NEW YORK, April 1, 2019 /PRNewswire/ -- Defense technology is one of the biggest markets in the world since every nation needs a form of national defense. However, as concerns over security and threats continue to rise, defense manufacturers are now developing new, innovative technology to combat various acts of terror. The cost for these new state-of-the-art technologies is also rising, and governments have to increase their spending in order to lock in contracts and supply their specific military branches. Countries such as China, Israel, Russia, and the U.S. allocate a significant portion of their budgets into defense, as, for example, the U.S. spent approximately 54% of its fiscal budget on improving its resistance systems in 2015. Incidentally, the U.S. alone accounted for 37% of the global defense market share in 2015. According to data compiled by Global Market Insights, the global defense market was valued at approximately USD 6 Billion in 2014 and is expected to reach USD 10.5 Billion by 2023. Furthermore, the market is projected to register a CAGR of 6.1% during the forecast years, from 2016 to 2023. Patriot One Technologies Inc. (OTC: PTOTF) (TSX-V: PAT), Raytheon Company (NYSE: RTN), Northrop Grumman Corporation (NYSE: NOC), Lockheed Martin Corporation (NYSE: LMT), General Dynamics Corporation (NYSE: GD).
2017 was a year of recovery for defense sectors worldwide. Prior, the industry faced significant declines as it lagged behind other industries in terms of global GDP (gross domestic product). The slowdown was primarily led by weakness in the U.S., while the global defense revenue still increased by 4% as more international governments moved to increase spending. In particular, European nations increased their spending due to pressure from the U.S. on NATO countries to increase expenses for military defenses. Then, in 2018, the market began to increase again, once again primarily led by increased expenditures. Heading into 2019, the market is positioned for the same trajectory of growth, led by aircraft production and strong defense spending, according to Deloitte. "What changes are likely in military technology over the next 20 years? This question is fascinating on its own terms. More importantly, answering it is crucial for making appropriate changes in U.S. and allied weaponry, military operations, wartime preparations, and defense budget priorities," said Michael O'Hanlon, Director of Research at Brookings. "Presumably, those areas where things are changing fastest may warrant the most investment, as well as the most creative thinking about how to modify tactics and operational plans to exploit new opportunities (and mitigate new vulnerabilities that adversaries may develop as a result of these same likely advances)."
Patriot One Technologies Inc. (OTCQX: PTOTF) (TSX-V: PAT) is also listed on the TSX Venture Exchange under the ticker symbol (TSX-V: PAT). Last Friday, the Company announced, "a partnership with defense contractor Raytheon Canada Limited (RCL), a subsidiary of Raytheon Company (NYSE: RTN) to extend developmental innovation of Patriot One's threat detection technology and product pipeline.
Today's release formally announces RCL as the defence contractor referenced in the company's August 14, 2018 announcement. RCL will fund Patriot One with $3 million CAD in non-dilutive cash financing for further development of the PATSCAN CMR. The initial program is part of a Canadian Industrial and Technological Benefits (ITB) transaction, with the potential for further partnering with Raytheon on development and marketing initiatives.
'Raytheon has been a leader in developing radar technology since World War II. One of our missions is seeing the unseen which complements Patriot Ones' concealed threat detection solution,' stated Terry Manion, RCL's vice president. 'Supporting Canadian innovation through the Federal Industrial and Technological Benefits Policy provides current and future opportunities to create high-value jobs and economic growth throughout Canada.'
Since 1956, Raytheon has been a vital partner to Canada, providing leading-edge solutions for the nation's defence and security sectors while investing in innovation and economic development across the country. This non-dilutive cash investment will not only expand the development of Patriot One's PATSCAN Cognitive Microwave Radar (CMR) but will also allow key learnings derived from the principal threat detection solution to help advance other covert technologies, all with the goal to harden facilities without creating fortress-like environments.
'We are thrilled to announce this strategic partnership,' expressed Martin Cronin, CEO and President of Patriot One. 'This financial support definitely signals the serious nature of our vision to create a world safer from acts of violence.'
About Patriot One Technologies, Inc. (TSX.V:PAT) (OTCQX: PTOTF) (FRA: 0PL):
Patriot One has developed PATSCAN CMR™ the next generation of its award-winning radar device and software solution. PATSCAN CMR is a first-of-its-kind Cognitive Microwave Radar concealed weapons detection system, designed as an effective tool to combat active shooter threats before they occur. Built for cost-effective deployment in weapon-restricted buildings and facilities, the Patriot One software solution and related hardware can be installed in key access points to covertly identify weapons and to alert security of an active threat. Owner/operators of private and certain public facilities can now prominently post anti-weapons policies with compliance assured. The Company's motto Deter, Detect and Defend is based on the belief that widespread use of its technology will act as an effective deterrent, thereby diminishing the epidemic phenomena of active shooters across the globe. For more information, visit: www.patriot1tech.com. Patriot One Technologies are proud winners of the 2017 Anti-Terrorism / Force Protection category of the Security Industry Association's New Product Showcase at ISC West."
