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Company launches state-wide program in just 61 days
Program identifies non-compliant vehicles, connects motorists to affordable insurance
COLUMBIA, Md., Jan. 07, 2021 (GLOBE NEWSWIRE) -- Rekor Systems, Inc., (NASDAQ: REKR) (“Rekor”) (the “Company”) a Maryland-based company providing real-time roadway intelligence through AI-driven decisions, today announced that the State of Oklahoma has integrated the Company’s Rekor One™ platform across relevant state systems to provide vehicle information associated with uninsured motorists as part of the state’s Uninsured Vehicle Enforcement Diversion (UVED) Program, which is operated by the Oklahoma District Attorneys Council.
Oklahoma’s UVED Program uses Rekor's vehicle recognition technology to leverage existing state resources to ensure that all drivers have at least the minimum required amount of liability insurance, ultimately leading to safer roadways. The platform allows for real-time detection of non-compliant vehicles and instant data consolidation into a regularly updating insurance system connected to the state’s enforcement and intervention programs. Rekor will assist Oklahoma drivers by providing a one-stop web portal for uninsured motorists to easily find non-standard and standard insurance for their vehicle.
“Since its launch in 2018, the goal of the UVED Program has always been to help Oklahomans, both by increasing compliance and by facilitating access to fair and affordable auto insurance for all,” said Amanda Arnall Couch, Program Director. “Nationwide studies have estimated that up to 26 percent of vehicles traveling on Oklahoma roads are uninsured, a situation that leaves all motorists at risk. Through innovative, focused, and customized solutions, Rekor has addressed the systemic challenges that plagued UVED for two years and has managed to make this program an operational and functioning reality in less than two months.”
Rekor’s technology will assist the State of Oklahoma in identifying uninsured vehicles on the road, and once identified, the enforcement division will issue a “Notice to Respond,'' encouraging a vehicle owner to get insurance and comply with the law. Otherwise, uninsured motorists cited on the road by police officers can face stiff penalties, including fines, imprisonment, license plate confiscation and/or reinstatement fees.
A motorist enters the UVED Program by acquiring insurance and paying a $174 enrollment fee, thereby avoiding the possibility of criminal charges, associated penalties, and a permanent mark on their driving record.
“Oklahoma has hundreds of thousands of uninsured motorists on the road right now, which has huge safety and financial implications for the state and its citizens,” said Robert Berman, president and CEO, Rekor. “Rekor One is a single turnkey solution that Rekor can deliver cost-effectively and quickly to any state. It provides all the technology they need, with a high level of data security, to identify uninsured vehicles and take effective measures to ensure compliance.”
According to data derived from the Insurance Information Institute, nearly one in eight drivers in the U.S. are uninsured, which puts all drivers at greater risk in the event of an accident. In addition to the burden on other drivers, states are deprived of a significant amount of tax revenue from insurance premiums that should be paid by millions of vehicle owners and are used to fund infrastructure and other investments.
All drivers involved in accidents with an uninsured motorist are burdened with the cost of property damage and medical bills, and insured drivers are further saddled with higher premiums to cover those costs.
“The Oklahoma UVED Program is among the first in the country – and something we anticipate will catch on quickly in other states,” said Charles Degliomini, Rekor’s Executive Vice President of Government Relations. “States are doing everything they can to navigate an incredibly challenging revenue environment right now. In fact, we’re in discussion with a number of other states who are interested in leveraging vehicle recognition capabilities in similar revenue-generating ways. The Rekor One platform can be shared among state agencies to support additional community safety, intelligent roadway and revenue generation activities – making wise use of tax dollars.”
About Rekor Systems, Inc.
Rekor (Nasdaq: REKR) is a Maryland-based company providing real-time roadway intelligence through AI-driven decisions. Rekor provides commercial and government customers with actionable, real-time vehicle recognition data to enable informed decisions to be made faster and provide better outcomes. Rekor is transforming industries like Public Safety, Customer Experience and Smart Cities in more than 70 countries across the globe with smarter, quicker, cost-competitive vehicle recognition solutions for security, revenue discovery and recovery, public safety, electronic toll collection, brand loyalty, parking operations, logistics, and traffic management. We use the power of artificial intelligence to analyze video streams and transform them into AI-driven decisions by our clients. Our machine learning software can turn most IP cameras into highly accurate and affordable vehicle recognition devices used to help protect lives, increase brand loyalty and enhance operations and logistics, without the need to install expensive new infrastructure. We make what was once considered impossible, possible. To learn more please visit our website: https://rekor.ai.
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. 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. Important factors that could have such a result include a decline or weakness in general economic conditions, an outbreak of hostilities, the ongoing pandemic and responses thereto related to COVID-19, a decline or volatility in the securities markets or regulatory changes or other adverse developments with respect to the markets for the Company’s products and services or an inability to obtain adequate financing. 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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