Patriot One Technologies Inc (OTCMKTS:PTOTF) is back in the news again and seeing a little bit of a jump in price again today after gun control measures continue to dominate the news. PTOTF has novel technology to identify concealed weapons and has recently been in touch with congressional members to go over the company’s technology. PTOTF is offering a solution to protect from terror and active shooters in soft target locations. This fact alone is grabbing investors attention.
According to PTOTF, as outlined by Patriot One’s CEO and President Martin Cronin during several recent interviews with CNET and other media outlets, the Company has advanced to Stage-3 active testing and research of the PATSCAN CMR concealed weapons detection solution in real world environments. By the end of April 2018, PTOTF will have five client locations where Company engineers will be able to test and conduct further research on the radar device and software solution.
Patriot One Technologies Inc (OTCMKTS:PTOTF) bills itself as a company that has developed PATSCAN the next generation of its award-winning Patriot One Technologies NForce CMR1000 software and radar solution.
PATSCAN is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system as an effective tool to combat active shooter threats before they occur. Designed for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware can be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises. Owner/operators of private and certain public facilities can now prominently post anti-weapons policies with compliance assured.
The Company’s motto, “Deter, Detect and Defend”, is based on the belief that widespread use of its technology will act as an effective deterrent, thereby diminishing the epidemic phenomena of active shooters across the globe.
Patriot One Technologies are proud winners of the 2017 Anti-Terrorism / Force Protection category of the Security Industry Association’s New Product Showcase at ISC West.
Find out when $PTOTF stock reaches critical levels. Subscribe to FinanceRegistrar.com Right Now by entering your Email in the box below.
Additionally, PTOTF has improved their cash flow in this important period of time by closing a bought deal worth $25.3M. The Company sold 12,650,000 units at a price of $2.00 per Unit for gross proceeds of $25,300,000, which included 1,650,000 Units sold pursuant to the full exercise of the Underwriters’ over-allotment option. According to the company, proceeds of the offering will be used for funding the PTOTF’s international expansion, accelerating the deployment of its technology and for working capital purposes.
PTOTF operates two development centers both located in Ontario Canada in the cities of Burlington and Ottawa. The company plans to expand into two additional product development centers one in America and another in the United Kingdom both of which have in the past experienced severe security challenges. There is reason to be optimistic about PTOTF’s growth strategy and the current debate surrounding guns only makes their technology all the more in demand.
Sporting a market cap of $135.73M and a float of 81.32M, PTOTF is flush with cash, which is balanced by virtually no total current liabilities. The company is pre-revenue at this point. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $PTOTF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $PTOTF, either long or short, and we have not been compensated for this article.