Patriot One Announces CEO Leadership Transition
18 August 2020 - 1:30PM
Patriot One Technologies Inc. (TSX: PAT)
(OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the
“Company) announces that Martin Cronin, the Company's Chief
Executive Officer (CEO) and one of its early founding members, will
be stepping down from his position as CEO. Having overseen
the successful rollout of the PATSCAN™ Multi-Sensor Threat
Detection Platform and the commencement of initial sales of the
product, Mr. Cronin will remain CEO and a Board Member until his
replacement has been found, after which he will remain on the Board
in an advisory role spearheading new technologies and partnership
opportunities. The Company has initiated its search for a new
CEO with sales and business development experience as the Company
moves from the start-up phase to full scale operations.
“We’re extremely proud of the accomplishments
Martin has achieved and pleased that he will remain on the Board as
an advisor in such a critical area for our growth,” expressed Peter
van der Gracht, Patriot One’s Chairman of the Board. “Martin has
been instrumental in leading Patriot One’s substantial fundraising
efforts, as well as the initial sales of the PATSCAN Platform these
past four years. His leadership, business focus and personal
drive has positioned the Company for great success in this new
fiscal year, and beyond.”
“It’s been a rewarding experience leading
Patriot One on this path from concept to product launch and I’m
proud to have been part of the team,” shared Martin Cronin.
“The Board and I agree that it is the right time for this
thoughtful succession process, and I am committed to supporting a
smooth transition for the benefit of all of our stakeholders. As in
every start-up in today’s economy, my departure is part of a
natural evolution in corporate leadership. Now it is about
sales execution and scaling. The addition of our new COO and
President Dietmar Wennemer was the first step in this process which
was followed up by the hiring of our new CFO, Karen Hersh.
The search for a CEO with demonstrated growth-stage experience will
complement and round out our new leadership group and I look
forward to working with this new C-Suite team and the Board as the
Company continues its mission to save lives and improve the way of
life for our communities.”
About Patriot One Technologies:
Patriot One’s mission is to deliver innovative
threat detection and counter-terrorism solutions for safer
communities. Our PATSCAN™ Multi-Sensor Covert Threat Detection
Platform provides a network of advanced sensor technologies with
powerful next generation AI/machine learning software. The network
can be covertly deployed from far perimeter to interiors across
multiple weapons-restricted facilities. The PATSCAN™ platform
identifies and reports threats wherever required; car park,
building approach, employee & public entryways and inside the
facilities. Each solution in the platform identifies weapons,
related threats or disturbances, or potential health and safety
threats for immediate security response. Our motto Deter, Detect
and Defend is based on the belief that widespread use of the
PATSCAN™ platform will act as an effective deterrent to diminish
the epidemic of active threats around the globe. For more
information, visit: www.patriot1tech.com or follow us on Twitter
and Facebook.
For further information, please
contact:
Patriot One Technologies
Inquiriesinfo@patriot1tech.comwww.patriot1tech.com
Investor RelationsJohn Martin,
Patriot One
Technologies
+1 (888)
728-1332
johnm@patriot1tech.com
Media Contacts:Scott Ledingham,
Patriot One
Technologies
+1-613-806-7135
scott@prmedianow.com
CAUTIONARY DISCLAIMER
STATEMENT:No securities exchange has reviewed nor accepts
responsibility for the adequacy or accuracy of the content of this
news release. This news release contains forward-looking statements
relating to system sales, product development, licensing,
commercialization and regulatory compliance issues and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects”,” believes”, and similar
expressions. All statements other than statements of historical
fact, included in this release are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's expectations include
counterparty default and other risks detailed from time to time in
the filings made by the Company with securities regulations. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. The reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Company will update or revise publicly any of the
included forward-looking statements only as expressly required by
applicable law.
Neither the Toronto Stock Exchange (TSX) nor its
Regulation Services Provider (as that term is defined in policies
of the TSX) accepts responsibility for the adequacy or accuracy of
this release.
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