Innovative Portable Systems Electronically Identify Uninsured Vehicles; Now Deployed in Law Enforcement, Banking & Insurance, and Parking Operations Markets
Rekor Systems, Inc. (NASDAQ: REKR) ("Rekor"), a leading provider of innovative vehicle recognition systems, announced today that the Company has received an additional order for 30 of its recently released Mobile LPR-2 systems from SECURIX, LLC, a premier provider of instant, accurate, non-invasive insurance verification and compliance.
Rekor Systems' Chief Operating Officer, Rod Hillman, stated, "Our subscription-based, 36-month contract at $299 per month is a game-changing methodology of providing vehicle recognition as a service. The LPR-2's sophisticated machine learning enabled technology can scan and recognize thousands of plates per hour from multiple lanes of traffic or in parking lots, with accuracy rates exceeding 99 percent. The system also identifies the make, model, color and body type of vehicles in real time, a unique feature that is particularly useful for these markets. This additional order is a milestone marking Rekor's rapid entry into the Banking and Insurance market for vehicle recognition, adding to Rekor's base of recurring revenue through units recently deployed in the Law Enforcement and Parking Operations markets."
SECURIX's CEO, Jonathan Miller, commented, "We are pleased to have started deploying Rekor's industry leading vehicle recognition technology. The results are even better than anticipated. We have much experience with older, less-capable approaches and are already seeing a massive improvement with the LPR-2 for our law enforcement partners. This system is portable, highly efficient, exceptionally rugged and very affordable. In being able to identify uninsured vehicles and conduct other investigative operations, this is a true 'sea change' and nothing will ever be the same. There are approximately 36 million uninsured vehicles traversing our nation's roads every day. Tying our unparalleled uninsured motorist database with real-time status to the exceptionally accurate and real-time identification provided by the LPR-2 is a giant leap forward. Rekor's low cost subscription-based model enables us to deploy a far greater number of systems, expanding SECURIX's footprint, currently in four states, and growing quickly throughout the US. This enables us to handle expansion in a manner unavailable otherwise."
Rekor's Mobile LPR-2 unit is powered by the Company's OpenALPR software engine, which incorporates the results of deep machine learning using convolutional algorithms. The Company's unique "vehicle recognition as a service" $299 per month, 36-month contract differentiates it from competing systems by eliminating both significant upfront capital and future unplanned repair and maintenance expenses. Using Rekor's extensive and continuously growing global library of vehicle images, the software is automatically updated regularly to keep abreast of changes in license plates and vehicle design modifications, ensuring continuous accuracy. The Company also offers a 4-camera embedded system (Mobile LPR-4) at $399 per month with enhanced features that can be installed by its affiliate, Global Public Safety, in a matter of hours.
About Rekor Systems, Inc.
Rekor Systems, Inc. (NASDAQ: REKR), a Delaware company, is the parent organization of Maryland-based Rekor Recognition Systems, Inc. Rekor provides advanced vehicle recognition systems, powered by its innovative OpenALPR software, which dramatically improve the accuracy of license plate reads and also identify the make, model and color of vehicles. Rekor's products can be used for law enforcement, security and surveillance, electronic toll collection, parking operations, banking and insurance, logistics, traffic management and customer loyalty. Rekor's solutions include mobile and fixed license plate readers, "Move Over" law enforcement, school bus stop-arm enforcement, red light and speed enforcement, parking enforcement and citation management. Rekor's applications and solutions are intelligent, flexible, and leading the next generation of ALPR.