Patriot One Receives Conditional Approval for Name Change to Xtract One Technologies Inc.

TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”), a leading technology-driven threat detection and patron screening solutions company, is pleased to announce that, further to its news release dated November 17, 2022, it has received conditional approval from the Toronto Stock Exchange (the “TSX”) to change its name from “Patriot One Technologies Inc.” to “Xtract One Technologies Inc.” (the “Name Change”). The Company expects the Name Change to take effect at market open on December 1, 2022.

The Company’s common shares, which currently trade under the ticker symbol “PAT” on the TSX are expected to trade under the new symbol “XTRA”. The new CUSIP of the common shares is 98422Q106 and the new ISIN is CA98422Q1063. The new CUSIP of the Company’s warrants issued in connection with the prospectus supplement dated March 14, 2022 is 98422Q114 and the new ISIN is CA98422Q1147.

In connection with the Name Change, two of the Company’s subsidiaries will also change their names accordingly: (i) Patriot One Detection Technologies Inc. (Colorado, USA) will change its name to Xtract One (US) Technologies Inc., and (ii) Patriot One Detection Ltd. (BC, Canada) will change its name to Xtract One Detection Ltd.

Completion of the Name Change is subject to the receipt of all required regulatory ‎approvals, including final approval by the TSX. Shareholders of the Company are not required to exchange their ‎existing share certificates for new certificates bearing the Company’s new name. The ‎Name Change does not affect the Company’s share structure or the rights of the ‎Company's shareholders‎.

The announced Name Change from Patriot One Technologies to Xtract One Technologies reflects a customer-focused approach to providing people-first technology security solutions that optimizes the user experience while advancing physical safety.

“This year, we announced a strategic rebranding to better communicate our values, capabilities and future ambitions,” said Peter Evans, CEO of Patriot One. “Moving to a new stock ticker symbol is an extension of those changes. We continue to focus on delivering value to our investors, believing that the expansive physical security market is looking for solutions that enhance security while also improving the patron experience.”

About Patriot One Technologies

Patriot One Technologies makes unobtrusive, artificial intelligence (AI)-driven weapons and threat detection systems that enable arenas, schools, theaters, and other businesses to provide unprecedented safety while also improving the customer experience. The company’s AI-powered threat detection gateway solution enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic, and its AI-based Video Recognition Software enables venue and building operators to identify weapons and other threats inside and outside of facilities, while also providing valuable intelligence for optimizing operations. Follow us on Twitter @patriot1tech.

For further information, please contact:

Patriot One Technologies Inquiries

Media Contact

Kristen Aikey, JMG Public Relations

- 347-394-8807

Investor Relations

Forward-Looking Statements

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news 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. 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 as expressly required by applicable law.

No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.

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