- The U.S. Department of Homeland Security has granted Xtract One Technologies’ (TSX:XTRA) Gateway patron-screening products with the SAFETY Act Designation, which qualifies them as anti-terrorism technology
- Management expects the designation to expand the Gateway portfolio’s potential scale and customer base
- Xtract One Technologies develops AI-powered threat-detection and security solutions
- Xtract One stock has given back 45.88 per cent year-over-year, and 78.70 per cent since 2019
The U.S. Department of Homeland Security has granted Xtract One Technologies’ (TSX:XTRA) Gateway patron-screening products with the SAFETY Act Designation, which qualifies them as anti-terrorism technology.
U.S. Congress introduced the Support Anti-Terrorism by Fostering Effective Technologies Act (SAFETY Act) in 2002 to ensure that developers of anti-terrorism technology post-9/11 were not deterred by liability threats from offering their products. Recipients must undergo a thorough evaluation of weapons-detection capabilities, operational use and effectiveness, manufacturing and quality assurance, as well as customer feedback.
Management expects the designation to expand the Gateway portfolio’s potential scale and customer base, given the greater range of public spaces it can now help to protect. Three products are under the brand:
- The SafeGateway is an unobtrusive patron-screening device with wide applicability from stadiums to art galleries thanks to its real-time alert functionality and artificial intelligence (AI)-powered sensors.
- The SmartGateway, Xtract One’s innovation for high-throughput venues, can screen up to 2,400 patrons per hour, which is up to seven times faster than a traditional metal detector.
- The company also offers access to its AI platform through a professional services division.
Xtract One views the SAFETY Act Designation as a testament to its role as a “trusted partner for major professional sports leagues and venues across [the U.S.],” including the National Hockey League and Major League Baseball, according to Monday’s news release.
The company’s major partners include the Oak View Group, which manages more than 350 venues across the world, Madison Square Garden Sports, the owner of Madison Square Garden and Radio City Music Hall in New York, and Sphere Entertainment, owner of The Sphere in Nevada.
Leadership insights
“We’re very grateful to have received the Department of Homeland Security SAFETY Act Designation, another milestone in our mission to bring innovative, advanced weapons-detection solutions to a global scale,” Peter Evans, Xtract One Technologies’ chief executive officer, said in a statement. “This not only validates our technology and enhances trust in our SmartGateway among existing customers, but it also enables us to expand our client base across numerous new venues and organizations. We look forward to continuing to deliver first-class, patron-forward security for everyone walking through our SmartGateway.”
“This SAFETY Act award is significant to potential customers for multiple reasons,” added Akmal Ali, founder and chief executive officer of Aluma and former deputy director of the SAFETY Act Office. “Not only does the designation validate that the SmartGateway is an effective anti-terrorism tool, but Xtract One now provides flow-down liability protections to customers who use their products, a key market differentiator.”
About Xtract One Technologies
Xtract One Technologies develops AI-powered threat-detection and security solutions.
Xtract One Technologies Inc. stock (TSX:XTRA) last traded at C$0.46 per share. The stock has given back 45.88 per cent year-over-year, and 78.70 per cent since 2019.
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