Under the Symbol:
Rekor Systems Announces Contract to Deploy Mobile LPR-2 Vehicle Recognition Systems
Monday, June 3, 2019 8:30 AM
Innovative Portable Systems Electronically Identify Uninsured Vehicles; Now Deployed in Law Enforcement, Banking & Insurance, and Parking Operations Markets
CHANTILLY, VA / ACCESSWIRE / June 3, 2019 / Rekor Systems, Inc. (NASDAQ: REKR) ("Rekor"), a leading provider of innovative vehicle recognition systems, announced today that the Company has received an additional order for 30 of its recently released Mobile LPR-2 systems from SECURIX, LLC, a premier provider of instant, accurate, non-invasive insurance verification and compliance.
Rekor Systems' Chief Operating Officer, Rod Hillman, stated, "Our subscription-based, 36-month contract at $299 per month is a game-changing methodology of providing vehicle recognition as a service. The LPR-2's sophisticated machine learning enabled technology can scan and recognize thousands of plates per hour from multiple lanes of traffic or in parking lots, with accuracy rates exceeding 99 percent. The system also identifies the make, model, color and body type of vehicles in real time, a unique feature that is particularly useful for these markets. This additional order is a milestone marking Rekor's rapid entry into the Banking and Insurance market for vehicle recognition, adding to Rekor's base of recurring revenue through units recently deployed in the Law Enforcement and Parking Operations markets."
SECURIX's CEO, Jonathan Miller, commented, "We are pleased to have started deploying Rekor's industry leading vehicle recognition technology. The results are even better than anticipated. We have much experience with older, less-capable approaches and are already seeing a massive improvement with the LPR-2 for our law enforcement partners. This system is portable, highly efficient, exceptionally rugged and very affordable. In being able to identify uninsured vehicles and conduct other investigative operations, this is a true 'sea change' and nothing will ever be the same. There are approximately 36 million uninsured vehicles traversing our nation's roads every day. Tying our unparalleled uninsured motorist database with real-time status to the exceptionally accurate and real-time identification provided by the LPR-2 is a giant leap forward. Rekor's low cost subscription-based model enables us to deploy a far greater number of systems, expanding SECURIX's footprint, currently in four states, and growing quickly throughout the US. This enables us to handle expansion in a manner unavailable otherwise."
Rekor's Mobile LPR-2 unit is powered by the Company's OpenALPR software engine, which incorporates the results of deep machine learning using convolutional algorithms. The Company's unique "vehicle recognition as a service" $299 per month, 36-month contract differentiates it from competing systems by eliminating both significant upfront capital and future unplanned repair and maintenance expenses. Using Rekor's extensive and continuously growing global library of vehicle images, the software is automatically updated regularly to keep abreast of changes in license plates and vehicle design modifications, ensuring continuous accuracy. The Company also offers a 4-camera embedded system (Mobile LPR-4) at $399 per month with enhanced features that can be installed by its affiliate, Global Public Safety, in a matter of hours.
To learn more about Rekor Mobile LPR vehicle recognition systems, visit our website.
About Rekor Systems, Inc.
Rekor Systems, Inc., a Nasdaq-listed (REKR) Delaware company, is the parent of Maryland-based Rekor Recognition Systems, Inc. Our smarter, faster, cost-competitive solutions are disrupting major industries in over 60 countries across the globe, including security and surveillance, public safety, electronic toll collection, brand loyalty, parking operations, banking and insurance, logistics, and traffic management. We use the power of artificial intelligence to analyze video streams images and transform them into extract actionable information for our clients. Our machine learning enabled software can turn most IP cameras into highly accurate and affordable vehicle recognition devices. Rekor provides advanced vehicle recognition systems, powered by its innovative OpenALPR software, which dramatically improves the accuracy of license plate reads and can also identify the make, model and color of vehicles. Rekor's solutions include mobile and fixed license plate readers, "Move Over" law enforcement, school bus stop-arm enforcement, and red light and speed enforcement, parking enforcement and citation management. Rekor's solutions help to protect lives, increase brand loyalty, and manage complex supply chain logistics. Our systems can dramatically reduce the cost of collecting tolls on major highways or manage congestion in the bumper-to-bumper traffic of large cities, without the need to install expensive new infrastructure. We make what was once considered impossible, possible. To learn more please visit our website: https://rekorsystems.com.
About SECURIX, LLC
SECURIX has established "Public Safety Companies" in most US states, (newyorkpublicsafety.com, louisianapublicsafety.com, etc.). Its sole focus everywhere is public safety. Its InsureNet System is a complete solution to the uninsured vehicle problem in the US but it also enhances officer safety and efficiency, costs nothing to users, and enables governments to recover revenues to support worthwhile community programs. Operational in Louisiana for more than two years, there have been numerous success stories. The system also operates in New York and three other states, with seven more planned this year. Local, state-based companies all share the same technologies, and will all deploy Rekor's Mobile LPR systems. SECURIX's InsureNet System is often called the "National Vehicle Insurance Status System" -- developed to provide a full-featured, complete solution to the massive problems involving uninsured vehicles. It provides an interactive diversion program and, an easy inexpensive path to compliance and success for violators, while reducing the financial burden on law-abiding citizens. InsureNet is a strategic partner of NLETS, an association of all states that links all law enforcement agencies together nationwide. InsureNet was chosen by NLETS to deal with the uninsured vehicle issue nationally. To learn more please visit: https://securixsystems.com.
This press release includes statements concerning Rekor Systems, Inc. and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the impact of Rekor's core suite of AI-powered technology and the size of the market for global ALPR systems. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," by the negative of these terms or by other similar expressions. You are cautioned that such statements are subject to many risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual circumstances, events or results may differ materially from those projected in the forward-looking statements, particularly as a result of various risks and other factors identified in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events, or otherwise.
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SOURCE: Rekor Systems, Inc.