TORONTO, Jan. 07, 2021 (GLOBE NEWSWIRE) — Patriot One Technologies Inc. (TSX-V: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), is pleased to issue the following letter from Patriot One CEO, Peter Evans.
I am pleased to reach out for the first time since I was appointed CEO and as the Company enters its exciting new chapter ahead. It has been just over a month since I joined as the new CEO of Patriot One, and in that time, there has been much to learn, many customers to meet, and strategies to develop and execute. During these initial days of fact-finding, a common interest expressed by shareholders has been to provide regular updates on the status of the business, and what they can expect going forward.
Please consider this the first of such investor communications, as I provide my views on the state of the business.
One Month Observations
The first month of my tenure has been focused on “taking inventory” of the market and business environment, customer needs and opportunities, our technology and product-market fit, the staff and skills, and the needs of our business going forward. Here are my thoughts on the key findings:
The Market Opportunity and Customer Feedback
The market opportunity for our core solution is real and remains consistent. In the past month, I have met with (virtually, of course) more than two dozen prospects and customers, and a dozen partners.
- The vast majority of qualified prospective customers remain very excited to work with us and wish to begin site surveys as soon as COVID restrictions are lifted. The common roadblock I have heard from our customers is their inability to access their place of business due to health concerns (or formal lockdowns). Customers have overwhelmingly expressed interest in executing the site surveys and beginning pilots and rollouts once lockdown restrictions are removed.
- Our engagements with some customers have opened the door to activities with other facilities – such as casinos, sports franchises, and entertainment venues – all focused on similar business issues that we can solve. Again, the interest is there, but COVID has delayed the necessary steps to drive site surveys, proposals, and contracts at these locations.
In summary, the demand has not diminished.
Our Products and Technology
In the last two quarters, we have made great strides with our AI-powered smart security platform and recently announced the launch of several new and innovative products:
- In 2020, Patriot One productized its core threat-detection solution in the form of our Multi Sensor Gateway (MSG) 1.0 Fastlane release within our multi-sensor PATSCAN platform. The MSG 1.0 solution works in uncluttered environments that require threat detection and have high people flow. With this solution, we are delivering on the original vision for the Company – the ability to inconspicuously and cost-effectively detect guns and threats with a high degree of accuracy (low false positive rates), with minimal interruption to the “flow” of a business, while also addressing concerns about personal privacy. We will stay very focused on this market now that we have a viable product.
- We are continuing to enhance and evolve the MSG product with new releases that will provide further functionality and increasing levels of accuracy, which will then allow us to pursue additional market applications. The MSG solution includes our investment into microwave radar (CMR) technology integrated with other sensor technologies as required to deliver market requirements.
- The artificial intelligence innovations that we acquired from Xtract AI and EhEye are critical components to the delivery of the total solution. By integrating advanced analytics, we will continue to refine the efficacy of the solution, while also building out an AI platform for a broader set of market applications.
- The development of our multi-input, multi-machine-learning (ML) platform correlates smart AI insights and provides the end user with actionable intelligence. Patriot One owns a robust AI platform solution that has proven itself in multiple test applications in various vertical markets. We are currently analyzing the outputs of these projects to determine new market opportunities.
This leading-edge AI-powered security platform is unique in the marketplace and has the flexibility to address varying market needs, while also supporting the creation of customizable solutions. All of this provides interesting considerations for both the near-term, and long-term strategic opportunities for the Company.
The Patriot Team
Over the course of this year, a new leadership team has joined the Company. This strategy is intentional, with a focus on bringing in seasoned operational executives who have successful track records building out successful sales, marketing, product development, and delivery organizations.
With a hugely talented group of employees, we have a highly energized team focused on growing our revenue, expanding the value and fit of our technology, moving the strategy and roadmap forward, and taking the necessary execution steps to drive shareholder value.
Looking forward to 2021
Our number one priority for the business is to drive revenue and growth in a repeatable, scalable, and predictable manner. To do this requires putting in place the operational disciplines necessary to secure and serve business.
I have taken specific steps in the last four weeks to prepare the Company and position it for growth; however, it must be recognized that growth will not happen overnight. There is a ramp time for change to take effect. Further, with COVID and the uncertainties that still exist around the timing of a market return to something approximating normalcy, there is no short-term fix.
In the past month, I have taken specific and necessary steps to set the foundation for growth:
- Getting focused and removing distractions – As an early-stage company, we will stay focused, and remove the distractions from poorly qualified customers, partners, geographies, pilots, experiments, and wishful thinking.
- Cutting non-strategic costs – We have taken specific cost-cutting measures and will continue to make cuts where appropriate, focusing our spend on items that will deliver near-term revenue or set a foundation for mid- to long-term revenue.
- Building a professional and highly focused sales organization – We have started the process of building a seasoned direct sales organization to drive our business. Our first sales representatives start this week and are already in training. We are implementing a very disciplined sales process to rigorously qualify opportunities and focus on customers with a stated business need for enterprise deployments.
- Building a professional marketing organization – We have redesigned our marketing strategy with a focus on building awareness, interest and, most importantly, a pipeline of qualified opportunities with customers in specific target market segments where we have a good product-market fit.
When I look at Patriot One, there are multiple paths for aggressive growth in front of us. In the short-term, we will drive revenues from our current solutions for detecting and minimizing threats. There is pent-up demand that has been delayed due to COVID that we can serve well. We have a solution that uniquely meets the needs of specific market segments, and with further releases, our target markets will expand to address a broader set of environments. I also see great opportunities to leverage our AI platform and move into adjacent markets with a value proposition focused on protecting people and assets through AI-driven actionable intelligence.
Going forward, our investor communications plan will be to provide a state-of-the-business CEO newsletter once per quarter in addition to our quarterly financial reporting. Time-to-time we will be holding additional sessions such as Facebook Live sessions, or other such activities.
We have a new team, an exciting and innovative technology portfolio and promising market opportunities. Our focus will be on customers, driving revenue, and providing pragmatic delivery and execution for the business of today, and what we will be building for tomorrow.
I would like to take this opportunity to thank all employees of Patriot One for a year of hard work and dedicated service; to our shareholders for their loyal support and patience; and to our directors and officers who have maintained strong belief in what we are working to accomplish. We look forward to a prosperous 2021 as we continue to execute on our business plan.
For further information, please contact:
John Martin, Patriot One Technologies
+1 (888) 728-1332
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 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.
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