Company deploys its cloud-based toll reading solution on large western highway to provide 75 million annual vehicle recognition reads for major tolling authority
CHANTILLY, VA / ACCESSWIRE / June 12, 2019 / Rekor Systems, Inc. (NASDAQ: REKR) ('Rekor'), a leading provider of innovative vehicle recognition systems, announced today it has been selected by the E-470 Public Highway Authority to provide vehicle recognition solutions for electronic tolling. Rekor's NUMERUS™ cloud-based solution will provide license plate reading capabilities at toll stations along E-470 Colorado.
Owned and maintained by the E-470 Public Highway Authority, E-470 is a 47-mile-long controlled-access toll road traversing the eastern portion of the Denver-Aurora Metropolitan Area in the state of Colorado. More than 75 million Coloradoans traverse E-470 each year, resulting in more than $173 million in revenue for the state.
Numerus'™ easy to implement cloud-based solution costs less than 75 cents per thousand for greater than 5,000,000 transactions per month. Beyond reading a license plate with industry-leading accuracy, NUMERUS™ provides unique two-part authentication by instantly identifying the vehicle's make, model, color and body type along with the license plate read. NUMERUS'™ machine learning enabled software recognizes license plates from all 50 U.S. states, in addition to plates from more than 70 countries around the globe on six continents.
'We are proud to announce this contract so quickly after the launch of NUMERUS™ as it shows the demand for highly accurate technology within the electronic tolling industry,' said Rekor President and CEO Robert A. Berman. 'NUMERUS™ will be used to verify the accuracy of the current RFID based system, and will also provide make, model and color of the vehicles using the toll road, which services a high volume of traffic in the western United States. We are pleased the E-470 Public Highway Authority selected our scalable cloud-based product that features industry leading accuracy and will easily integrate with their busy tolling system.'
To learn more about the NUMERUS™ electronic tolling solution from Rekor, please visit our website.
About Rekor Systems, Inc.
Rekor Systems, Inc., a Nasdaq-listed (REKR) Delaware company, is the parent of Maryland-based Rekor Recognition Systems, Inc. Our smarter, faster, cost-competitive solutions are disrupting major industries in over 60 countries across the globe, including security and surveillance, public safety, electronic toll collection, brand loyalty, parking operations, banking and insurance, logistics, and traffic management.We use the power of artificial intelligence to analyze video streams images and transform them into extract actionable information for our clients. Our machine learning enabled software can turn most IP cameras into highly accurate and affordable vehicle recognition devices. Rekor provides advanced vehicle recognition systems, powered by its innovative OpenALPR software, which dramatically improves the accuracy of license plate reads and can also identify the make, model and color of vehicles. Rekor's solutions include mobile and fixed license plate readers, 'Move Over' law enforcement, school bus stop-arm enforcement, and red light and speed enforcement, parking enforcement and citation management. Rekor's solutions help to protect lives, increase brand loyalty, and manage complex supply chain logistics. Our systems can dramatically reduce the cost of collecting tolls on major highways or manage congestion in the bumper-to-bumper traffic of large cities, without the need to install expensive new infrastructure. We make what was once considered impossible, possible. To learn more please visit our website: https://rekorsystems.com.
This press release includes 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 of the market for global 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.
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