A Member of Pat McKeough’s Inner Circle recently requested his advice on a Canadian company that is developing a weapons detection system.
Patriot One Technologies plans to offer a radar-screening device and software system that will detect concealed weapons and counter active shooting threats. The company has raised money with a share issue and has licensed technology developed at a Canadian university. It has also received certification in both Canada and the U.S. However, the company is just beginning to roll out pilot projects. It has yet to make or sell its systems, says Pat, and must invest heavily in marketing and research to penetrate a highly competitive market dominated by major firms.
Q: Hello. I am just wondering what your thoughts are on Patriot One. Its innovative security system could become something interesting. Speculative, I’m sure, but who knows? Thanks.
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A: PATRIOT ONE TECHNOLOGIES (symbol PAT on the Toronto Venture Exchange; www.patriot1tech.com) develops radar devices and software.
The company hopes to offer a system it calls PATSCAN CMR. It’s a covert, radar-screening device and software system to detect concealed weapons on people entering weapons-restricted buildings and facilities. PATSCAN is specifically designed to combat active-shooter threats before they occur. Patriot One aims to install those systems at entrance points for public and private buildings, as well as entrances to mobile environments. The company is headquartered in Vancouver, Canada.
Patriot recently sold 18.4 million units at $2.50 each to raise $46.0 million. Each unit consists of one common share and one warrant. Each warrant lets the holder buy one common share at $3.25 on or before November 20, 2019.
The company has licensed Cognitive Microwave Radar technology (“CMR-1”), developed at McMaster University. Patriot intends to use it to create an automatic warning system for detecting concealed weapons (e.g., handguns, knives, grenades, explosive vests, etc.) on individuals.
The CMR-1 uses low-power impulse radar systems to detect on-body concealed weapons. The technology currently has a three-metre detection range, such that it can be concealed and deployed in high-traffic areas such as entryways, hallways, stairwells and other narrow public spaces in airports, stadiums, schools and similar spaces.
Penny stocks: Company now holds certification in both Canada and the U.S.
The company plans to make the technology compact and portable. It should operate on the microwave frequency range of 500MHz to 4.8GHz. Before deploying its systems, Patriot also aims to adapt the CMR-1 technology to recognize various weapons, along with non-threat targets (i.e., unarmed civilians).
The company believes this technology has extensive potential for use in enhancing military and/or law enforcement situations.
In October 2017, Patriot announced that its CMR-1 had received a U.S. Federal Communications Commission (“FCC”) Declaration of Conformity certification. With that milestone, the company now holds both FCC and Industry Canada certification, which will let it begin to offer its system commercially.
Patriot has yet to make or sell any of its systems. It now plans to roll out pilot projects to test the effectiveness of the technology. It’s uncertain if CRM-1 will prove better or worse than current systems, which also continue to evolve.
The market for security and detection systems is hugely competitive and dominated by major global firms. These include Thales, Honeywell International, Alstom, Smiths Group plc. (U.K.), United Technologies and Tyco.
Patriot’s systems have conceptual appeal, but will require a huge investment in marketing and research to penetrate existing markets. That’s a big job and success is far from certain.
Inner Circle recommendation: We don’t recommend shares of Patriot One Technologies.
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