Rekor Secures $160,000 Contract from United States Department of Defense to Increase Deployment of Rekor Technology
Rekor Systems, Inc. (NASDAQ: REKR) announced funding of $160,000 from the U.S. Department of Defense for its AI-powered vehicle recognition software. This funding aims to enhance national security by enabling the software's deployment on existing cameras. The technology offers real-time identification of vehicle details including license plates, colors, and models, backed by machine learning from a robust database. Rekor emphasizes the significance of this contract as part of its strategy to increase revenue from existing customers in the national defense market.
- $160,000 contract with U.S. Department of Defense for vehicle recognition software.
- Potential to boost revenue from existing military customers.
- None.
COLUMBIA, Md., June 22, 2020 (GLOBE NEWSWIRE) -- Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor") (“the Company”), a Maryland-based company providing real-time roadway intelligence through AI-driven decisions, today announced that the U.S. Department of Defense (DOD) has authorized
“When it comes to national security, the Department of Defense has exacting standards,” said Robert A. Berman, President and CEO, Rekor. “Knowing the wide range of solutions they have at their disposal, we are pleased they are continuing to expand their use of Rekor’s best-in-class, machine learning and artificial intelligence-based vehicle recognition software.”
The Company’s leading-edge vehicle recognition software will support the DOD’s national security mission. Rekor enables vehicle recognition through most IP cameras. Supported by machine learning from its robust database covering over 70 countries, the software can identify, in real time, vehicle license plate data, along with the color, make, model and body type of the vehicle to provide the highest level of accuracy.
“The national defense market is an important one for Rekor," said Eyal Hen, Chief Financial Officer, Rekor. "This additional order from the Department of Defense is another example of the increases in revenue being generated from our existing base of vehicle recognition customers, which is being accelerated by the continued success of our go-to-market strategy.”
To learn more about Rekor, please visit www.rekor.ai.
About Rekor Systems, Inc.
Rekor (Nasdaq: REKR) is a Maryland-based company providing real-time roadway intelligence through AI-driven decisions. Rekor bridges commercial and government sectors with actionable, real-time vehicle recognition data to enable faster, better informed decisions with greater outcomes. Rekor is transforming industries like Public Safety, Customer Experience, and Smart Cities in more than 70 countries across the globe with smarter, quicker, cost-competitive vehicle recognition solutions for security, revenue discovery and recovery, public safety, electronic toll collection, brand loyalty, parking operations, logistics, and traffic management. We use the power of artificial intelligence to analyze video streams and transform them into AI-driven decisions. Our machine learning software can turn most IP cameras into highly accurate and affordable vehicle recognition devices used to help protect lives, increase brand loyalty, and enhance operations and logistics, without the need to install expensive new infrastructure. We make what was once considered impossible, possible. To learn more please visit our website: http://www.rekor.ai
Forward-Looking Statements
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.
Media Contacts:
Emily Burdeshaw
REQ For Rekor Systems
rekor@req.co
Investor Contacts:
Charles Degliomini
Rekor Systems, Inc.
ir@rekor.ai
FAQ
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