$1.79 Million Contract with City of Lauderhill Kicks off Company's Penetration into the Florida Law Enforcement Market
Rekor Systems, Inc. (REKR) ("Rekor"), a Nasdaq company focused on bringing smarter, faster, cost-competitive solutions to the worlds of smart cities, public safety and customer experience, announced today that it has finalized a five-year $1.79 million contract with the City of Lauderhill, Florida (the "City") to provide robust vehicle recognition solutions to increase public safety.
The City engaged Rekor to install its Rekor Edge vehicle recognition cameras and Watchman software, which will provide an additional public safety resource for law enforcement. Rekor was selected after a rigorous review period during which its proposal outscored several well-known competitors, including Vigilant Solutions, a Motorola Solutions company. Seventy-three locations for fixed cameras have been identified that will provide the best possible coverage to protect the entire City of Lauderhill community.
"This was the largest fixed-camera vehicle recognition contract ever awarded in the State of Florida, and the competition was fierce. After an extensive review process, the City awarded this important contract to our Company, and we thank the City for its fair and highly professional process," said Robert A. Berman, President and CEO, Rekor. "We expect this contract to provide a springboard for our business development efforts in the State of Florida. With multiple additional opportunities in our pipeline, we believe this contract will enhance our ability to win additional business in the state and produce additional value for our shareholders."
As a part of its subscription, the City's police department will have the opportunity to share data with the Rekor Public Safety Network ("RPSN"), within the state of Florida. State and local law enforcement agencies participating in the RPSN will be able to share investigative data from the network with other qualified law enforcement agencies at no additional cost. The Company will be initially launching the network by aggregating vehicle data from customers in over 30 states. With thousands of vehicle recognition cameras currently in service that capture approximately 30 million reads per week, the network is expected to be live in the second quarter of 2020.
The contract with the City follows recent installation of the Company's vehicle recognition systems in Mt. Juliet, Tennessee and Sands Point, New York, continuing the implementation of the Company's industry leading vehicle recognition solutions throughout local law enforcement across the United States.
Rekor's software and cameras can be deployed to support law enforcement without extended installation timelines. Rekor's solutions, powered by artificial intelligence and machine leaning enabled software, can be used with existing security and surveillance cameras to collect license plate data and information, such as the make, type, and color of a vehicle, without sacrificing the traditional security and surveillance features of the existing cameras. This provides significant enhancements in performance, as well as substantial savings compared to traditional optical character recognition license plate reading technology.