Patriot One and Quasar Federal finalize exclusive TMS licensing agreement
Patriot One Technologies Inc., Vancouver-based developer of the PATSCAN multi-sensor covert threat detection platform, has completed an exclusive global commercial licensing agreement for intellectual property with Quasar Federal Systems Inc., San Diego CA, to ensure the successful deployment of PATSCAN TMS components.
PATSCAN TMS employs intelligent targeted magnetic sensor technology to detect the on-body or in-bag location of a growing list of concealed threat objects, such as long-barreled weapons and bombs. It is the fourth threat detection sensor component of the PATSCAN Platform.
Under the terms of the agreement, Quasar has granted Patriot One a perpetual, worldwide, exclusive, fully paid-up, transferable and irrevocable license (with a right of sublicense) to use Quasar’s intellectual property to use, develop, modify, manufacture and sell covert threat detection technology in exchange for an aggregate cash consideration of USD $5,000,000. The Quasar IP license includes access to patented sensor technology and patent pending magnetic detection and security screening technology. Patriot One also has the right to engage Quasar’s development team to assist with future modifications to the technology, as well as manufacturing and implementation engineering.
“Not only are we excited about closing this exclusive licensing agreement with Quasar for this fourth sensor component to our multi-sensor threat detection platform, but our clients are as well,” says Patriot One CEO Martin Cronin. “There’s a lot of momentum building following our recent announcements with Cramer Security and several international resellers, and our business development team has been delivering PATSCAN Platform demonstrations to secure additional purchase orders with our existing and new resellers – and their end-user clients – in sectors that include business, retail, sports, events, hospitality, education and religion.”