Patriot One Technologies Inc. (PAT:TSX.V; PTOTF:OTCQX) announced in a news release it partnered with defense contractor Raytheon Canada Ltd. to allow for additional innovative development of Patriot's concealed threat detection solution and related products.
Raytheon Canada, a subsidiary of Raytheon Co., will finance Patriot One with CA$3 million of nondilutive cash to cover the costs of further advancement of its PATSCAN Cognitive Microwave Radar technology, Patriot One's covert primary screening device and software solution. The partnership also will "allow key learnings derived from the principal threat detection solution to help advance other covert technologies, all with the goal to harden facilities without creating fortress-like environments," the release noted.
Raytheon Canada is a well-matched partner. "Raytheon has been a leader in developing radar technology since World War II," RCL's Vice President Terry Manion said in the release. "One of our missions is seeing the unseen, which complements Patriot One's concealed threat detection solution."
Martin Cronin, CEO and president of Patriot One, stated, "This financial support definitely signals the serious nature of our vision to create a world safer from acts of violence."
The partnership between the two companies is in accordance with Canada's Industrial and Technological Benefits policy and, therefore, should help create high-value jobs and foster economic growth in the country.
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