Artificial Intelligence
Patriot One Releases Fourth Quarter and Year-end Results
TORONTO, Oct. 14, 2020 (GLOBE NEWSWIRE) — Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), developer of the PATSCAN™ Multi-Sensor Threat Detection Platform, is pleased to announce its fourth quarter and annual financial results for the year ended July 31, 2020. All information is in Canadian dollars unless otherwise indicated.
The following press release should be read in conjunction with the Company’s Annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our Management’s Discussion and Analysis for the years ended July 31, 2020 and July 31, 2019, which can be found on SEDAR at www.sedar.com and on the Company’s website at www.patriot1tech.com.
“The key focus this year has been the de-risking the Company’s technology for full commercial release,” shared Martin Cronin, Patriot One’s Chief Executive Officer. “Like many corporations around the world, it has been challenging for Patriot One to service our customers since the onset of the COVID-19 global pandemic which began in March 2020. Instead, the Company has taken this opportunity to use its existing capabilities to provide solutions to assist other businesses safely re-open. The Company has identified opportunities to service public and private sectors with technology solutions to mitigate the risks of this pandemic, and other possible threats to business continuity and public health. In addition, we began transitioning to an experienced C-Suite with skills in growing startups, while also expanding our sales and operations teams to scale quickly as we move beyond trial deployments to full scale operations.”
“During the fourth quarter, the Company launched its first commercial release of its video-based sensor technology being the PATSCAN VRS-W, VRS-HS and VRS-T solutions, which dually serve end-user needs of weapons-related and public health threat detection,” added Dietmar Wennemer, President and Chief Operating Officer. “We followed this with the release of our first Multi Sensor Gateway system, being the MSG 1.0 Fastlane solution that is currently being installed in multiple locations. This gateway completes our Security Platform and we will continue to build out and improve our technology portfolio to address our customers’ needs.”
Company Highlights for the Fiscal Year ended July 31, 2020
The following is a summary of the key business highlights for the Company for the year ended July 31, 2020:
- In September 2019, we acquired artificial intelligence company Xtract Technologies Inc. (“Xtract”), including a highly talented team of AI experts, as part of an ongoing strategic initiative to bring together leading-edge technologies and services to enhance our PATSCAN platform.
- In the third quarter of 2020, the Company recorded its first revenue related to the deployment of the PATSCAN Platform through the Innovation Solutions Canada (“ISC”), formerly known as the Build in Canada Innovation Program (“BCIP”).
- In May 2020, the Company announced that it was selected by Canada’s Digital Technology Supercluster for participation in a funding program for up to $4.5 million in co-investment capital. This important investment will advance the development and deployment of the Company’s PATSCAN health and safety modules to detect dangers before they become a threat to our communities.
- In the fourth quarter of 2020, the Company launched its first commercial release of its video-based sensor technology solutions being the PATSCAN VRS-W, VRS-HS and VRS-T solutions, which dually serve end-user needs of weapons-related threat detection and the threat to public health and businesses posed by the COVID-19 pandemic.
- In the fourth quarter of 2020, the Company entered into a membership interest purchase agreement with NanoBio to sell its 49% interest in Sotech Secure, LLC for USD $3,000,000 with an estimated closing date of October 31, 2020. Management expects that the proposed transaction will close as planned; however, there is no guarantee that transaction will proceed as expected or at all.
- Subsequent to the year end, the Company launched a second commercial release of its first covert sensor technology being the PATSCAN MSG 1.0, which identifies on-body concealed weapons utilizing its unique passive sensor array.
Fiscal 2020 Annual Financial Results
- Revenue was $2.1 million for the year ended July 31, 2020 as compared to $nil for the year ended July 31, 2019 as the Company began the commercialization of its products.
- Loss from operations for the year ended July 31, 2020 was $23.4 million as compared to $17.6 million of the year ended July 31, 2019. The increase in loss pertains mainly to increased expenditures being made on a wider portfolio of solutions under commercial development, the non-recurring costs associated with acquiring Xtract, and the associated personnel resources to support the commercialization efforts of the technology portfolio.
- Loss and comprehensive loss for the year ended July 31, 2020 was $25.1 million as compared to $17.4 million of the year ended July 31, 2019.
- Basic and diluted loss per share was $0.17 for the year ended July 31, 2020 as compared to $0.13 for the year ended July 31, 2019.
Fiscal 2020 Fourth Quarter Financial Results
- Revenue was $0.4 million for the fourth quarter ended July 31, 2020 as compared to $nil for the same period in 2019.
