Rekor Systems Introduces Dynamic Pricing Model for Industry-Leading Vehicle Recognition Solutions

Vehicle-recognition-as-a-service model eliminates need for expensive hardware and large upfront capital expenditures

COLUMBIA, MD / ACCESSWIRE / September 4, 2019 / Rekor Systems, Inc. (NASDAQ:REKR) (“Rekor”), a Nasdaq company focused on bringing smarter, faster, cost-competitive solutions to the worlds of public safety and customer experience, announced today its new dynamic pricing model for its vehicle recognition solutions.

Through its unique vehicle-recognition-as-a-service model, Rekor is able to realize strong product margins by offering long-term payment options at affordable monthly prices, with seamless integration of its software to any existing traffic or surveillance camera, without sacrificing any of the functionality of the existing system or the need to purchase new, expensive hardware. This is a dynamic shift away from the industry’s traditional model of large, upfront expenses for hardware that often preclude budget-conscious entities from adopting such technologies.

“The biggest hurdle to the adoption of technology is always budget – especially within regional municipalities and law enforcement – but there shouldn’t be a choice between public safety and cost. That’s why today we’re proud to announce our new dynamic pricing model for our vehicle recognition solutions, and to democratize the industry by providing disruptive technology at equally disruptive pricing,” said Robert A. Berman, President and CEO, Rekor. “The current model of selling expensive hardware that requires large upfront payments pervasive to the industry isn’t beneficial to the customers and communities that need these solutions. Rekor technology is already democratizing vehicle recognition. Now our disruptive pricing that offers the flexibility of long-term payment structures, as opposed to upfront budget-busting expenditures, will allow anyone to implement our solutions quickly and affordably.”

Rekor’s Watchman software, which enables automatic license plate and vehicle recognition on any traffic or surveillance camera, is now available for as low as $40 per month (with a 60-month contract). The Rekor Edge “plug-and-play” vehicle recognition camera, which processes license plate and vehicle information in all weather conditions, up to 164 feet, is available for as low as $199 per month (with a 60-month contract). With this pricing model, a municipality, law enforcement agency, or business entity could activate dozens of cameras for the price of one from the traditional model. To learn more about Rekor’s pricing for its various vehicle recognition systems, please visit our website.

The IP Camera Market size is set to exceed USD 20 billion by 2025, according to a new research report by Global Market Insights, Inc. In 2018, the North America IP camera market accounted for around 35% of the industry share and with the rising digitization and industrialization is witnessing substantial growth. According to IHS Markit, there were 245 million professionally installed video surveillance cameras active and operational globally in 2014.

About Rekor Systems, Inc.

Rekor Systems, Inc. is a publicly traded company listed on Nasdaq (REKR) with headquarters in Columbia, Maryland. Rekor is focused on bringing smarter, faster, cost-competitive solutions to the worlds of public safety and customer experience. With a strong presence in over seventy countries across the world, we use the power of artificial intelligence to provide actionable, vital information for our clients. Whether it’s using machine learning software to give those who protect us better tools to keep us safe, or through solutions tailored to improving the everyday lives of everyday people, Rekor has the tech, and the expertise, for the job. At Rekor, we strive to make the impossible … possible. To learn more please visit our website: https://rekorsystems.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. Other than statements of historical facts, all statements contained in this press release are forward-looking statements, including particularly statements regarding our future results of operations and financial position, business strategy, prospective products and services, timing and likelihood of success, plans and objectives of management for future operations, and future results of current and anticipated products and services. These statements involve uncertainties, such as known and unknown risks, and are dependent on other important factors that may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements we express or imply. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. All forward-looking statements contained in this press release speak only as of the date on which they were made, are based on management’s assumptions and estimates as of such date and are subject to a number of risks, uncertainties and assumptions, including those described under the sections in our Annual and Quarterly Reports filed with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. 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.

Media Contact:

Matthew Bretzius
FischTank Marketing and PR
matt@fischtankpr.com

Investor Contact:

Charles Degliomini
Rekor Systems, Inc.
ir@rekorsystems.com

SOURCE: Rekor Systems, Inc.

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