Philadelphia Roadway Intelligence Test Environment Transitions into Multiyear Contract

COLUMBIA, MD / ACCESSWIRE / January 16, 2024 / Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor" or the "Company"), a leader in developing and implementing state-of-the-art roadway intelligence technology, today announced its Urban Mobility division has achieved a significant milestone in its partnership with the Philadelphia Industrial Development Corporation (PIDC). What began as a layer of digital within Philadelphia, the sixth largest city in America, has evolved into a formalized, multiyear contract, expanding the collaboration between the two organizations.

PIDC, Philadelphia's public-private economic development corporation and master developer of Philadelphia's historic Navy Yard, initiated testing to analyze traffic patterns and gain critical insights within the 1,200-acre Navy Yard campus. PIDC selected Rekor due to its AI expertise and commitment to creating more innovative, safer cities through roadway intelligence. PIDC utilizes the Vehicle Insite application as part of the Rekor Discover™ AI-driven traffic analytics platform. This next-generation roadway intelligence solution delivers a real-time understanding of vehicles and traffic flowing through the campus, empowering well-informed decisions that ensure visitors' seamless and enriched experience.

Kate McNamara, PIDC Senior Vice President at the Navy Yard, stated, "The Navy Yard is a growing 1,200-acre dynamic business campus that is home to more than 150 companies and 15,000 employees. With our new $6B redevelopment plan that is projected to bring an additional 12,000 plus jobs plus thousands of residents to the campus, we needed a platform to effectively monitor and analyze vehicle patterns to better make informed decisions on future development. Our partnership with Rekor will allow us to gain insights from their platforms to optimize daily management of our campus and inform longer-term planning as we create a brand-new community in Philadelphia."

PIDC's objectives during the pilot phase were to enhance visibility into road closures, assess construction impact on mobility, and optimize traffic flow during major events. They wanted to deepen their understanding of traffic volume, vehicle type (including electric vehicles), environmental impact (including greenhouse gases), and the efficacy of speed mitigation measures.

As part of the initial pilot, Rekor deployed their advanced Edge Series Systems, equipped with powerful processing that leverages AI and machine learning to gather data and transform them into insights across the entire Philadelphia Navy Yard campus. These insights were delivered to PIDC through the Rekor Discover™ platform. Since the technology's implementation in January 2022, PIDC has gained insights into PNY roadways, benefiting their planning and daily operations. The project has also enabled PIDC to recover costs associated with property damage, prepare for events, proactively manage road maintenance, efficiently deploy resources, strategically plan future electric vehicle (EV) charge station deployments, and keep citizens safer on property.

Michael Dunbar, Chief Revenue Officer at Rekor, highlighted, "The evolution of our partnership with PIDC, evolving from a pilot to a formal revenue-generating program, underscores Rekor's success in delivering roadway intelligence solutions that enhance the safety, efficiency, and intelligence of municipalities. PIDC's acknowledgment of the value provided by Rekor Discover™ reinforces the positive impact our technology has on urban environments. We anticipate additional conversions of our proof of concept pilots in the coming year."

About Rekor Systems, Inc.

Rekor Systems, Inc. (NASDAQ:REKR) is a leader in developing and implementing state-of-the-art roadway intelligence systems using AI-enabled computer vision and machine learning. As a pioneer in the implementation of digital infrastructure, Rekor is collecting, connecting, and organizing the world's mobility data - laying the foundation for a digitally-enabled operating system for the roadway. With our Rekor One® Roadway Intelligence Engine at the foundation of our technology, we aggregate and transform trillions of data points into intelligence through proprietary computer vision, machine learning, and big data analytics that power our platforms and applications. Our solutions provide actionable insights that give governments and businesses a comprehensive picture of roadways while providing a collaborative environment that drives the world to be safer, greener, and more efficient. To learn more, please visit our website: https://rekor.ai, and follow Rekor on social media on LinkedIn, Twitter, Threads, and Facebook.

About PIDC and the Navy Yard

PIDC is Philadelphia's public-private economic development corporation. Since acquiring the 1,200-acre site from the federal government in 2000, PIDC has been the master developer and site operator of the Navy Yard. PIDC's mission-to spur investment, support business growth, and facilitate developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia-strongly informs its strategy for the Navy Yard, where the focus is on building a cohesive community that fosters employment, innovation, and production. PIDC manages all aspects of the property's management and development, including master planning, leasing, property management, infrastructure development, utility operation, and structuring development transactions. www.PIDCphila.com | www.navyyard.org

Forward-Looking Statements

This press release and its links and attachments contain 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 and shape of the global market for 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 statements regarding the use of proceeds from the sale of the Series A Notes in the offering and 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.

Media & Investor Relations Contact:

Rekor Systems, Inc.
Charles Degliomini
ir@rekor.ai

SOURCE: Rekor Systems, Inc.