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Raytheon Company (NYSE: RTN), with 2018 sales of USD 27 Billion and 67,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. Recently, Raytheon Company and the U.S. Army completed a successful preliminary design review for the new DeepStrike® surface-to-surface missile, moving the weapon down the development path toward its first flight tests planned for later this year. The DeepStrike missile meets the Army's Precision Strike Missile, or PrSM, requirement, and will replace the current missile that was designed in the 1970s and is approaching the end of its service life. During the Preliminary Design Review, the Army evaluated every aspect of the new missile's design, from its advanced propulsion system and innovative lethality package to its guidance system. "Completion of Raytheon's PrSM Preliminary Design Review helps us accelerate development and fielding of this high priority Army program," said Col. Chris Mills, U.S. Army program manager for Precision Fires, Rocket and Missile Systems. "We are now ready to move to test and integration activities that will lead to a demonstration of PrSM's new capabilities."
Northrop Grumman Corporation (NYSE: NOC) is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, space, strike, and logistics and modernization to customers worldwide. Recently, in an unprecedented display of accuracy, Northrop Grumman Corporation, as the strategic partner to prime contractor, Boeing, successfully provided the weapon task plans for the Ground-based Midcourse Defense (GMD) system Ground Based Interceptors (GBI) during the first dual interceptor mission against an Intercontinental Ballistic Missile (ICBM) target for the U.S. Missile Defense Agency (MDA). During the GMD flight test, known as FTG-11, a Northrop Grumman-produced ICBM target threat was fired from a launch complex at Ronald Reagan Ballistic Missile Defense Test Site in the Marshall Islands. Northrop Grumman's ground systems integrated data from a space sensor with data from land and sea-based radars, created a battle plan, communicated with the silos to launch two ground-based interceptors powered by the company's boost vehicles, and guided the interceptors to the target where the kill vehicles destroyed the threat. "This critical test of the nation's defense shield showcases Northrop Grumman's launch vehicles and our battlefield management and fire control capabilities," said Dan Verwiel, Vice President and General Manager, missile defense and protective systems, Northrop Grumman. "We are proud to play an integral role on a system that is so vital to the security of our country. This was a very challenging test and I congratulate the MDA and the entire team on their excellent performance."
Lockheed Martin Corporation (NYSE: LMT), headquartered in Bethesda, Maryland, is a global security and aerospace company that employs approximately 105,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. Lockheed Martin recently received a USD 1.13 Billion contract from the U.S. Army for Lot 14 production of Guided Multiple Launch Rocket System (GMLRS) rockets and associated equipment. GMLRS is an all-weather rocket designed for fast deployment that delivers precision strike beyond the reach of most conventional weapons. The GMLRS AW was the first munition developed to service area targets without the effects of unexploded ordinance. GMLRS unitary rockets exceed the required combat reliability rate and are cost-effective. The RRPR allows users to train with realistic, full-motored rockets with limited flight range, making them ideal for smaller testing ranges. "The demand for GMLRS rounds, both domestically and internationally, continues to remain strong based on the excellent performance of the munition," said Gaylia Campbell, Vice President of Precision Fires and Combat Maneuver Systems at Lockheed Martin Missiles and Fire Control. "Our primary focus with GMLRS is to continue producing these combat-proven munitions at a rate that meets the demands of our customers."
General Dynamics Corporation (NYSE: GD) offers a broad portfolio of innovative products and services in business aviation; combat vehicles, weapons systems and munitions; IT and C4ISR solutions; and shipbuilding and ship repair. Recently, Aberdeen Proving Ground (ACG-APG) has awarded General Dynamics Mission Systems a contract to provide electronic and cyber warfare capabilities to the U. S. Army Program Executive Office Intelligence, Electronic Warfare, and Sensors (PEO IEW&S). The contract, known as R4, is an indefinite delivery, indefinite quantity (IDIQ)-type contract with multiple awardees. It has a contract ceiling of USD 980 Million over 10 years. The new cyber warfare contract involves the delivery of new cyber capabilities, in addition to upgrades of existing cyber systems, along with training, documentation, and support activities. The contract will serve as the U. S. Army's primary source of cyber innovation and delivery. "The Army must sustain its spectrum and cyberspace superiority to enable overmatch in every domain. General Dynamics is making major investments to leverage our entire portfolio of electronic warfare and cyber capabilities to deliver the advantages needed by our Army customers in cyberspace," said Bill Patterson, a Vice President and General Manager of General Dynamics Mission Systems. "Our team has partnered with the Army for more than 20 years and we look forward to meeting the challenge to provide dominance in the electromagnetic and cyber domains."
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