FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Patriot One Partners with Raytheon Canada Limited”
Patriot One Technologies Inc. (TSX-V: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) makers of the award-winning PATSCAN threat detection system today announced a partnership with defence 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.
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.
According to data compiled by Strategic Defence Intelligence, the U.S. spent over USD 639 Billion in 2018 for its defense budget. By 2023, the U.S. defense expenditure is expected to grow to approximately USD 742 Billion while growing at a CAGR of 1.98% during the forecast period. As a percentage of GDP, the U.S.’s defense expenditure is expected to be approximately 3.1% during the same period. The country will look to spend most of its budget in efforts to retain its military supremacy and replace outdated and worn-out weapons used in the Iraq and Afghanistan wars. U.S. expenditures could also increase due to the ongoing political tensions in the Middle East. While the United States holds the largest budget for defense technology, it is also the largest exporter of defense equipment in the world. The U.S. are also expected to continue to remain the largest importers due to increased defense budgets in allied countries such as Saudi Arabia, UAE, Turkey, India, South Korea, Singapore, the UK and Japan.
According to Credit Suisse, the aerospace and defense sector is poised for stronger revenues as revenue trends outweigh cost headwinds. Margins are projected to expand for the first time since 2015, driven by robust demand and sales. The larger-than-expected revenue is attributable to U.S. President, Donald Trump’s stance on increasing military defense spending. Trump’s position led the Department of Defense spending to grow by 9% in 2018 from the year prior, Blackrock said in a blog post. “The 2019 National Defense Authorization Act was passed at its swiftest pace in 20 years, up to USD 717 Billion (a 12% increase from 2017). Even after the 13% quarter-to-date decline in the Dow Jones U.S. Aerospace & Defense Index (as of October 29th), the industry group is still up 46% since 2016 Election Day and remains the purest way to play any change in defense spending outlook,” Blackrock said.
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