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CALGARY, Alberta, June 29, 2020 (GLOBE NEWSWIRE) — Labrador Technologies Inc. (“Labrador” or the “Company”) (TSXV: LTX) is pleased to announce that it has entered into an exclusive arm’s length software license purchase agreement dated June 28, 2020 (the “Agreement”) with Claritas HealthTech Pte. Ltd. (“Claritas”). The technology, known as IE-RAD2020 (the “License Technology” or “IE-RAD2020”), was developed and is owned exclusively by Claritas. The Agreement gives Labrador exclusive usage and marketing rights to the License Software for the territory of North America in return for the issuance of 50 million shares in Labrador at a deemed price of $0.10 per share (the “Proposed Transaction”) on a post consolidated 20 to 1 basis, as further described below. The Agreement will enable customers who utilize IE-RAD2020 to access its medical image enhancement capabilities on a pay for service basis.Pursuant to the terms of the Agreement, Labrador will issue sufficient shares such that the Proposed Transaction will constitute a “Reverse Takeover” (“RTO”) of Labrador under the policies of the TSX Venture Exchange (the “Exchange” or the “TSXV”). Upon the closing of the Proposed Transaction, it is expected that Labrador will continue to be a Technology Issuer on the TSXV and will be renamed to Claritas HealthTech Inc. Any financial information related to IE-RAD2020 and Claritas, as appropriate, will be included in the RTO disclosure documentation.General Information about Claritas and LabradorAbout ClaritasClaritas is incorporated and headquartered in Singapore. Claritas conducts research and development in the fields of image enhancement, machine vision and artificial intelligence (“AI”) with a focus on medical image processing and AI assisted interpretation. The IE-RAD2020 software technology has been developed by a team of leading mathematicians and medical scientists over a period of five years. Claritas plans to transform the diagnostics industry with powerful and effective software products created using image enhancement and AI technology enabling doctors and physicians to make accurate diagnosis and improve patient lives.About LabradorLabrador is incorporated under the Business Corporations Act (Alberta), is a reporting issuer inAlberta and British Columbia and its common shares are listed and posted for trading on TSXV and was formerly engaged in the business of development and marketing of data retrieval technology with its registered and head office in Calgary, Alberta.The Licensed Technology – IE-RAD2020
Claritas solution for radiologists, IE-RAD2020, enhances radiology images to reveal details of anatomical structures that were previously obscured utilizing “radiation noise” enabling radiologists and doctors to be able to make more accurate diagnoses. At the same time, it retains the finer elements of the image without adding or creating any distortions. IE-RAD2020 is backed by a cloud-based network. It can be accessed online via the “Claritas Viewer”, or alternatively, integrated on-site as software that can interface with Picture Archiving and Communication System (PACS) / Digital Imaging and Communications in Medicine (DICOM) communications protocols and imaging archives system, a need both companies believe will continue to grow in the short and long term. IE-RAD2020 will serve radiology departments across a range of imaging modalities. Proposed Transaction, Private Placement and Bridge FinancingLabrador currently has 177,966,368 common shares issued and outstanding. The Agreement contemplates that Labrador will consolidate the Labrador common on a 20:1 basis (the “Consolidation”). Subsequent to the Consolidation, Labrador will have 8,898,318 common shares issued and outstanding. As stated above, Labrador will further issue 50,000,000 common shares of Labrador at a post-Consolidated deemed price of $0.10 per share. Further, Labrador’s outstanding share purchase warrants will have their exercise terms appropriately adjusted to reflect the Consolidation. Labrador has cancelled all outstanding stock options.In connection to the Proposed Transaction, Claritas will undertake a private placement of subscription receipts of units (the “Units”) for minimum gross proceeds of $2,500,000 and up to maximum gross proceeds of $5,000,000 (the “Private Placement”). Details regarding Unit pricing and composition are being negotiated and once finalized will be announced in a future news release.In addition, Churchgate Singapore Ltd. will provide Labrador $150,000 pursuant to a bridge financing (the “Bridge Financing”) of units of the Company (the “Units”) to cover costs associated with the Proposed Transaction. Each Unit consists of one secured debenture (each, a “Debenture”) and one common share purchase warrant (each, a “Bridge Financing Warrant”). The conversion price with respect to the common shares issued upon conversion of Debentures is $0.10 per common share on a post-Consolidated basis. The Debentures will be secured by a general security agreement over the Company’s assets. The Debentures will bear interest at the rate of 5% per annum and payable semi-annually. Each Bridge Financing Warrant entitles the holderthereof to acquire one common share (each, a “Bridge Financing Warrant Share”) at an exercise price of $0.10 per Bridge Financing Warrant Share for a period of 12 months from the closing date (the “Expiry Date”). Any Bridge Financing Warrants not exercised prior to the Expiry Date shall be deemed to be void and of no further force and effect.Proposed Board of Directors, Management and Other InsidersUpon completion of the Proposed Transaction, subject to regulatory approval, the directors, senior officers and insiders of Labrador are expected to be as follows:Devika M. Dutt – Republic of Singapore – Chief Executive Officer and DirectorMs. Dutt is the current Chief Operating Officer of Claritas. Ms. Dutt brings over 25 years of experience at executive level marketing, sales and business development through prior roles based out of Singapore, London and New York. Prior thereto, she co-founded and lead of one India’s pioneering and leading gourmet coffee roasting companies. She was the former Business Head, Treasury & FX, ASEAN at Thomson Reuters and prior to that an analyst at Jefferies. She holds a Bachelor of Arts Degree (Economics and Development Studies) from Smith College in Massachusetts, USA.Nikhil Kamran – Republic of Singapore – Chief Financial Officer Mr. Kamarn brings over 13 years of end-to-end deal execution on over 20 transactions with combined value in excess of $1 billion, covering: buyouts, majority & minority investments, joint ventures and strategic partnerships with a previous operational experience as CFO of a listed public company with market capitalization of ~$1 billion. Mr. Kamarn holds a Bachelor of Arts (Economics) from the University of Pennsylvania.Kaan Camlioglu – Calgary, Canada – Chief Operating Officer and Director From 1996 to 2019, Mr. Camlioglu has held increasingly senior financial roles with a variety of public and private entities, including nearly a decade with the TSXV. Since January 2019, Mr. Camlioglu has been the Interim CEO of Labrador. Mr. Camlioglu is a Chartered Financial Analyst and Chartered Professional Accountant (CPA, CMA). He holds a Bachelor of Arts Degree (Economics) from the University of Calgary.Shravan Joshi – London, England – DirectorMr. Joshi is an elected Member of the Court of Common Council for Bishopsgate Ward in the City of London Corporation (“City”), where he focuses on policy and investment into City’s economy through managing strategic relationships. Since 2011, Mr. Joshi has been the managing director of SM Ventures Limited London, a consultancy and private investment company providing strategicadvice to clients. Mr. Joshi started his career in investment banking then moved into the energy sector in 1999, later specializing in trade structuring and supply chain contracts in Central Asia, Eastern Europe and North America. Mr. Joshi holds a Bachelor of Science (Hons Chemistry) from Kings College London, University of London.Dr. Laszlo Neumann – Girona, Spain – DirectorDr. Neumann holds a MSc. in Engineering and Mathematics, (1978 from TU Budapest), and a PhD in Applied Mathematics, economical modeling (1982). Dr. Neumann has led research and software development in architectural CAD, cartography, medical imaging, 3D face modeling, color harmony design, and numerical methods. He has authored 32 journal articles, 3 books, and 20 book chapters and over 55 technical publications in conferences. Between 1995 and 2007 Dr. Neumann was a visiting lecturer at TU Vienna and since 2002 he is been a ICREA Research Professor at Universitat de Girona (UdG). He is member of over a dozen IPCs and other committees.Bill deJong – Calgary, Canada – Corporate SecretaryMr. deJong is a lawyer in the Business Law Group in the Calgary office of the international law firm Fasken Martineau DuMoulin LLP, practicing law primarily in the areas of securities regulation, corporate finance, and mergers and acquisitions. Mr. deJong holds a Bachelor of Business Administration from Acadia University and a Bachelor of Laws from the University of Edinburgh.Shareholder Approval and Other MattersUnder the policies of the TSXV, Labrador is not expected to require shareholder approval for the Transaction. In this regard, Labrador and the Proposed Transaction satisfy the TSXV requirements as to not be subject to a shareholder approval requirement as: (a) the Proposed Transaction is an Arm’s Length transaction; (b) Labrador is