Patriot One Technologies Inc. (PAT:TSX; PTOTF:OTCQX) announced in a news release the closing of a commercial licensing agreement with Quasar Federal Systems Inc. for its technology.
For $5 million in cash, Quasar granted Patriot One an exclusive license to forever use its intellectual property in the use, development, alteration, manufacturing and selling of covert threat detection technology. That intellectual property of Quasar encompasses "patented sensor technology and patent-pending magnetic detection and security screening technology," the release noted.
Patriot One incorporated Quasar's magnetic sensor technology in its PATSCAN TMS product, which detects concealed weapons on a person's body or in their bag. With the addition of TMS, the PATSCAN platform now contains four detection sensor parts.
"Our business development team has been delivering PATSCAN platform demonstrations to secure additional purchase orders with our existing and new resellers and their end-user clients in sectors that include business, retail, sports, events, hospitality, education and religion," Patriot One CEO Martin Cronin said in the release.
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