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8-K - CURRENT REPORT - Rekor Systems, Inc. | rekr_8k.htm |
Exhibit
99.1
Rekor Systems Completes Major Debt Retirement
Company Now Substantially Debt Free
COLUMBIA, Md. – September 17, 2020 - Rekor Systems,
Inc. (NASDAQ:REKR) ("Rekor") (“the Company”), a
Maryland-based company providing real-time roadway intelligence
through AI-driven decisions, announced today that the company is
now substantially debt free following the retirement of
approximately $4.9 million in debt. The debt retirement eliminates
all remaining short and long-term liability for Notes on the
Company’s balance sheet, including accreted interest and all
fees payable upon retirement of the Notes. In addition, Matt Hill,
Rekor’s Chief Science Officer, exercised 625,000 warrants
stemming from the purchase of OpenALPR in March 2019.
“Becoming
essentially debt free is a significant milestone for Rekor. It
immediately transforms the balance sheet and increases available
cashflow. This will enable further growth and allow us to increase
our market footprint,” said Eyal Hen, Chief Financial
Officer, Rekor. “The transaction has resulted in a dramatic
reduction in interest expense and better positions the Company to
seize future opportunities.”
“The
acquisition of OpenALPR by Rekor has been game changing for Rekor
and our customers,” said Matt Hill, Chief Science Officer of
Rekor and former founder and Chief Technology Officer of OpenALPR.
“This debt retirement validates the future we envisioned last
March. I’m more confident than ever in the continuing ability
of our AI-driven solutions to deliver innovative, real-time roadway
intelligence to customers 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 touchless retail economy, a partnership with
Mesa Technologies
for School Bus Safety Arm solutions, and the release of the
Rekor Go mobile
app for commercial users, which puts 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 providing real-time
roadway intelligence through AI-driven decisions. Rekor bridges
commercial and government sectors with actionable, real-time
vehicle recognition data to enable faster, better informed
decisions with greater 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.
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:
http://www.rekor.ai.
Forward-Looking Statements
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
preliminary information regarding Rekor's gross revenues. 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 SEC. 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.
# #
#
Media Contacts:
Robin
Bectel
REQ
For Rekor Systems
rekor@req.co
Investor Contacts:
Charles
Degliomini
Rekor
Systems, Inc.
ir@rekor.ai