a Tier 2 issuer without active operations; (c) Labrador is not subject to a cease trade order and is not expected to be subject to such an order upon completion of the Proposed Transaction; and (d) shareholder approval of the Proposed Transaction is not required under applicable corporate and securities laws. However, Labrador is expected to seek shareholder approval of certain matters related to the implementation of the Proposed Transaction, including, but not limited to, the approval of the appointment of new board of directors of Labrador to be effective upon completion of the Proposed Transaction and approval to change the name and trading symbol of Labrador upon completion of the Proposed Transaction.Conditions to Completion of the Proposed Transaction and Regulatory MattersCompletion of the Proposed Transaction is subject to a number of conditions including, but not limited to, TSXV and, if applicable, disinterested shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all. Investorsare cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Labrador should be considered highly speculative. The TSXV has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.In addition to the above, the Proposed Transaction is subject to a number of further conditions, including but not limited to: (a) closing conditions customary to transactions of the nature of the Proposed Transaction; (b) approvals of all regulatory bodies having jurisdiction in connection with the Proposed Transaction; (c) TSXV regulatory approval; (d) debt reduction of payables outstanding; and (e) the completion of raising the minimum amount for the Private Placement and completion of the Bridge Financing. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.Arm’s Length TransactionThe Proposed Transaction is an “Arm’s Length Transaction” under policies of the TSXV.SponsorshipSponsorship of the Proposed Transaction is required unless an exemption is available or a waiver from this requirement can be obtained in accordance with the policies of the TSXV. Labrador intends to apply for a waiver to the sponsorship requirement. There is no assurance that a waiver from this requirement will be granted. Significant Conditions to Completion of the Proposed Transaction Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to: (a) closing conditions customary to transactions of the nature of the Proposed Transaction; (b) approvals of all regulatory bodies having jurisdiction in connection with the Proposed Transaction; (c) TSXV regulatory approval; and (d) the completion of the Private Placement. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.Trading HaltTrading in the Labrador common shares has been halted and may remain halted pending the review of the Proposed Transaction by the TSXV and other certain conditions are satisfied. There can be no assurance that trading in the Labrador common shares will resume prior to the completion of the Proposed Transaction.Additional InformationFor further information, please contact:Kaan Camlioglu, Interim Chief Executive Officer
Labrador Technologies Inc.
T: (403) 818-1091
E: firstname.lastname@example.org Cautionary StatementsInvestors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Labrador should be considered highly speculative. This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the “1933 Act”) as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.Forward-Looking StatementsThis news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the terms, conditions and completion of the Proposed Transaction, the pro forma capitalization of the resulting issue of the Proposed Transaction, completion of the Private Placement, Bridge Financing and the anticipated type and number of securities to be issued thereunder, the Labrador shareholder meeting and results thereby, the Labrador name change, the Consolidation, the business and operations of Labrador, Claritas and Claritas HealthTech Ltd.; the go-forward management and directors; and the quality of results, usability and general future success of IE-RAD2020.Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder, court or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place unduereliance on the forward-looking statements and information contained in this news release. Except as required by law, Labrador assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Datametrex Announces Another Sale of COVID-19 Test Kits for $850,000 to a Canadian Mining Company
TORONTO, July 06, 2020 (GLOBE NEWSWIRE) — Datametrex AI Limited (the “Company” or “Datametrex“) (TSXV: DM, FSE: D4G, OTC: DTMXF) is pleased to announce a purchase order (the “PO”) of 20,000 COVID-19 test kits from a Canadian based mining company (the “Purchaser”) with operations worldwide. This PO is for one of their Latin American mine operations.
