Xtract One Breaks New Barriers with Global Expansion

Leading threat detection company charts international expansion strategy with key global partnerships

TORONTO, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Xtract One Technologies (TSX: XTRA) (OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”), a leading technology-driven threat detection and security solution that prioritizes the patron screening experience by leveraging AI, today announces its next phase of growth with targeted and strategic international expansion.

Xtract One has successfully landed contracts with three significant multi-national companies, including a global entertainment organization, for deployment of SmartGateway at their venue. This three-year deal, totaling over US$5.1 million includes hardware, software, installation, and support components.

Using that initial customer deal as a launchpad into global markets, the Company has taken a strategic and intentional approach of partnering with key global customers and establishing agreements with resellers and install partners to support and help scale into these markets. These strategic partnerships have generated further interest from similar entertainment organizations, professional sports franchises, and other international organizations.

Over the past six months, Xtract One has established the necessary requirements for international expansion and is now expanding beyond its core North American market, effectively responding to international demand for its solutions. The focus has been on ensuring product fit and function to serve unique international requirements, completing certification activities, and establishing key channel partners to provide selling and support services.

“Over the past two years, we've been committed and focused on mitigating the pressing issue of weapon threats in North America, staying hyper-focused on serving our target market well, and establishing Xtract One as a well-recognized provider of weapons detection solutions. We have unique differentiators to other solutions in the market, specifically our ability to detect knives with a high degree of accuracy. This separates Xtract One, and the SmartGateway, as the key provider of solutions to the international markets where knives, not firearms, are the prevalent concern. Today, we're taking our innovative solutions to the global stage,” said Peter Evans, CEO of Xtract One. “The strategy has always been to grow effectively and thoughtfully. For geographical growth this means moving into international markets when significant ‘anchor’ accounts have been won, and we can build the business on top of those key customers. I am proud to say that we have established those wins with significant global customers who have deployed or are deploying our solutions today. Our strategic collaborations with these major multi-national businesses have been instrumental in navigating the intricacies of international regulations, certifications, and operations. These partnerships serve as a solid foundation for our pragmatic global expansion.”