| Source: Patriot One Technologies Inc Patriot One Technologies Inc
Vancouver, British Columbia, CANADA
TORONTO, Oct. 20, 2022 (GLOBE NEWSWIRE) — Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), a leading technology-driven threat detection and patron screening solutions company, is pleased to announce its annual financial results for the year ended July 31, 2022. 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, 2022 and 2021, which can be found under the Company’s profile on SEDAR at www.sedar.com.
“I am excited to share our annual results with investors. The Company has experienced incredible growth this year, particularly in our Platform operating segment which saw a year-over-year increase of over 850% in the total value of contracts signed,” stated Peter Evans, Chief Executive Officer of Patriot One. “We are experiencing significant and growing interest in our Platform products as venues and businesses continue to focus on the safety and wellbeing of their patrons and employees. We are confident in our ability to capitalize on this demand and have invested heavily in our ability to satisfy the needs of the market. With the announcement and delivery of SmartGateway, we saw an immediate uptick in demand, with 67% of our bookings for the platform operating segment occurring in the fourth quarter. With this solid foundation, ongoing customer engagement, product validation, and the strong team we have built, we are well positioned to accelerate this growth in fiscal 2023.”
Company Highlights for the Year Ended July 31, 2022
The following is a summary of the key business highlights for the year ended July 31, 2022:
Fiscal 2022 Annual Financial Results
Fiscal 2022 Fourth Quarter Financial Results
Conference Call Details
Patriot One will host a conference call to discuss its annual results on Thursday, October 20, 2022, at 5:30 pm EST. Peter Evans, Patriot One CEO and Director, and Karen Hersh, CFO, will provide an overview of the annual financial results along with management’s outlook for the business, followed by a question-and-answer period.
Investors may register for the live conference call by clicking this link. Participants should dial in at least 10 minutes prior to the start of the call. A recording of the call will be available on the Company’s website after the conference call concludes.
About Patriot One Technologies
Patriot One Technologies makes unobtrusive, artificial intelligence (AI)-driven weapons and threat detection systems that enable arenas, schools, theaters, and other businesses to provide unprecedented safety while also improving the customer experience. The company’s AI-powered threat detection gateway solution enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic, and its AI-based Video Recognition Software enables venue and building operators to identify weapons and other threats inside and outside of facilities, while also providing valuable intelligence for optimizing operations. Follow us on Twitter @patriot1tech.
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 non-IFRS performance measures. These measures do not have any standardized meanings prescribed under IFRS and therefore may not be comparable to other reporting issuers. These non-IFRS performance measures are defined within the filed Management Discussion and Analysis. This news release contains forward-looking statements within the meaning of applicable securities laws 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”, “anticipates”, “expects”,” believes”, and similar expressions or the negative of these words or other comparable terminology. 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.
No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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