By SP&T Staff
TORONTO — Weapons detection technology firm Patriot One Technologies Inc. has announce the acquisition of AI solutions firm Xtract Technologies Inc. and all its related interests, assets and intellectual property for consideration of $6,000,000 and the issuance of 9,422,956 Patriot One common shares to Xtracts’s former shareholders.
Patriot One says the transaction follows demonstrated success of an ongoing collaborative project between the two firms that was announced in late July 2019.
“Just over a month ago, we announced a development project with Xtract, and during this period we’ve already seen great progress in significant opportunities for enhanced detection accuracy,” said Martin Cronin, Patriot One’s CEO and president, in a prepared statement. “With new sales opportunities arising every day for a covertly deployed, multi-sensor security solution, integrating Xtract more deeply into our development and day-to-day operations made perfect sense. We are thrilled to have this highly talented group join our ranks; as they share our vision for creating a world safer from acts of mass violence.”
Patriot One says Xtract’s novel neural network architecture and data fusion techniques are robust, efficient and require less memory than comparable standards. With several deployment initiatives in progress, including with Johnson Controls International and Bleutech Park-Las Vegas announced over the last month, the firm says this move is both necessary and a key differentiator for its future platform development.
Following from the acquisition, former Xtract chairman and CEO Kevin O’Neill has been retained as an advisor to Patriot One and been invited to join its board of directors
As a wholly-owned subsidiary, Patriot One says Xtract will continue to operate as its own business unit and under its current brand name, and continue to service existing clients, representing several million dollars in committed contract backlog for 2019, along with new business opportunities as further opportunities are presented.
Xtract has previously developed and implemented solutions for military, government, industrial, environmental and transportation clients.
Patriot One has also announced that Jeffery Tindale has resigned from its board of directors effective Sept. 9, 2019 but will remain with the firm as senior vice-president of Capital Markets. “On behalf of the company, I would like to thank Jeff for his time and dedication to Patriot One’s board since inception,” said Cronin.