Autoscope Technologies Corporation Announces Sale of RTMS Assets
- Sale of RTMS radar detection product line for $4.8 million
- Focus on growing video detection product line
- None.
MINNEAPOLIS, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Autoscope Technologies Corporation (OTCQX: AATC) (Autoscope) announced today that Image Sensing Systems, Inc. (ISS), a wholly-owned subsidiary of Autoscope, has signed a definitive agreement to sell all of the assets related to its RTMS radar detection product line to Sensys Networks, Inc. (Sensys Networks), a U.S. subsidiary of TagMaster AB, for approximately
“We are pleased to be selling our RTMS radar detection product line to Sensys Networks, which is committed to growing the business globally,” said Interim CEO of Autoscope, Frank Hallowell. “The launch of the RTMS Echo product line more than two years ago has established the RTMS product line as a performance leader for radar-based traffic data solutions in the U.S. and internationally,” continued Mr. Hallowell. “Further to our effort to position Autoscope for the future, the decision to sell the RTMS radar product offering to Sensys Networks allows us to focus on growing the Autoscope video detection product line. This sale enhances our balance sheet to focus on investments in video-based detection in the future,” concluded Mr. Hallowell.
ISS is a leading provider of above-ground detection and information management solutions for the Intelligent Transportation Systems (ITS) sector. ISS’s industry-leading Autoscope video detection and RTMS radar detection product lines provide highly accurate and reliable intersection, highway, and wrong-way detection and transportation data solutions.
Sensys Networks is a leading provider of wireless traffic detection and data solutions for transportation agencies and smart cities.
TagMaster is an application oriented technical company developing and selling advanced sensor systems and solutions based on radio, radar, magnetic and camera technologies for demanding environments. TagMaster works in two segments - Segment Europe and Segment USA – with the trademarks TagMaster, Citilog and Sensys Networks – with innovative mobility solutions for increased efficiency, security, safety, and comfort and to reduce environmental impacts in Smart Cities. TagMaster has subsidiaries in England, France and the U.S. and exports mostly to Europe, the Middle East, Asia and North America through a global network of partners and system integrators. TagMaster was founded in 1994 and has its head office in Stockholm. TagMaster is a listed company, and its shares are traded at Nasdaq First North Premier Growth Market in Stockholm. www.tagmaster.com
About Autoscope Technologies Corporation
Autoscope Technologies Corporation is a global company dedicated to helping improve safety and efficiency for cities and highways by developing and delivering above-ground detection technology, applications and solutions. We give Intelligent Transportation Systems (ITS) professionals more precise and accurate information – including real-time reaction capabilities and in-depth analytics – to make more confident and proactive decisions. We are headquartered in Minneapolis, Minnesota. Visit us on the web at www.autoscope.com.
Forward-Looking Statements
Certain statements and information included in this release 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 of 1934, as amended. Forward-looking statements represent our expectations or beliefs concerning future events and can be identified by the use of forward-looking words such as “believes,” “may,” “will,” “should,” “intends,” “plans,” “estimates,” “expects,” “anticipates” or other comparable terminology. Forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from the results discussed in the forward-looking statements. Some factors that might cause these differences include the factors listed below. Although we have attempted to list these factors comprehensively, we wish to caution investors that other factors may prove to be important in the future and may affect our operating results. New factors may emerge from time to time, and it is not possible to predict all of these factors, nor can we assess the effect each factor or combination of factors may have on our business.
Those risks and uncertainties may include, but are not limited to, our historical dependence on a single product for most of our revenue; competition; potential changes in government spending on transportation technology; acceptance of our product offerings and designs; budget constraints by governmental entities that purchase our products, including constraints caused by declining tax revenue; the continuing ability of Econolite Control Products, Inc. to sell our products and pay royalties owed to us; the mix of and margins on the products we sell; our dependence on third parties for manufacturing and marketing our products; our dependence on single-source suppliers to meet manufacturing needs; our failure to secure adequate protection for our intellectual property rights; our inability to develop new applications and product enhancements; the potential disruptive effect on the markets we serve of new and emerging technologies and applications, including vehicle-to-vehicle communications and autonomous vehicles; unanticipated delays, costs and expenses inherent in the development and marketing of new products; our inability to respond to low-cost local competitors; our inability to properly manage any growth in revenue and/or production requirements; the influence over our voting stock by affiliates; our inability to hire and retain key scientific and technical personnel; the effects of legal matters in which we may become involved; our inability to achieve and maintain effective internal controls; our inability to successfully integrate any acquisitions; tariffs and other trade barriers; our operating costs tend to be fixed, while our revenue tends to be seasonal, thereby resulting in operating results that fluctuate from quarter to quarter; any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates and other significant accounting estimates made in the preparation of our financial statements; political and economic instability, including continuing volatility in the economic and political environment of the European Union and the war in Ukraine; our inability to comply with international regulatory restrictions over hazardous substances and electronic waste; the impact of international supply chain disruptions and delays; the impact of changes in U.S. federal and state income tax regulations; the impact of inflation and our ability to pass on rising prices to its customers; and conditions beyond our control such as war, terrorist attacks, health epidemics (including the COVID-19 pandemic caused by the coronavirus) and economic recession.
We further caution you not to unduly rely on any forward-looking statements because they reflect our views only as of the date the statements were made. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
| Contact: | Frank Hallowell, Interim Chief Executive Officer and Chief Financial Officer |
| 612-438-2363 |
