On September 9, 2019, Xtract Technologies Inc. announced its acquisition by Patriot One Technologies Inc. for all its related interests, assets, and intellectual property for consideration of $6M and the issuance of 9,422,956 Patriot One common shares. The Xtract acquisition is part of an ongoing strategic initiative by the Company to bring together leading-edge technologies and services that will enhance the power of its PATSCAN Platform, which offers a layered, multi-sensor approach to concealed threat and disturbance detection.
Xtract develops and commercializes artificial intelligence, machine learning, deep neural network and predictive solutions utilizing its proprietary technology for public institutions and private enterprise.
Osler, Hoskin & Harcourt LLP advised Xtract Technologies Inc. with a team led by Justin Young and consisting of Shannon Davidson (Emerging and High Growth Companies), Meaghan McCune (Corporate), Colena Der (Taxation) and Ian Morrison (Articling Student).