Patriot One Technologies Inc., developer of the PATSCAN Multi-Sensor Covert Weapon Detection Platform, is pleased to announce the acquisition of XTRACT Technologies Inc. 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 to XTRACT's former shareholders.
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.
