Patriot One Technologies Inc. (PAT:TSX.V; PTOTF:OTCQX) recently announced it has reached an agreement in principle with a major international defense contractor. The company will receive funding for the further development and integration of its PATSCAN CMR technology, following certain governmental approvals. Patriot One makes the award-winning PATSCAN CMR covert weapon detection system.
"We are thrilled to have the possibility of working with a highly-respected, international leader in defence and security technologies. Their interest in potentially providing assistance to help us further develop our PATSCAN CMR solution reinforces the significance of our work to-date. It is also a source of pride that our innovative threat detection technology has captured the serious interest of a major industry player at this early stage of our business development," said CEO and president Martin Cronin.
The goal of the agreement is extending the technical development of the company's cognitive microwave radar technology, the company stated. It includes a two-stage, several million dollar fund for the development of the PATSCAN CMR technology with in-kind technical support for additional research and development. Currently, final amounts are to be determined for the funding.[NLINSERT]
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