- The Company had $0.4 million of deferred revenue and $1.2 million of contracted revenue not yet recognized as revenue as of July 31, 2020 of which we expect to recognize 100% as revenue over the next twelve months.
- Net loss increased from $5.0 million in the fourth quarter ended July 31, 2019 to $6.4 million in the fourth quarter ended July 31, 2020. The increase in loss pertains mainly to increased personnel costs associated with the ramp up of operations and sales efforts.
About Patriot One Technologies
Patriot One’s 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 and 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.
For further information, please contact:
Patriot One Technologies Inquiries
[email protected]
www.patriot1tech.com
Investor Relations
John Martin, Patriot One Technologies
+1 (888) 728-1332
[email protected]
Media Contact
Scott Ledingham, Patriot One Technologies
+1-613-806-7135
[email protected]
CAUTIONARY 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 failure to receive required regulatory approvals, 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.
Artificial Intelligence
Lucinity Appoints Udi Nessimyan as President and Chief Revenue Officer
REYKJAVIK, Iceland, April 24, 2024 /PRNewswire/ — Lucinity , a leader in generative AI for financial institutions, is thrilled to announce the appointment of Udi Nessimyan as its new President and Chief Revenue Officer. Udi brings to the role a wealth of experience from his time in AI development at some of the world’s most prestigious tech companies, including Sealed.ai, Oracle, and Amazon Web Services.
Gudmundur Kristjansson, Founder and CEO of Lucinity, expressed his enthusiasm about Udi’s appointment, stating, “Udi’s proven track record of driving growth and innovation aligns perfectly with our core mission at Lucinity. His strategic acumen and deep industry knowledge are invaluable as we continue to develop and deliver AI solutions that enhance the efficiency and effectiveness of our clients’ operations.”
Udi’s career highlights include co-founding and leading Sealed.ai as CEO, where he spearheaded the development of a cutting-edge conversational AI platform that redefined standards in business communication. At Basis Technology, he was instrumental in driving sales and operational strategies for their flagship products, including Rosette and various Cyber Forensics tools, achieving an annual recurring revenue growth rate exceeding 30%.
In his new role, Udi will focus on refining Lucinity’s approach to marketing, sales, and customer onboarding. His expertise will be crucial in ensuring that Lucinity’s innovative AI solutions are effectively communicated and reach the right audiences, thereby maximizing their impact and facilitating the adoption of the technology.
“Udi’s involvement is vital as we strive to make our AI tools more intuitive and impactful,” said Kristjansson. “His insights and leadership will enhance our ability to deliver these technologies efficiently and effectively, aligning them closely with customer needs and industry demands.”
Under Udi’s leadership, Lucinity is set to deepen its commitment to unleashing human efficiency with AI, expanding the reach and impact of its mission to create AI that makes people better at what they do.
Lucinity thanks its partners and stakeholders for their continued support and interest as it embarks on this exciting new chapter.
About Lucinity:
Lucinity is a leader in generative AI technologies for financial institutions, designed to accelerate workforce efficiency. Its platform features Luci, an AI copilot that enhances intelligence gathering, analysis, and decision-making, allowing institutions to streamline operations and reduce costs. As an open, configurable, no-code platform, Lucinity is a crucial tool for enhancing productivity and operational efficiency in the financial sector.
Media Contact
Celina PabloSenior Marketing [email protected] +354 792 4321
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Artificial Intelligence
Resolutions at ASSA ABLOY AB’s Annual General Meeting 24 April 2024
STOCKHOLM, April 24, 2024 /PRNewswire/ — The Annual General Meeting of ASSA ABLOY AB was held on Wednesday 24 April 2024 in Stockholm, Sweden.
Adoption of income statements and balance sheets and discharge from liability
The Annual General Meeting adopted the parent company’s and the Group’s income statements and balance sheets for the financial year 2023. The members of the Board of Directors and the CEO were discharged from liability for the financial year 2023.
Dividend
The Annual General Meeting approved the dividend of SEK 5.40 per share proposed by the Board of Directors, to be paid out in two equal installments, the first with the record date Friday 26 April 2024 and the second with the record date Monday 11 November 2024. The first installment is estimated to be paid on Thursday 2 May 2024 and the second installment on Thursday 14 November 2024.
Election of the Board of Directors and auditor
The Annual General Meeting re-elected Johan Hjertonsson, Carl Douglas, Erik Ekudden, Sofia Schörling Högberg, Lena Olving, Victoria Van Camp, Joakim Weidemanis and Susanne Pahlén Åklundh as members of the Board of Directors. Johan Hjertonsson was re-elected as Chairman of the Board of Directors and Carl Douglas was re-elected as Vice Chairman.
