Patriot One Technologies (TSE:PAT) and Cisco, Raytheon Partnership

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Patriot One Technologies Inc (TSE:PAT) (OTCMKTS: PTOTF) CEO Martin Cronin talks about Cisco Systems Inc (NASDAQ:CSCO) Partnership. They are now using their systems for their programs for their video object recognition applications.  Martin goes on to talk about the Raytheon Company (NYSE:RTN) Partnership and non-dilutive financing.  Patriot intends on leveraging Raytheon’s oversees connections.

Transcript

James West: Martin Cronin joins me now. He’s the CEO of Patriot One Technology, trading on the TSX under the symbol PAT. Martin, welcome back.

Martin Cronin: Thank you very much, always a pleasure.

James West: Martin, the company keeps making fantastic announcements, and lately the latest one was to do with Cisco and Cisco is, in fact, Tweeting out about Patriot now. So, what’s the deal with Cisco all about?

Martin Cronin: Well, Cisco is just a tremendous partner for us. So this week is Cisco Live in San Diego, the biggest global event. All of their international client network are there. They’ve put us centre stage, and as you say, they’ve been Tweeting out about Patriot from the floor. So they’re just a tremendous partner for us.

But, you know, beyond that presentational aspect, they’re just, you know, really great behind the scenes working with us to, you know, advance development, you know, on the hardware networking side; just a tremendous partner.

James West: Great. And how does Cisco equipment fit into the whole Patriot One Technology solution?

Martin Cronin: So, with the VRS solution, which we’ve made some announcements about recently, we’re using Cisco hardware. So they’re instrumental in that particular product line.

James West: I see. And VRS is?

Martin Cronin: That’s the Video Object Recognition, to identify weapons in open view.

James West: Oh, okay. So great, and then also, earlier this year, you made an announcement in regard to partnering with Raytheon Canada. Now, Raytheon is one of the largest defense contractors on the planet.

Martin Cronin: And just got bigger, with the merger with United –

James West: Right, exactly. So how important is that relationship, and what’s the significance of it?

Martin Cronin: Well again, just a tremendous partnership for us. I mean, one of the biggest defense companies in the world, with deep, deep connections in many, many overseas markets. They have obligations in Canada under various defense procurement projects, and they were looking to make some investments. They identified us as a really exciting technology to get behind, and of course, Raytheon’s mission is seeing the unseen, and that’s exactly what we do. You know, we look for these unseen threats, and that’s very much in line with Raytheon’s mission. So, just a tremendous partnership for us. They’ve given us non-dilutive financing and all sorts of, there are all sorts of ways in which we can collaborate in overseas markets.

James West: So will Raytheon actually recommend your product to customers, or is the partnership a seal of approval indicating that this technology works and vendors should take note?

Martin Cronin: Well, in a sense, it’s both. I mean, it is a stamp of credibility on us that they’ve chosen to make that investment; they’re excited by what we’re doing. And then of course, as we look at overseas markets, as I say, Raytheon has deep, deep connections. And so we’ll be looking to leverage the relationship in that way.

James West: Right. I constantly ask you, and I’m sure everybody wants to know, but how soon is it until, at this point, we see Patriot One Technology systems out there in the general public, protecting us from unseen threats?

Martin Cronin: Well, that process has begun. You would have seen an announcement we put out just a couple of weeks ago, a partnership with a major distributor in West Virginia. Our engineers are out every week with distributors and partners, getting installations done, looking at a rollout to their clients. The important thing for us is that, you know, we don’t want to do this in ones and twos; we’re not going to be out there installing in individual restaurants, you know, across the US. We’re working in partnership with the players who’ve got the market, who’ve got the capability to support the market.

So our focus right now is on how we work effectively with these major partners, and they will then be the vehicle to take this out to wide public deployment.

James West: Interesting. So the system is actually in use in public places now in the United States?

Martin Cronin: Yeah. So as you will have seen, we have a number of solutions. We’ve graduated from being a single technology play to being a solution provider. We provide what we call a multi-sensor threat detection platform, and so different parts of that platform are being used now by, or being rolled out, with different clients depending on their needs.

James West: I guess it’s just a matter of time until the system actually detects and mitigates a threat in progress, and that should be a transformational event.

Martin Cronin: Absolutely, and you know, that’s one of the real motivating factors for our team: the idea that, you know, before long, we will get that news that we’ve saved lives. And that will be a really, really gratifying moment.

James West: Right. The global proliferation of threats seems to be increasing in terms of incidents, if one was to follow the news.

Martin Cronin: Sure.

James West: And so does that sort of give you a sense of urgency that you know, in terms of developing and advancing the product and getting it out there, that you’ve really got to stay focused and keep moving forward with that?

Martin Cronin: Absolutely. And you know, people often come to us in the wake of an incident and say, ‘Could you have stopped that?’ and it’s not helpful to victims of an incident to have people going around saying ‘That wasn’t necessary, that could have been prevented.’ But it is the motivating factor for us, and every time we see one of these incidents and feel that actually, you know, we could have made a difference, you know, that’s a tremendous pressure on the team to get this done, get the products out there, save lives.

James West: Right. In terms of the reseller agreement with Kramer Security Investigations, that’s the Virginia-based operator, they’ve got a commitment to actually take and install systems regardless of whether they’ve sold them or not?

Martin Cronin: Yeah, well, they’ve got the clients already.

James West: Oh, okay.

Martin Cronin: So we’ve now shipped systems to Kramer. They have a huge, huge client network, and so our engineers are busy working with them to get this rolled out with their client base.

James West: Right. So this is a firm commitment to generate 6.2 million in gross revenue.

Martin Cronin: That’s our expectation around what they will need over the course of a three year –

James West: Okay, well, great. That’s a fantastic update. We’re going to leave it there and have you back as soon as you’ve got some more to tell us. Thanks for joining us.

Martin Cronin: Tremendous. Thank you.

 

Midas Letter is provided as a source of information only, and is in no way to be construed as investment advice. James West, the author and publisher of the Midas Letter, is not authorized to provide investor advice, and provides this information only to readers who are interested in knowing what he is investing in and how he reaches such decisions.

Investing in emerging public companies involves a high degree of risk and investors in such companies could lose all their money. Always consult a duly accredited investment professional in your jurisdiction prior to making any investment decision.

Midas Letter occasionally accepts fees for advertising and sponsorship from public companies featured on this site. James West and/or Midas Letter may also receive compensation from companies affiliated with companies featured on this site. James West and/or Midas Letter also invests in companies on this site and so readers should view all information on this site as biased.

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