Rekor Systems Awarded Contract by Florida Department of Transportation (FDOT)

July 26, 2022 at 07:30 AM EDT

Five-year multimillion dollar award represents first of its kind contract for safety driven, non-motorized roadway data in the State

Contract utilizes Rekor's technology to detect bicycles and pedestrians in support of FDOT's goal of improving safety and mobility for all road and trail users

COLUMBIA, MD / ACCESSWIRE / July 26, 2022 / Rekor Systems, Inc. (NASDAQ: REKR) ("Rekor" or the "Company"), a global AI technology company with a mission to provide insights that build safer, smarter, and more efficient cities through intelligent infrastructure, today announced that it has been awarded a contract with the Florida Department of Transportation (FDOT) Office of Transportation Data and Analytics (TDA). This contract covers hardware, software and data collection services for the State's Non-Motorized Count Station Installation and Maintenance Services over a five-year term. The contract was executed by Rekor subsidiary Southern Traffic Services (STS), which it acquired in June 2022.

Recently, the State of Florida ("the State") was named as having the most bicycle fatalities among states by the U.S. Department of Transportation and recently was cited as the second most dangerous state for pedestrians by Smart Growth America. To combat this urgent safety risk, the State has put in place an aggressive program to collect and analyze data on non-motorized pedestrian and bicycle traffic across the State. This new contract expands these efforts by using Rekor's advanced monitoring capabilities and AI-enabled analysis to identify trends and changes in real-time traffic that can lead to better solutions. The data collected, which includes volume data and supporting statistics, can be used for analyses in a variety of projects, such as safety studies and planning for FDOT facilities, pavement and trail maintenance.

"This contract is a clear example of what the billions of dollars flowing from the federal Infrastructure Investment and Jobs Act need to be used for first. The infrastructure of the future will be shaped by a better understanding of real time roadway data. Understanding these rapidly changing needs is a critical first step in every new infrastructure project and we are pleased to be a leader in delivering these vital services at this important time. Our recent acquisition of STS is already generating significant revenue for the Company, and we look forward to providing similar enhanced value in the many other states where STS is also a trusted partner," said Robert A. Berman, CEO and Chair, Rekor.

Under its terms, Florida counties and municipalities will also be able to use the benefits of this five-year contract with FDOT. This data collection follows national guidelines allowing the data to be submitted to the Federal Highway Administration. This translates into funding allocations for state and federal highway programs and is therefore a critical necessity in each State.

For more information on Rekor's solutions for Transportation Departments, please visit https://www.rekor.ai/industries/transportation.

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 more efficient. 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.

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Rekor Systems Awarded Contract by Florida Department of Transportation (FDOT)

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