Toronto-based Patriot One Technologies Inc. (TSX-Venture:PAT) had exciting news to share with investors Wednesday, as a federally-sponsored program conferred upon the company the nod – and the funds – to conduct its business in the immediate future.
Patriot One, developers of the award-winning PATSCAN™ covert weapon detection system, announce its pre-qualification for up to $1 million from the federal government’s Build in Canada Innovation Program (BCIP) for testing by the Department of National Defence.
The BCIP program helps innovators land a first major reference sale, sell their innovation, but keep and control the intellectual property, get their innovation tested in real-life settings and to gain feedback to help advance products to market faster.
Said CEO Martin Cronin, “The ability to test our PATSCAN CMR and some of our other threat detection solutions in a real-life setting with an arm of the Department of Defense is exciting for our entire team. As a Canadian-based company, we are truly honoured to be part of this effort to protect our serving military personnel around the world.”
Patriot One shares approached noon ET on Wednesday up 13 cents, or 7.7%, to $1.83, on volume of more than 773,000 shares.