Rekor Systems Selected for Federal Agency Deployment

Rhea-AI Summary

Rekor Systems (NASDAQ:REKR) announced a significant development on February 8, 2023. The company received a purchase order extension exceeding $900,000 for a one-year subscription of its AI-driven roadway intelligence software, specifically for a federal agency's national security application. This demonstrates Rekor's ongoing commitment to enhancing national security through its advanced technology. The CFO noted that this order reflects an increase in software revenue from existing customers, signaling positive momentum in the national security market.

Positive

• Purchase order extension exceeding $900,000 for AI roadway intelligence software.
• Increased software revenue from existing customer base.

Negative

• None.

Company's AI Software to Strengthen National Security

COLUMBIA, MD / ACCESSWIRE / February 8, 2023 / Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor" or the "Company"), a global AI technology company with a mission to provide insights that build safer, smarter, and greener cities through intelligent infrastructure, announced today that the Company's AI-driven roadway intelligence software has been selected for a national security related application for a federal agency. The Company received a purchase order extension of more than $900,000 for one-year software subscription for the Company's AI roadway intelligence software.

"Our AI software has previously been used for national security applications, and we are honored to continue our work in this critical area," said Michael Dunbar, CRO Rekor. "When it comes to national security, federal agencies have exacting standards. Knowing the wide range of solutions they have at their disposal, we are pleased they continue expanding their use of Rekor's best-in-class, machine learning, and artificial intelligence-based software."

"The national security market is important for Rekor," said Eyal Hen, Chief Financial Officer, Rekor. "This additional order is another example of the increase in software revenue being generated from our existing customer base."

Recently, the Company announced one of Mexico's largest states selected Rekor Roadway Intelligence solutions for state-wide public safety deployment.

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.

View source version on accesswire.com:
https://www.accesswire.com/738487/Rekor-Systems-Selected-for-Federal-Agency-Deployment

FAQ

What is the significance of Rekor's new purchase order extension?

Rekor's new purchase order extension, exceeding $900,000, highlights its ongoing role in national security and suggests positive revenue growth.

Which federal agency is using Rekor's AI software?

The specific federal agency has not been disclosed in the press release.

How does Rekor's software contribute to national security?

Rekor's AI-driven roadway intelligence software provides critical insights that enhance national security operations.

When was the purchase order for Rekor's software announced?

The purchase order extension was announced on February 8, 2023.

What is Rekor's stock symbol?

Rekor's stock symbol is REKR, traded on NASDAQ.