The total gross sales amount is approximately $850,000 CDN, excluding shipping and courier fees. The Company has secured all requested testing kits, swabs, tubes, and the PCR machines. All of the items will be delivered directly to the mining company at their operating site in Latin America in mid-July. The Company anticipates little or no up front costs associated with the sale of these kits.“Datametrex is assisting with the implementing of test kits as it is a fundamental response to the pandemic, and those mining companies that have been able to test more comprehensively have had greater success,” says Marshall Gunter, CEO of the Company. “The reasoning is simple: An individual who tests positive can be isolated until they recover, and their contacts may be traced and similarly tested and isolated, effectively reducing the rate of transmission.”Under the terms of the PO, Datametrex will provide the Purchaser with 20,000 units of the COVID-19 qPCR Detection Kits manufactured by 1drop Inc. (“1drop”), 20,000 Universal Transport Medium (UTM®), Sterile Swabs with 16x100mm and Skirted Tubes. The Company also sold two (2) Real-Time Polymerase Chain Reaction Detection System (“PCR”) machines along with software to ensure optimal assay performance of the samples.Some Latin American countries are seeing shocking unemployment figures as the pandemic has caused hunger to rise in the region. The fallout from the pandemic is being felt hardest in Latin America, and has seen an almost three-fold rise in the number of people requiring government assistance, and among urban communities in low and middle-income countries, which are being dragged into destitution by job losses, especially in the mining sector. Millions of people are out of work in Brazil, Chile and Colombia, which have all attempted to re-open sectors of their economies but were hit with fast-spreading infections.About 1drop Inc.1drop Inc. aims to provide a solution to manage health with a drop of fluid. It has the key technologies for becoming a global leading company in the field of smart health care. 1copy™ COVID-19 qPCR Multi Kit can reduce the risk of asymptomatic and latent infection of COVID-19 by a single virus level limit of detection. Additional information on 1drop Inc. is available at www.1drop.co.krAbout DatametrexDatametrex AI Limited is a technology-focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com). Datametrex’s mission is to provide tools that support companies in fulfilling their operational Health and Safety goals with predictive and preventive technologies. By working with companies to set a new standard of protocols through Artificial Intelligence and health diagnostics, the Company provides progressive solutions to support the supply chain.Additional information on Datametrex is available at www.datametrex.comFor further information, please contact:Marshall Gunter – CEO
Phone: (514) 295-2300
Email: email@example.comNeither the TSX Venture Exchange nor it’s Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking StatementsThis news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Gained Traction over the Past Few Years due the Rising Need for Energy Efficient Solutions in the Residential Sectors: Global Smart Thermostats Market
Covina, CA, July 06, 2020 (GLOBE NEWSWIRE) —The global smart thermostats market accounted for US$ 1.5 billion in 2019 and is estimated to be US$ 12.5 billion by 2029 and is anticipated to register a CAGR of 23.5%The report “Global Smart Thermostats Market, By Component (Display, Motion Sensor, Humidity Sensor, Temperature Sensor, and Others), By Network Technology (Wired Technology and Wireless Technology (Wi-Fi, Z-Wave, Zigbee, and Bluetooth)), By Application (Residential, Commercial, Industrial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029”.Key Highlights:Nest Labs, Inc. offers networking products. The Company designs and manufactures a sensor-driven, Wi-Fi enabled, learning, and programmable thermostat. Nest Labs operates in the United States.Emerson Electric Co. designs and manufactures electronic and electrical equipment, software, systems, and services. The Company offers its products for industrial, commercial, and consumer markets worldwide through its network power, process management, industrial automation, climate technologies, and commercial and residential solutions divisions.Request Sample PDF of this Business Intelligence Report @ https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/4376Analyst View:Speedy adoption of smart infrastructure in commercial and residential infrastructureTechnological advancements and shift in population towards convenient methods to remotely control electronic and electrical appliances drives the demand of the smart infrastructure. A smart thermostat is a device that is fitted in a smart infrastructure to provide users remote access