Rekor Systems Expands Market Opportunities with Mesa Technologies Partnership
Rekor Systems, Inc. (NASDAQ: REKR) has entered a five-year licensing agreement with Mesa Technologies for its intellectual property in a school bus stop arm system, aiming to enhance student safety. Mesa will pay Rekor $1,120,000 annually and receive volume discounts based on unit purchases. The agreement expands Rekor's market presence in public safety, leveraging its AI-driven vehicle recognition technology. This collaboration will initially focus on projects in North America and the Middle East, addressing the alarming statistic of 95,000 violations of school bus stop-arms daily.
- Five-year licensing agreement with Mesa Technologies, enhancing market reach.
- $1,120,000 annual payment from Mesa plus volume discounts strengthens revenue.
- Focus on improving student safety through advanced vehicle recognition technology.
- Partnership offers access to public safety customers interested in AI solutions.
- None.
COLUMBIA, Md., July 02, 2020 (GLOBE NEWSWIRE) -- Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor"), a Maryland-based company providing real-time roadway intelligence through AI-driven decisions, and Mesa Technologies, LLC (“Mesa”) today announced a five-year non-exclusive licensing agreement for the use of Rekor’s intellectual property as part of a school bus stop arm system (“SBSA”). Mesa has installed over 3000 photo enforcement systems world-wide. Above an annual payment to Rekor of
The partnership aims to increase student safety as more than 95,000 motorists run school bus stop-arms each day, according to the National Association of State Directors of Pupil Transportation Services. School buses remain the dominant form of daily transportation for students. In the United States alone, there are 480,000 school buses that transport 26 million students per day to schools. Recently 22 states have passed legislation allowing for the electronic enforcement of SBSA violations.
Rekor’s SBSA vehicle recognition technology uses license plate recognition (“LPR”) as the triggering mechanism while analyzing video stream data to identify license plate characters and other relevant information, such as: state/region/province of jurisdiction as well as vehicle color, make, model, orientation and body type. Initially, Mesa will integrate Rekor’s Watchman for School Bus Stop-Arm (“SBSA”) programs in the Middle East and North America. Watchman integrates with triggering mechanisms in the SBSA device, creating images of vehicles and license plates that identify violations of school bus stop-arm laws. Having vehicle recognition in the SBSA system also provides the opportunity for law enforcement to increase safety around school busses and school bus stops.
Mesa’s SBSA technology, in coordination with Rekor’s real-time vehicle recognition, not only identifies when vehicles encroach upon the stop-arm, it also captures and records the violating vehicle for evidence purposes. A robust chain-of-evidence package is then used for issuance of citations or warnings in accordance with local ordinances. Rekor’s AI-based algorithms dramatically increase accuracy and information for law enforcement agencies and school districts.
“This partnership scales Rekor’s potential market opportunities in SBSA,” said Robert A. Berman, President and CEO of Rekor. “Through this relationship with Mesa, we will be able to help gain access to an extensive network of public safety customers seeking to implement AI and machine learning-based solutions aimed at increasing the safety of children in their communities.”
“Mesa is excited to incorporate Rekor’s Watchman technology within our edge devices, including our SBSA systems. Best-in-class accuracy and targeted identification of violations leads to more efficient photo enforcement operations for law enforcement agencies,” said Mesa Technologies Vice President Kevin Stanford. “At the end of the day, we want our children to be safe. Our SBSA System, powered by Rekor’s real-time vehicle recognition technology will be a game-changer in delivering powerful solutions to our customers quickly and cost-effectively.”
To learn more about Rekor, please visit our website: 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.
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 informed decisions faster, and 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 by our clients. 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: https://rekor.ai.
About Mesa Technologies, LLC
Mesa Technologies is a manufacturer of traffic safety and monitoring systems that brings forty years of experience and innovation to the engineering profession. Founded on discovering ways to apply new technology to existing issues in order to continuously solve problems and improve operations within every industry. http://mesa-engr.com/
Media Contacts:
Robin Bectel
REQ For Rekor Systems
rekor@req.co
Investor Contacts:
Charles Degliomini
Rekor Systems, Inc.
ir@rekor.ai
FAQ
What is the licensing agreement between Rekor and Mesa Technologies about?
How much will Mesa Technologies pay Rekor annually under the licensing agreement?
What technology is Rekor providing to Mesa for the school bus stop arm system?
How does this partnership aim to improve student safety?
In which regions will the partnership initially focus its efforts?
