Use of Rekor Systems' Best-In-Class Vehicle Recognition Technology In An Expansive Parking Ecosystem Connects Parking To Mobility

Rhea-AI Summary

Rekor Systems (NASDAQ:REKR) has announced a new contract valued at $648,000 for the sale of its Rekor Edge Pro and Rekor Scout systems to a major parking operator with over 15,000 locations in the U.S. and Canada. This contract contributes to a total of $6.9 million in product and licensing contracts secured in the last 60 days. The Rekor Edge Pro is designed for vehicle recognition and operates efficiently in various environments, while the Rekor Scout platform enhances parking management with AI capabilities. This partnership reflects Rekor's expansion beyond urban mobility services into diverse markets.

Positive

• New contract valued at $648,000 enhances revenue.
• Total secured contracts in the last 60 days amount to $6.9 million, indicating strong sales momentum.
• Partnership expands Rekor's presence in different market segments beyond urban mobility.
• Innovative product offerings, such as AI-driven vehicle recognition technology, enhance customer experience.

Negative

• None.

Contract valued at $648,000 brings total product and licensing contracts value secured within the last 60 Days to $6.90 Million

COLUMBIA, MD / ACCESSWIRE / March 30, 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 the sale of Rekor Edge Pro™ systems and Rekor Scout™ platform licenses to a large parking operator that has over 15,000 customer locations across all major U.S. cities and Canada. The contract is valued at $648,000.

The Rekor Edge Pro™ is a complete vehicle recognition solution that captures and processes all recognition data on-device within a compact, durable enclosure. The system is engineered for roadway speeds and can also be deployed in neighborhoods, campuses, and business districts for parking management and access control. Rekor Scout is an AI-driven vehicle and license plate recognition platform that uses video streams from nearly any IP, traffic, or security camera and provides vehicle make, model, color, direction of travel, license plate information, and more.

Rekor's AI vehicle recognition technology will be integrated with the operator's access control and a back-end customer billing system, making the parking process virtually frictionless and more efficient for its customers.

Michael Dunbar, Chief Revenue Officer, Rekor said, "We are pleased that this partnership is now in place and are confident that our initial work here will expand throughout their substantial parking garages and property network. This new agreement adds to a number of similar product and licensing contracts Rekor has announced within the last 60 days. It demonstrates the wide range of customers that the Company continues to work with beyond the primary focus on data services for our rapidly growing urban mobility and transportation management areas. These include a federal government agency, a prominent operator of theme parks and water parks, a major Las Vegas casino, and a top provider of safety solutions for fleet vehicles."

Dunbar concluded, "With the inclusion of this customer, we have secured product and licensing contracts over the past 60 days that have a total contract value of $6.9 million. These demonstrate Rekor's ongoing commitment to delivering innovative and reliable solutions to meet the needs of its clients across various industries and the breadth of the markets that can make use of our innovative solutions. With these wins, Rekor continues to demonstrate its strong market position and drive for growth in the coming year."

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/746555/Use-of-Rekor-Systems-Best-In-Class-Vehicle-Recognition-Technology-In-An-Expansive-Parking-Ecosystem-Connects-Parking-To-Mobility

FAQ

What is the latest contract value announced by Rekor Systems?

Rekor Systems announced a contract valued at $648,000.

How much total contract value has Rekor secured in the last 60 days?

Rekor has secured a total contract value of $6.9 million over the last 60 days.

What technologies are involved in Rekor's new contract?

The contract involves the Rekor Edge Pro systems and Rekor Scout platform licenses.

Who is the client for Rekor's recent contract?

The client is a large parking operator with over 15,000 customer locations across the U.S. and Canada.

How does Rekor's technology improve parking management?

Rekor's AI vehicle recognition technology integrates with access control and billing systems to make parking processes more efficient.