April 19, 2023
Rekor Awarded $14,145,000 in New Multiyear Contracts for State-Wide Traffic Count and Classification Studies for South Carolina and Florida DOTs
Rekor Systems, Inc. (NASDAQ: REKR) (the "Company"), a global AI technology company, a leader in providing the intelligent infrastructure solutions that are making the world's roadways safer, greener and more efficient, today announced that the Company has been selected as a preferred vendor for both the South Carolina Department of Transportation ("SCDOT") and the Florida Department of Transportation ("FDOT"). The Company will provide its Class, Count & Speed Application as part of the Rekor Discover™ platform along with its non-intrusive Rekor Edge Flex™ traffic data collection systems to gather traffic data throughout both states. SCDOT and FDOT awarded Rekor these contracts after a rigorous evaluation of the proposals submitted. The combined total contract value is $14,145,000, over terms of four and six years, for SCDOT and FDOT, respectively.
The Company's AI-driven traffic data collection systems are non-intrusive. They can be deployed quickly and easily on the side of the road without requiring workers to enter unsafe conditions, cut into the pavement, or disrupt traffic. Each system contains a proprietary embedded IoT Edge Processing Unit that processes multiple high-resolution video streams in real-time to generate secure, high-quality, holistic traffic insights. The data produced on the device include per-vehicle records (PVR) for vehicle classifications based on the Federal Highway Administration 13 bin standards ("FHWA-13"), as well as overall vehicle volumes and speeds and can be efficiently distributed through the Discover™ platform.
"We're proud to be able to announce major deployments with both SCDOT and FDOT at this time," said Michael Dunbar, CRO, Rekor. "Our Rekor Edge systems provide a safe and efficient way to gather the necessary data for traffic studies on South Carolina's and Florida's roads without disrupting drivers or unduly placing workers in harm's way."
"Our IoT Edge devices are continuously operational and constantly learning using our advanced AI and machine learning technologies. They seamlessly integrate with existing analog roadways and work together to create a cohesive digital infrastructure network. This is an important step in laying the groundwork for a digital roadway operating system," explained Robert Berman, Chair and CEO Rekor. "This cutting-edge technology gives us a strategic first-mover advantage in delivering real-time roadway data collection and analytics services in Florida, South Carolina, and beyond."
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.
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