On September 9, 2019, Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One”) announced its acquisition of XTRACT Technologies Inc. (“XTRACT”), including its related interests, assets and intellectual property for $6,000,000 and the issuance of 9,422,956 Patriot One common shares (for aggregate deal consideration of approximately $22 million) to XTRACT’s former shareholders. XTRACT develops and commercializes artificial intelligence, machine learning, deep neural network and predictive solutions. The acquisition will allow Patriot One to expand its PATSCAN™ Multi-Sensor Covert Weapon Detection Platform, a layered, multi-sensor approach to concealed threat and disturbance detection.
Patriot One aims to be the foremost proponent and provider of innovative threat detection and counter terrorism solutions and services for general public safety. To this end, it has developed the PATSCAN™ next generation software and sensor solution for the covert detection of weapons threats.
Miller Thomson advised Patriot One with respect to this transaction with a team led by Rory Godinho (Capital Markets & Securities), and comprised of Jeffrey Read, Carol Bai and David Overall (Corporate/M&A), Brian Fast (Capital Markets & Securities), Ashley Mitchell (Labour & Employment), Aiyaz Alibhai (IP) and Catherine Brayley (Corporate Tax).
