COLUMBIA, Md., Sept. 17, 2020 (GLOBE NEWSWIRE) — Rekor Systems, Inc. (NASDAQ: REKR) (“Rekor”) (“the Company”), a Maryland-based company that provides real-time traffic information via AI-Driven Decisions, today announced that the company is now virtually debt-free after paying off approximately $4.9 million in debt. Repayment of debt eliminates all remaining short-term and long-term liabilities for the notes on the Company’s balance sheet, including accrued interest and all fees payable upon repayment of the notes. Additionally, Matt Hill, Chief Scientific Officer of Rekor, exercised 625,000 warrants arising from the purchase of OpenALPR in March 2019.
“Becoming essentially debt free is an important milestone for Rekor. It immediately transforms the balance sheet and increases available cash. This will allow us to continue our growth and increase our presence in the market,” said Eyal Hen, Chief Financial Officer of Rekor. “The transaction has resulted in a dramatic reduction in interest expense and better positions the company to capture future opportunities.”
“Rekor’s acquisition of OpenALPR has been a game-changer for Rekor and our customers,” said Matt Hill, Chief Scientific Officer of Rekor and former founder and CTO of OpenALPR. “This debt repayment validates the future we envisioned last March. I am more confident than ever in the continued ability of our AI-powered solutions to provide customers with innovative, real-time traffic intelligence for a wide variety of uses.
This announcement follows several months of major news for the Company, including a partnership with MasterCard earlier this month to enable the contactless retail economy, a partnership with Mesa Technologies for school bus safety arm solutions, and exit from the Rekor Go mobile application for commercial users, which places vehicle recognition on any smartphone.
To learn more about Rekor, please visit www.rekor.ai.
About Rekor Systems, Inc.
Rekor (Nasdaq: REKR) is a Maryland-based company that provides real-time traffic information through AI-powered decisions. Rekor connects commercial and government sectors with real-time, actionable vehicle recognition data to enable faster, better-informed decisions with better outcomes. Rekor is transforming industries such as public safety, customer experience and smart cities in more than 70 countries around the world with smarter, faster and more competitive vehicle recognition solutions for safety, discovery and detection. revenue 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-based decisions. Our machine learning software can transform most IP cameras into highly accurate and affordable vehicle recognition devices used to help protect lives, increase brand loyalty and improve operations and logistics, without it is necessary to install a new expensive infrastructure. We make possible what was once considered impossible. To learn more, please visit our website: http://www.rekor.ai.
This press release contains statements regarding 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 preliminary information on Rekor’s gross earnings. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statement that is not of historical fact may be deemed to be a forward-looking statement. In some instances, you can identify forward-looking statements by words such as “may”, “should”, “expect”, “plan”, “anticipate”, “could”, “intend”. of”, “target”, “projects”, “”intends”, “believes”, “estimates”, “predicts”, “potential” or “continues” by the negative form of these terms or by other similar expressions. you are cautioned that such statements are subject to numerous 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, including due to various risks and other factors identified in our filings with the SEC. Important factors that could have such an outcome include a decline or weakness in general economic conditions, an outbreak of hostilities, the ongoing pandemic and responses thereto related to COVID-19, declining or volatile markets. securities 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 they are made and are based on management’s assumptions and estimates as of that date. We undertake no 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.