Leading threat detection company charts international expansion strategy with key global partnerships
Toronto, ON – Oct 16, 2023 – Xtract One Technologies (TSX: XTRA) (OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”), a leading technology-driven threat detection and security solution that prioritizes the patron screening experience by leveraging AI, today announces its next phase of growth with targeted and strategic international expansion.
Xtract One has successfully landed contracts with three significant multi-national companies, including a global entertainment organization, for deployment of SmartGateway at their venue. This three-year deal, totaling over US$5.1 million includes hardware, software, installation, and support components.
Using that initial customer deal as a launchpad into global markets, the Company has taken a strategic and intentional approach of partnering with key global customers and establishing agreements with resellers and install partners to support and help scale into these markets. These strategic partnerships have generated further interest from similar entertainment organizations, professional sports franchises, and other international organizations.
Over the past six months, Xtract One has established the necessary requirements for international expansion and is now expanding beyond its core North American market, effectively responding to international demand for its solutions. The focus has been on ensuring product fit and function to serve unique international requirements, completing certification activities, and establishing key channel partners to provide selling and support services.
“Over the past two years, we’ve been committed and focused on mitigating the pressing issue of weapon threats in North America, staying hyper-focused on serving our target market well, and establishing Xtract One as a well-recognized provider of weapons detection solutions. We have unique differentiators to other solutions in the market, specifically our ability to detect knives with a high degree of accuracy. This separates Xtract One, and the SmartGateway, as the key provider of solutions to the international markets where knives, not firearms, are the prevalent concern. Today, we’re taking our innovative solutions to the global stage,” said Peter Evans, CEO of Xtract One. “The strategy has always been to grow effectively and thoughtfully. For geographical growth this means moving into international markets when significant ‘anchor’ accounts have been won, and we can build the business on top of those key customers. I am proud to say that we have established those wins with significant global customers who have deployed or are deploying our solutions today. Our strategic collaborations with these major multi-national businesses have been instrumental in navigating the intricacies of international regulations, certifications, and operations. These partnerships serve as a solid foundation for our pragmatic global expansion.”
To learn more, visit www.xtractone.com.
About Xtract One
Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The company makes unobtrusive threat detection systems that enable venue building operators to prioritize and deliver improved patron experiences while providing unprecedented safety. Xtract One’s innovative Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based software allows venue and building operators to identify weapons and other threats inside and outside of facilities, and receive valuable intelligence for optimizing operations. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the Company’s limited operating history and lack of historical profits; risks related to the Company’s business and financial position; fluctuations in the market price of the Common Shares; that the Company may not be able to accurately predict its rate of growth and profitability; risks related to the COVID-19 pandemic and its impact on the Company, economic conditions, and global markets; the failure of the Company to use any of the proceeds received from the Offering in a manner consistent with current expectations; reliance on management; the Company’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, clients and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
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