Investorideas.com - Security /AI Breaking News: Patriot One (TSX: $PAT.TO) (OTCQX: $PTOTF) Acquires Artificial Intelligence (AI) Company XTRACT Technologies Inc.

Newswire) Patriot One Technologies Inc., (TSX: PAT) (OTCQB: PTOTF) (FRANKFURT: 0PL) ("Patriot One" or the "Company"), developer of the PATSCAN Multi-Sensor Covert Weapon Detection Platform ("PATSCAN Platform"), is pleased to announce the acquisition of XTRACT Technologies Inc. ("XTRACT") 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 (the "Consideration Shares") to XTRACT's former shareholders (the "Transaction"). Subject to certain exceptions based on the business of the Company or the performance of the Company's common share price, the Consideration Shares will be subject to escrow restrictions and released on a quarterly basis over the next twelve consecutive fiscal quarters of Patriot One. The Transaction follows demonstrated success of an ongoing collaborative project between the two firms that was announced in late July 2019. The XTRACT acquisition is part of an ongoing strategic initiative by the Company to bring together leading-edge technologies and services that will enhance the power of its PATSCAN Platform, which offers a layered, multi-sensor approach to concealed threat and disturbance detection. "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.