BK Technologies Announces Technology Innovation Center to Expand into New Addressable Markets Totaling $1.2 Billion
BK Technologies Corporation (NYSE American: BKTI) has launched a new Technology Innovation Center in South Florida, focusing on developing communication technologies for public safety professionals. The center aims to complete the BKR 9000 this year, complementing the BKR 5000, and targeting an estimated market of $1.2 billion. Chief Technology Officer Dr. Branko Avanic leads a skilled team to advance BK's technology initiatives. President Tim Vitou highlighted this development as a strategic accomplishment to expand the company’s market footprint.
- Launch of the Technology Innovation Center to enhance R&D capabilities.
- Targeting a new market estimated at $1.2 billion with BKR product line.
- None.
WEST MELBOURNE, FL / ACCESSWIRE / March 4, 2021 / BK Technologies Corporation (NYSE American:BKTI) today announced its new Technology Innovation Center located in South Florida. The primary initial focus of the Center is the completion this year of the BKR 9000, which, coupled with the new BKR 5000, allows BK to expand into new vertical markets totaling an estimated
The Center's mission is to explore leading-edge communication technologies and leverage them in designing solutions to wide-ranging communication challenges facing today's public safety professionals.
Leading the Technology Innovation Center is BK's Chief Technology Officer, Dr. Branko Avanic, with over 30 years of technology and development experience for a prominent U.S. technology-based company. Supporting the Company's vision, Dr. Avanic has assembled a highly skilled team with deep backgrounds in a broad array of technology disciplines, and extensive direct experience designing state-of-the-art communication technology solutions.
BK President Tim Vitou commented, "Establishing the BK Technology and Innovation Center is, I believe, one of our most important strategic accomplishments in many years. We have attracted an impressive collection of talented professionals who are excited about leading the charge in BK's technology growth. They will serve as the cornerstone of our new technology initiatives, helping BK's technology footprint expand into new addressable markets."
About BK Technologies
BK Technologies Corporation is an American holding company deeply rooted in the public safety communications industry, with its operating subsidiary manufacturing high-specification, American made, communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. BK Technologies is honored to serve these heroes with reliable equipment when every moment counts. The Company's common stock trades on the NYSE American market under the symbol "BKTI". Maintaining its headquarters in West Melbourne, Florida, BK Technologies can be contacted through its website at www.bktechnologies.com or directly at 1-800-821-2900.
Forward-Looking Statements
This press release contains certain forward-looking statements that are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the Company's operations, economic performance, and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors and risks, some of which have been, and may further be, exacerbated by the COVID-19 pandemic, include, among others, the following: changes or advances in technology; the success of our land mobile radio product line; successful introduction of new products and technologies, including our ability to successfully develop and sell our anticipated new multiband product and other related products in the planned new BKR Series product line; competition in the land mobile radio industry; general economic and business conditions, including federal, state and local government budget deficits and spending limitations, any impact from a prolonged shutdown of the U.S. Government, and the ongoing effects of the COVID-19 pandemic; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; risks associated with fixed-price contracts; heavy reliance on sales to agencies of the U.S. Government and our ability to comply with the requirements of contracts, laws and regulations related to such sales; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition, disposition or investment transactions, and risks incumbent to being a noncontrolling interest stockholder in a corporation; impact of the COVID-19 pandemic on the companies in which the Company holds investments; impact of our capital allocation strategy; risks related to maintaining our brand and reputation; impact of government regulation; rising health care costs; our business with manufacturers located in other countries, including changes in the U.S. Government and foreign governments' trade and tariff policies, as well as any further impact resulting from the COVID-19 pandemic; our inventory and debt levels; protection of our intellectual property rights; fluctuation in our operating results and stock price; acts of war or terrorism, natural disasters and other catastrophic events, such as the COVID-19 pandemic; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems; availability of adequate insurance coverage; maintenance of our NYSE American listing; risks related to being a holding company; and the effect on our stock price and ability to raise equity capital of future sales of shares of our common stock. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in the Company's subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Company Contact:
Hayden IR
James Carbonara
james@haydenir.com
(646) 755-7412
SOURCE: BK Technologies Corporation
View source version on accesswire.com:
https://www.accesswire.com/633053/BK-Technologies-Announces-Technology-Innovation-Center-to-Expand-into-New-Addressable-Markets-Totaling-12-Billion
FAQ
What is BK Technologies Corporation's new initiative announced in March 2021?
How does the Technology Innovation Center impact BK Technologies' market strategy?
Who is leading the Technology Innovation Center for BK Technologies?
What products are being developed at BK Technologies' new center?
What market opportunities is BK Technologies looking to tap into?
