Verra Mobility Provides Business Update

Rhea-AI Summary

Verra Mobility (NASDAQ: VRRM) has received authorization to order an additional 720 school zone speed cameras for the New York City Department of Transportation. This move is part of the Mayor's 2019 initiative to enhance road safety through a comprehensive speed-camera program. Previously, the company installed 1,020 cameras through 2020. The expanded program aims to improve safety in school zones, reflecting Verra Mobility's commitment to advancing smart mobility solutions. Installation of the new cameras is expected to occur in 2021.

Positive

• Authorization for 720 additional speed cameras boosts business prospects.
• Expansion aligns with New York City's Vision Zero initiative, enhancing safety.
• Strong track record with previous installation of 1,020 cameras demonstrates capability.

Negative

• None.

MESA, Ariz., May 3, 2021 /PRNewswire/ -- Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, announces that it has received authorization to proceed with an order for 720 additional school zone speed cameras for the New York City Department of Transportation ("NYCDOT"). This authorization is related to Mayor DeBlasio's May 24, 2019 announcement regarding NYCDOT's intention to rapidly and substantially scale up its school zone speed-camera program. Under this expanded program, Verra Mobility has already installed 1,020 speed safety cameras through 2020 and expects to install the additional 720 cameras in 2021. Details on New York City's Vision Zero program can be found here.     

About Verra Mobility

Verra Mobility is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company, Verra Mobility sits at the center of the mobility ecosystem – one that brings together vehicles, devices, information, and people to solve complex challenges faced by our customers and the constituencies they serve.

Verra Mobility serves the world's largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. As a leading provider of connected systems, Verra Mobility processes millions of transactions each year through integration with more than 50 individual tolling authorities and connectivity with more than 450 issuing authorities. Verra Mobility also fosters the development of safe cities, partnering with law enforcement agencies, transportation departments, and school districts across North America operating thousands of red-light, speed, bus lane, and school bus stop arm safety cameras. Arizona-based Verra Mobility operates in more than 15 countries. For more information, visit www.verramobility.com.

Investor Relations Contact
Sajid Daudi
480-596-2050
ir@verramobility.com

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SOURCE Verra Mobility

FAQ

What recent authorization did Verra Mobility receive regarding speed cameras in New York City?

Verra Mobility received authorization to proceed with an order for 720 additional school zone speed cameras for the New York City Department of Transportation.

How many speed cameras has Verra Mobility installed in New York City before this authorization?

Before this authorization, Verra Mobility had installed 1,020 speed cameras in New York City.

What is the purpose of the speed cameras authorized for Verra Mobility?

The purpose of the speed cameras is to enhance safety in school zones as part of New York City's Vision Zero initiative.

When is Verra Mobility expected to install the new speed cameras?

Verra Mobility expects to install the additional 720 speed cameras in 2021.

What company is responsible for the smart mobility technology solutions in the NYC speed camera program?

Verra Mobility is responsible for providing smart mobility technology solutions, including the speed camera program in New York City.