to ambience heating or temperature. This offers benefits of switching heating systems through internet connected devices. Additionally, smart thermostats can also be arranged as per the need of users, which brings energy efficiency by limiting human error and negligence at times, which aids in the growth of smart thermostat market growth worldwide.Penetration of IoT and AI based technologiesAdvancements in IoT and AI has modernized electronic systems and devices. Additionally, the adoption of artificial intelligence in thermostats has advanced programmable thermostats to smart ones. Smart thermostat provides self-learning abilities and learn the user behavior over time. Thereby, automatically regulating temperature of the atmosphere. Smart thermostats are designed for connection over Wi-Fi and further advancements in these smart devices provides access to them via voice control, which boosts smart thermostat market growth across the globe.Ask for a Discount on the Current Pricing @ https://www.prophecymarketinsights.com/market_insight/Insight/request-discount/4376Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Smart Thermostats Market”, By Component (Display, Motion Sensor, Humidity Sensor, Temperature Sensor, and Others), By Network Technology (Wired Technology and Wireless Technology (Wi-Fi, Z-Wave, Zigbee, and Bluetooth)), By Application (Residential, Commercial, Industrial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029Key Market Insights from the report: The global smart thermostats market accounted for US$ 1.5 billion in 2019 and is estimated to be US$ 12.5 billion by 2029 and is anticipated to register a CAGR of 23.5%. The market report has been segmented on the basis of component, network technology, application, and region.By component, the global smart thermostats market is segmented into display, motion sensor, humidity sensor, temperature sensor, and others.By network technology, wireless technology is projected to offer great growth opportunity for the growth of global smart thermostat sensor market. Wireless network technology is further sub segmented into Wi-Fi, Z-Wave, Zigbee and Bluetooth.By application, commercial application segment involves healthcare, office building, and retail etc. Other Segment involves educational buildings such as school and colleges. Among all these application, residential applications are projected to grow expressively in the coming years due to the rising awareness about energy saving devices among consumers, advancement in home automation technology, and increasing demand of connected homes or smart homes.By region, The North American regional market is projected to lead the global industry owing to growing demand for managing energy consumption solutions and a wide distribution network of key manufacturers in the region. The rising average unit rate of power is inspiring household consumers, industries, and enterprises to implement smart energy solutions, which is one of the basic reasons for the market growth.To know the upcoming trends and insights prevalent in this market, click the link below:https://www.prophecymarketinsights.com/market_insight/Global-Smart-Thermostats-Market-4376Competitive Landscape:The prominent player operating in the global smart thermostats market includes Nest Labs, Inc., Emerson Electric Co., Ecobee Inc., Hive Home, Tado GmbH, Schneider Electric, Honeywell International Inc., Carrier Corporation, Siemens, Emerson Electric, and Vivint.The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.About Prophecy Market InsightsProphecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.Some Important Points Answered in this Market Report Are Given Below:Explains an overview of the product portfolio, including product development, planning, and positioningExplains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.Detailed analysis of the market revenue over the forecasted period.Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.Study on the segments that are anticipated to dominate the market.Study on the regional analysis that is expected to register the highest growth over the forecast periodKey Topics CoveredIntroductionStudy DeliverablesStudy AssumptionsScope of the StudyResearch MethodologyExecutive SummaryOpportunity Map AnalysisMarket at GlanceMarket Share (%) and BPS Analysis, by RegionCompetitive LandscapeHeat Map Analysis Market Presence and Specificity AnalysisInvestment AnalysisCompetitive AnalysisBROWSE RELATED REPORTS:Global DINRail Thermostats MarketGlobal Commercial Vehicle Thermostat MarketTo know more Contact Us:
Prophecy Market Insights Email- firstname.lastname@example.org
Patriot One Provides PATSCAN™ Platform Update
TORONTO, July 06, 2020 (GLOBE NEWSWIRE) — Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), offers the latest update on its PATSCAN™ Multi-Sensor Threat Detection Platform.