The Annual General Meeting re-elected the audit firm Ernst & Young AB as auditor for the time period until the end of the Annual General Meeting 2025.
Remuneration to the Board of Directors and the auditor
The remuneration to the Board of Directors will totally amount to SEK 9,945,000 (excluding remuneration for committee work). Auditor fees shall be paid according to contract.
Resolution on approval of remuneration report
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to approve the Board’s remuneration report.
Resolution regarding authorization to repurchase and transfer Series B shares in the company
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to authorize the Board of Directors to, on one or more occasions, repurchase Series B shares in the company for the period up until the Annual General Meeting 2025. The repurchase shall maximum comprise so many Series B shares that the company’s holding does not at any time exceed 10 per cent of the total number of shares in the company.
Resolution regarding long-term incentive program
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to implement a long-term incentive program for senior executives and key employees within the ASSA ABLOY Group (“LTI 2024”).
Minutes from the Meeting including complete resolutions will be available on the company’s website assaabloy.com/general-meeting.
For more information, please contact:Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/assa-abloy/r/resolutions-at-assa-abloy-ab-s-annual-general-meeting-24-april-2024,c3966574
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Press release (PDF)
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Artificial Intelligence
GSTS selected by Canada-US Seaways to provide Enhanced Analytics and Voyage Information System Predictability with OCIANA®
HALIFAX, NS, April 24, 2024 /PRNewswire/ — Global Spatial Technology Solutions (“GSTS” or “the Company”) announced that it has been awarded a contract for a Voyage Information System (VIS) by St. Lawrence Seaway Management Corporation (SLSMC) and Great Lakes St. Lawrence Seaway (GLS) to enhance joint management of bi-national waterways.
GSTS will provide predictions for VIS through OCIANA®, its proprietary, AI powered SaaS platform. OCIANA® is a cyber-secure and scalable system which has been developed in collaboration with, and is used by, ports, shipping lines, pilotage authorities, civil agencies and border security organisations.
At the heart of OCIANA’s offering is robust, predictive data analytics, powered by novel AI algorithms. OCIANA’s data integration framework will assimilate critical information from the Seaway Traffic Management System and GSTS data streams into a predictability model to accurately forecast vessel ETAs, thus providing improved management of voyages and eventually optimizing lockage schedules.
OCIANA® is a flexible platform designed to incorporate the intricate Locks System Rules, ensuring that all vessel movements adhere to safety and operational guidelines. While focusing on a specific segment of the St. Lawrence, vessel management is impacted by dynamic events stretching from the Atlantic approaches to the Great Lakes. The dynamic Lock Schedule Engine leverages various inputs, employing advanced algorithms to manage vessel traffic and schedule lockage, thus enhancing throughput and reducing delays. Through this innovation, OCIANA® will be well positioned to offer superior optimization capability to all major waterways.
“This project will demonstrate OCIANA’s capability to provide unparalleled planning and optimization in a highly dynamic environment impacted by multiple geographic, operational and environmental factors,” said Richard Kolacz, Chief Executive Officer, GSTS. “This award continues to illustrate the versatility of OCIANA® in facilitating enhancements to maritime safety, security and supply chain resilience globally.”
The Great Lakes Seaway system serves as a key supply chain, moving $66B in goods and supporting 356,000 jobs. Optimizing the flow of goods, in a highly dynamic marine trade environment, is crucial to the economies of Canada and the United States.
OCIANA® is configured to adapt to the evolving demands of maritime traffic management, with provisions for incorporating additional data sources and enhancing the Predictability Engine with emerging technologies such as weather machine learning models. GSTS continues to expand its offering to maritime and logistics stakeholders further enhancing its leading position in maritime digitalization and innovation.
About Global Spatial Technology Solutions (GSTS)Global Spatial Technology Solutions (GSTS) is a global maritime intelligence company delivering solutions to enhance decision making across the maritime and logistics industry. Our predictive solutions are enabled by a range of operational, environmental, vessel and cargo data to provide real-time decision making intelligence for ports, terminal operators, shipping lines, logistics companies, importers, exporters, national and international agencies as well as security organisations.
For more information and to explore opportunities to partner with us, contact us today.
Media Contacts: Danica Martis, GSTS, Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/gsts-selected-by-canada-us-seaways-to-provide-enhanced-analytics-and-voyage-information-system-predictability-with-ociana-302125284.html
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