TORONTO, ON – March 16, 2021 (GLOBE NEWSWIRE) — Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), developer of the PATSCANTM Multi-Sensor Threat Detection Platform, is pleased to release its second quarter interim financial results for the three and six month periods ended January 31, 2021. All information is in Canadian dollars unless otherwise indicated.
The following press release should be read in conjunction with the Company’s Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and our Management’s Discussion and Analysis for the three and six month periods ended January 31, 2021, which can be found on SEDAR at www.sedar.com and on the Company’s website at www.patriot1tech.com.
“In the past few weeks, we have seen a definite upturn and strong acceleration in market activity, resulting in a significant increase in the number of customer engagements, site surveys, demonstrations and trials” stated Peter Evans, Chief Executive Officer of Patriot One. “With this momentum, along with our new focused sales organization and our strengthening sales pipeline, I am very optimistic, and believe we are well-positioned to deliver a strong second half of our fiscal year.”
Company Highlights for the Three and Six Month Periods Ended January 31, 2021
The following is a summary of the key business highlights for the Company for the three month period ended January 31, 2021:
- Welcomed Peter Evans, as Chief Executive Officer and Director, who brings strong expertise and a proven track record in revenue growth for early-stage technology organizations;
- Hired new professional and seasoned sales representatives who are building a strong pipeline of business by engaging with new and existing prospects for the entire portfolio of solutions;
- Revamped its marketing strategy to be highly focused on campaigns aimed at our key target markets; and
- Continued to implement restructuring and cost cutting efforts to improve operating efficiencies and to better align the Company with its strategic direction and business development plans.
Fiscal 2021 Second Quarter Financial Results
- Revenue was $0.3 million and $0.7 million for the three and six months periods ended January 31, 2021 respectively as compared to $0.4 million and $0.5 million for the same periods ended January 31, 2020.
- The Company had $0.5 million of deferred revenue and $0.8 million of contracted revenue not yet recognized as revenue as of January 31, 2021, of which 100% is expected to be recognized over the next twelve months.
- Net loss was $3.2 million and $6.3 million for the three and six month periods ended January 31, 2021 as compared to $6.3 million and $13.6 million for the same periods ended January 31, 2020. The decrease in loss pertains to streamlining of the Company’s business operations, COVID-19 relief funding received and transaction costs incurred in the comparative six month period for the acquisition of Xtract Technologies Inc.
- Basic and diluted loss per share was $0.02 and $0.04 for the three and six month periods ended January 31, 2021 respectively as compared to $0.04 and $0.09 for the same periods ended January 31, 2020.
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 Threat Detection Platform provides a network of advanced sensor technologies with powerful next generation AI 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
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 regulators. 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.