defense evaluates, deploys, and purchases Patriot One’s PATSCAN Multi-Sensor Covert Threat Detection Platform alongside the Royal Canadian Navy.
The PATSCAN, developed by Patriot One, is a system intended to protect military persons and military assets at various parts across the world. The platform uses advanced technology to detect and identify any threats and/or weapons and immediately alert security task force. Although the specific locations where the technology will be used cannot be disclosed as per safety precautions, the system will be dispatched in early February 2020, with testing initiating in March of 2020.
Patriot One pre-qualified for the contract back in December of 2018 because it met several criteria outlined by the Canadian Government and Innovative Solutions Canada. The criteria includes adequate training systems, protecting the soldiers, command and support, in-service support, Arctic and maritime security, and cyber-security.
Patriot One is a Canadian defence technology company focused on detecting threats and provides advance counter-measures to those threats.
Patriot One Technologies Inc is currently trading at $1.44 on the TSX.
Information for this briefing was found via Sedar and Patriot One Technologies Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
