Patriot One Technologies Inc. (PAT:TSX; PTOTF:OTCQX) announced in a news release it entered into an agreement with Cramer Security & Investigations for that company to distribute Patriot One's PATSCAN VRS commercial units.
"This reseller agreement represents a major milestone for the company, as we transition from development of our proprietary technology to deploying same in real world situations," Patriot One's CEO and President Martin Cronin said in the release.
West Virginia-based Cramer Security & Investigations is a security system integrator and provider of security personnel. It has been engaged with Patriot One for the past two and a half years and participated in its pilot program in Q1/19.
The initiation term of the agreement is for five years. According to the terms, Cramer Security will acquire a three-year lease on Patriot One's solution "as a first phase approach to deploying the PATSCAN multi-sensor covert threat detection platform across a broad range of its end customers," the release noted.
During that three-year period, Cramer Security is to sell at least 150 PATSCAN VRS systems, including the software license, maintenance and support. These sales, over three years, would amount to a CA$6.3 million or US$4.7 million value.
The agreement also indicates that Cramer Security must sell a minimum amount of systems each year to maintain its pricing: 50 in the first year, 100 systems in the second and 150 in the third.
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