In May 2020, Patriot One’s Product Development Team responded to the Covid19 Pandemic as part of the Canadian Digital Technology Supercluster Covid19 Program. The Company secured up to $4.5 million (CAD) in co-investment funding under a two-stage program that includes development and deployment of (i) a thermal screening module that highlights persons presenting with elevated temperatures in real-time, using commodity-priced thermal cameras, (ii) additional computer modules that detect the presence or non-presence of medical and non-medical masks and face coverings, and the ability to highlight persons and problem areas where social distance requirements are not being maintained, and (iii) cross-location temperature monitoring to help the prediction of future outbreaks based on the overall trending and the combination of quantifiable indicators. Stage One comprises up to $2.25 million in investment to demonstrate the development of the modules over a four to six-month timeframe with on-site deployments with five or more co-development customers. In Stage Two, Patriot One will receive a second investment advance of up to $2.25 million over a six to eight-month timeframe to refine the Health & Safety Modules and redeploy with Stage One partners and customer(s). Patriot One’ s new Health & Safety modules are additional video object recognition solutions that are integrated into the PATSCAN™ Multi-Sensor Threat Detection Platform, which also includes weapon detection, disturbance and fight detection modules. The Health & Safety Modules use standard medium resolution thermal cameras, powered with the PATSCAN AI software to identify and analyze instances of elevated body temperature. Any anomalous detection outside a nominal body temperature range will result in an immediate alert, which will be instantly transmitted to onsite security for further action. In addition, Patriot One’s Xtract.ai division, in collaboration with Amazon Web Services, Vancouver General Hospital, University of British Columbia (“UBC”), and SapienML, helped radiologists identify the increased risk of the COVID19 virus. This project was led by Dr. Savvas Nicolaou and Dr. William Parker and supported by the UBC Community Health and Wellbeing Cloud Innovation Center (UBC-CIC) which has a mission to solve real-world challenges that materially benefit British Columbia and the world. Data captured from CT and X-ray scans from around the world, are being reviewed and annotated by 4 radiologists, who are labelling each image to segment them into three classes: background, normal lung, and Ground Glass Opacity (“GGO”). The percentage of lung volume affected by GGO is a leading indicator for COVID-19, and the development of an automated approach to assess this can greatly assist medical practitioners to quickly diagnose early onset of the virus. Beyond the PATSCAN VRS modules highlighted above, Patriot One’s product and engineering teams have been hard at work on the development of the PATSCAN™ Multi-Sensor Gateway, which combines multiple sensors with select proprietary detection technologies into one gateway system. As shared previously, by combining multiple sensors with the PATSCAN Artificial Intelligence neural network system (developed by the XTRACT.ai team), the Gateway’s overall performance level is dramatically enhanced and shows improved detection of personal concealed weapons.. The Patriot One product and engineering teams have been working side-by-side on the development and testing of the integrated Gateway solution. The result is a leading-edge, touchless detection technology that will save lives and modern society’s way of life. The PATSCAN™ Multi-Sensor Gateway will help protect on-site security, staff and visitors against weapons and other physical threats at building and venue entrances, as well as help identify potential viral threats with the addition of the thermal video recognition module. The PATSCAN™ Multi-Sensor Gateway (MSG 1.0) for Fastlane threat detection is planned for release to the North American market in August 2020 with several Gateway trial installations starting as early July 2020. In other news, Patriot One announces it has engaged Native Ads Inc. (“Native Ads”) to execute a comprehensive digital media marketing campaign for the Company. This programmatic digital advertising campaign will run for 12 weeks for a total spend of US$120,000, including content creation, web development, media buying and distribution, advertising creative development, campaign reporting and optimization.Respectfully“Martin Cronin”Martin Cronin, CEOAbout Patriot One
Patriot Ones’ mission is to deliver innovative threat detection and counter-terrorism solutions for safer communities. Our PATSCAN™ Multi-Sensor Covert Threat Detection Platform provides a network of advanced sensor technologies with powerful next generation AI/machine learning software. The network can be covertly deployed from far perimeter to interiors across multiple weapons-restricted facilities. The PATSCAN™ platform identifies and reports threats wherever required; car park, building approach, employee & public entryways and inside the facilities. Each solution in the platform identifies weapons, related threats or disturbances, or potential health and safety threats for immediate security response. Our motto Deter, Detect and Defend is based on the belief that widespread use of the PATSCAN™ platform will act as an effective deterrent to diminish the epidemic of active threats around the globe. For more information, visit: www.patriot1tech.com or follow us on Twitter and Facebook.About Native Ads
Native Ads is a full-service ad agency and operator of a programmatic ad exchange. Neither Native Ads, nor any of its directors and officers, own any securities of the Company.For further information, please contact:Patriot One Inquiries
John Martin, Patriot One
+1 (888) 728-1332
email@example.com Media Contacts:
Scott Ledingham, Patriot One
firstname.lastname@example.orgCAUTIONARY DISCLAIMER STATEMENT:
No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to system sales, product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects”,” believes”, and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include counterparty default and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.Neither the Toronto Stock Exchange (TSX) nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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