(MENAFNEditorial) " style="width:70%;float:left">
Disclosure NewswireTM
iCrowdNewswire - Oct 4, 2017
NEW YORK—
A research report by PwC indicates that the defense industry reported modest revenue and profit growth in 2016, and the market is expected to benefit from stronger economic factors in 2017. According to the report, spending uncertainty that dominated the industry for a number of years is expected to have a clearer direction this year and beyond. Global merger and Acquisition activity in the defense sector continued to focus on organizations realigning their portfolios and the consolidation of government services companies, Patriot One Technologies Inc.(OTC:PTOTF), Harris Corporation (NYSE: HRS), General Dynamics Corporation (NYSE: GD), Northrop Grumman Corporation (NYSE: NOC), Axon Enterprise, Inc. (NASDAQ:)
The new presidential administration included an increase in defense spending of about$25 billionin 2017 and is expected to add an additional 10% increase in US defense spending for 2018.Simultaneously, the administration is encouraging allies to increase defense spending as well, particularly NATO allies currently spending less than 2% of GDP on defense, which is expected to impact both the defense and aerospace markets. "Both commercial aerospace and the defense sectors expect improvement for the remainder of 2017, with the potential for new records in both revenue and operating profit. Aerospace's role in the global economy will drive more immediate growth. The years ahead look promising for the defense sector as well, as countries begin to reevaluate their defense spending and priorities," according to PwC.
Patriot One Technologies Inc.(OTCQB:PTOTF) isalso listed on the TSX Venture Exchange under the ticker symbol "PAT". Just earlier today the company announced breaking news that it, "is extremely pleased to announce that its award-winning PATSCAN CMR™ (Cognitive Microwave Radar) concealed weapons detection system has achieved Federal Communications Commission (FCC) Declaration of Conformity certification, a copy of which can be found here:.
"This is a momentous occasion for us," states Patriot One Technologies CTODinesh Kandanchatha. "We now hold both FCC and Industry Canada (IC) certification allowing us to move into commercial roll-out acrossNorth America, with other countries soon to follow. The next stage of this exciting journey now begins with select deployments with key early adopters. Our system, which relies on machine learning algorithms, has graduated from the lab and is about to enter the arena of commercial distribution. Our strategy involves deployment through the remainder of the year to meet our backlog of commitments, and to immerse our engineering teams into an in-depth analysis of real-world threat scenarios in order to ensure that Patriot One offers the leading world-class solution for global threat detection.
"This is an important milestone for the Patriot One team for which they should be proud," said GovernorTom Ridge, first U.S. Secretary of Homeland Security and a member of the Patriot One Advisory Board. "I very much look forward to seeing the rollout of this game-changing technology acrossthe United Statesand to supporting their efforts to improve public safety."
"We have used the waiting period for regulatory approval to assemble a team capable of meeting the go-to market challenges ahead." Kandanchatha continues, "I anticipate a phased rollout, and like any new technology we will advance carefully and deliberately, recognizing progress will come quickly as we learn from each installation. We have worked hard to ensure that our system would pass this rigorous hurdle and to have achieved it in less than a year is a testament to our team of dedicated engineers, researchers and support staff who have put in the huge effort to achieve today's news."
PATSCAN CMR sales efforts currently focus on markets encompassing houses of worship, academic institutions, event centres, casinos, commercial offices, hotel properties, government agencies and other locations at high risk of terrorist attack or random violence. Interest and orders have been received from around the globe and today's announcement will trigger a number of sales, marketing and support initiatives in major markets including theUnited Kingdom, Eurozone andAsia-Pacificregions.
"This is wonderful news for our company, our stakeholders and shareholders alike" states Company CEOMartin Cronin. "We well understand that there are hurdles with any new technology, especially when it is revolutionary. We are also very clear regarding the role that the investment community has played in getting us to where we are today and we will redouble our commitment as we move ahead to build shareholder value and to earn capital market support. Today we celebrate meeting a significant building block in our strategy for public safety through threat detection and our ongoing mission to make the world a safer place…"
Harris Corporation(NYSE:) is a leading technology innovator, solving customers' toughest mission-critical challenges by providing solutions that connect, inform and protect. OnAugust 23, 2017, the company announced that BAE Systems has selected Harris Corporation's advanced electronic warfare transmitter technology to help protect the U.S. Air Force Special Operations AC/MC-130J aircraft from electronic threats. Harris' phased array antennas will provide the transmit capability for BAE's electronic warfare countermeasure systems. The active, electronically scanned arrays use next-generation semiconductor technology and provide fast, agile beam pointing and high reliability.
General Dynamics Corporation(NYSE:) is a global aerospace and defense company. Recently, the company announced that The U.S. Navy has awarded General Dynamics Electric Boat a$5.1 billionIntegrated Product and Process Development (IPPD) contract to complete the design of the lead Columbia-class submarine, the nation's next-generation sea-based strategic deterrent. Electric Boat is a wholly owned subsidiary of General Dynamics. The IPPD contract includes funding for component and technology development as well as continued development of the Common Missile Compartment, which will be integrated into both the Navy's new SSBN and the Royal Navy's Dreadnought-class strategic missile submarine.
Northrop Grumman Corporation(NYSE:) is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, strike, and logistics and modernization to customers worldwide. OnSeptember 18, 2017, the company and Orbital ATK, Inc. announced they have entered into a definitive agreement under which Northrop Grumman will acquire Orbital ATK for approximately$7.8 billionin cash, plus the assumption of$1.4 billionin net debt. Orbital ATK shareholders will receive all-cash consideration of$134.50per share. Upon completion of the acquisition, Northrop Grumman plans to establish Orbital ATK as a new, fourth business sector to ensure a strong focus on operating performance and a smooth transition into Northrop Grumman.
Axon Enterprise, Inc.(NASDAQ:) is engaged in development, manufacture and sale of conducted electrical weapons (CEWs) for use by law enforcement, military, corrections and private security personnel, and by private individuals for personal defense. Recently, the company announced the receipt of multiple orders for its TASER X26P and TASER X2 Smart Weapons. "We are dedicated to developing technology that makes the world a safer place," saysRick Smith, Axon CEO and co-founder. "Our mission is to make a TASER CEW available to every officer, so they have the best options available to avoid injury or death. When we built the TASER Smart Weapon, our engineers had three thoughts in mind: safety, accountability, and performance."
Please SIGN UP NOW atTo Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News"
Subscribe Now! Watch us report from NYSE
Follow us on Twitter for real time Financial News Updates:
Follow and talk to us on Instagram:
Facebook Like Us to receive live feeds:
About FinancialBuzz.com
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on(the ‘Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For this release, FinancialBuzz.com expects to be compensatedfive thousand dollarsfor financial news dissemination and PR services by patriot one technologies inc. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use. Please visit:.
For further information:
Url:
Media Contact:, +1-877-601-1879
SOURCE FinancialBuzz.com
Contact Information:
, +1-877-601-1879