CORRECTION BY SOURCE: Rekor Systems Secures Approximately $1 Million in New AI Roadway Intelligence Contracts with a World-Class Theme Park Operator

Rhea-AI Summary

Rekor's AI-Based Roadway Intelligence Systems have been selected to enhance traffic management and security at 28 global theme parks. The contract, valued at approximately $1 million, spans multiple years and includes software licenses and systems. Rekor's technology analyzes real-time video feeds to monitor vehicle traffic, identify license plates, and detect potential security threats. This partnership aims to improve operational efficiency and enhance guest safety, addressing the needs of millions of annual visitors. The announcement underscores Rekor's growing reputation in the AI roadway intelligence sector.

Positive

• Secured a multi-year contract valued at approximately $1 million.
• Expands Rekor's presence in the theme and waterpark industry.
• Enhances guest safety and operational efficiency through AI technology.

Negative

• None.

Headline updated

Rekor's AI-Based Roadway Intelligence Software and Systems are Chosen to Improve Traffic Management and Security Capabilities across 28 theme parks globally

COLUMBIA, MD / ACCESSWIRE / March 14, 2023 / Rekor Systems, Inc. (NASDAQ:REKR), a global AI technology company with a mission to provide insights that build safer, smarter, and more efficient cities around the world through intelligent infrastructure, today announced that an industry-leading theme and waterpark operator has chosen the Company's AI-based roadway intelligence software and systems to improve their traffic management and security capabilities. The approximately $ 1 million multi-year contract includes software licenses and systems.

"We are thrilled to partner with this leading theme and waterpark operator to implement our innovative roadway intelligence solutions across their numerous properties," said Michael Dunbar, CRO Rekor. "With millions of guests visiting these properties each year, understanding and managing vehicle traffic is critical to enhancing the overall guest experience and ensuring public safety. Rekor's advanced AI-based technology provides the tools they need to monitor and manage traffic flow, recognize returning season pass holders, improve operational efficiency, and enhance guest safety."

Rekor's roadway intelligence solutions use advanced AI and machine learning algorithms to analyze real-time camera video feeds at entry and exit points across multiple properties. The system automatically identifies license plates, makes, and models of vehicles and detects other relevant information such as speed, direction, and lane occupancy. This information is then processed and analyzed to provide operators with valuable insights into traffic flow patterns, enabling the Company to optimize traffic flow and reduce wait times. Additionally, the system can automatically detect and alert security personnel to potential security threats, such as vehicles on a watch list or reported stolen.

"This new contract further cement Rekor's position as a leading provider of AI-based roadway intelligence solutions and highlight the growing demand for our technology in the theme and waterpark industries," Dunbar concluded.

About Rekor Systems, Inc.

Rekor Systems, Inc. (NASDAQ:REKR) is a trusted global authority on intelligent infrastructure providing innovative solutions that drive the world to be safer, smarter, and greener. As a provider of comprehensive, continuous, and real-time roadway intelligence, Rekor leverages AI, machine learning, and holistic data to support the intelligent infrastructure that is essential for smart mobility. With its disruptive technology, the Company delivers integrated solutions, actionable insights, and predictions that increase roadway safety. To learn more, please visit our website: https://rekor.ai, and follow Rekor on social media on LinkedIn, Twitter, and Facebook.

Forward-Looking Statements

This press release and its links and attachments contain 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 and shape of the global market for 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.

Media & Investor Relations Contact:

Rekor Systems, Inc.
Charles Degliomini
ir@rekorsystems.com

SOURCE: Rekor Systems, Inc.

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https://www.accesswire.com/743636/CORRECTION-BY-SOURCE-Rekor-Systems-Secures-Approximately-1-Million-in-New-AI-Roadway-Intelligence-Contracts-with-a-World-Class-Theme-Park-Operator

FAQ

What is Rekor's recent contract about?

Rekor has secured a multi-year contract worth approximately $1 million to provide AI-based roadway intelligence software and systems for traffic management and security at 28 theme parks globally.

How much is the contract that Rekor received?

The contract secured by Rekor is valued at approximately $1 million.

What are the benefits of Rekor's AI technology?

Rekor's AI technology enhances traffic management, monitors vehicle flow, identifies license plates, and detects potential security threats, improving guest safety and operational efficiency.

Which company is partnering with Rekor?

The press release does not specify the name of the theme and waterpark operator partnering with Rekor.

What does Rekor's roadway intelligence system do?

Rekor's roadway intelligence system analyzes real-time video feeds to monitor traffic flow, recognize vehicles, and alert security personnel to potential threats.