Company receives $800,000 order for 1,200 additional vehicle recognition software licenses from VeroGo, S.A.
COLUMBIA, MD / ACCESSWIRE / July 1, 2019 / Rekor Systems, Inc. (REKR) ("Rekor"), a leading provider of innovative vehicle recognition systems, announced today that VG8 JV S.A. ("VeroGo") has placed an additional $800,000 USD order for 1,200 multi-year vehicle recognition software licenses. With this supplemental order, VeroGo has now secured licenses to use Rekor's vehicle recognition software in a total of 1,785 cameras at locations throughout Brazil for the next five years.
This order marks the continuing success of VeroGo's unique customer loyalty program, which allows retailers to reward customers with discounted parking fees for in store purchases. VeroGo is a joint venture between NI Investments, Banrisul Bank, Vero and Indigo Group, a key global player in car parking and urban mobility that manages more than 5,050 car parks, 3,000 km of on-street parking, and approximately 2.3 million parking spaces and related services in 10 different countries.
"We are thrilled to be able to help VeroGo provide this innovative customer loyalty program. It is a further affirmation of the broad array of innovative applications our software can enable, particularly with the capability to support existing camera installations. With precision accuracy and dramatically lower cost, our vehicle recognition systems can empower a variety of new and clever customer loyalty programs such as VeroGo's," said Robert A. Berman, President and CEO of Rekor.
VeroGo has created a unique and highly successful platform to support a customer loyalty program for shopping centers across Brazil. Rekor's proprietary software works seamlessly with this system to deliver an immediate and effortless rewards experience to customers as they leave the retailer's location.
VeroGo's board member Fernando Stein said, "Our choice for Rekor transcends not only because they are the best vehicle recognition system on the market, but because they are a great technology partner, with the ability to go much further in this disruptive market of urban mobility."
Retailers worldwide rely heavily on loyalty and rewards programs to cultivate customer relationships and drive sales. This is especially important in Brazil as 92% of Brazilians reported that they require rewards from brands as loyal customers in order to build a relationship with them. Brazilian retailers have responded, with 96% offering some sort of promotion to drive sales, and 89% offering actual loyalty programs to reward shoppers.
With this contract, Rekor continues to expand its focus on international markets. The company currently supports customers in over 60 countries and recently announced it has been selected by Nokia (NOK) to provide its vehicle recognition systems to Nokia's worldwide customer-base for use within Nokia smart city offerings.
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 and transform them into 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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