Rekor Systems, Inc. Achieves Certification for Rekor Scout® in New Jersey's ALPR Program to Enhance Public Safety

Rekor Systems' Scout® platform receives certification for New Jersey ALPR program, enhancing public safety and law enforcement capabilities.

Quiver AI Summary

Rekor Systems, Inc. has received certification for its Rekor Scout® vehicle recognition platform from the state of New Jersey, allowing it to be utilized in the New Jersey Statewide Networked ALPR Program (NJ SNAP). This program, supported by over $13 million in state funding, aims to improve public safety through advanced Automatic License Plate Recognition (ALPR) technology by integrating vehicle data across law enforcement agencies in real-time. The Rekor Scout® platform is recognized for its high accuracy, AI-driven capabilities, and advanced investigative tools, enabling agencies to effectively recognize vehicles and respond to incidents swiftly. CEO David Desharnais emphasized that this certification highlights Rekor's commitment to enhancing public safety and positions the company as a leading partner in New Jersey’s efforts to implement innovative safety technologies.

Potential Positives

• Rekor Systems' certification for its Rekor Scout® platform strengthens its position in the New Jersey Statewide Networked ALPR Program, enhancing its credibility as a trusted leader in roadway intelligence.
• The NJ SNAP initiative, supported by over $13 million in state funding, presents significant growth opportunities for Rekor Systems in the public safety sector.
• Rekor Scout® offers advanced features such as real-time actionable insights and high privacy standards, making it a valuable tool for law enforcement operations.

Potential Negatives

• The press release heavily focuses on the certification achievement, possibly indicating that prior to this, the company faced challenges in meeting state requirements for their technology, raising concerns about their compliance and capabilities.


• The reliance on a $10 million state grant for the ALPR deployment may suggest limited independent funding capabilities, which could affect the company's financial stability and growth prospects.


• The mention of "forward-looking statements" highlights the inherent risks and uncertainties facing the company, potentially signaling to investors that future performance might not meet expectations.

FAQ

What is Rekor Scout® and its purpose?

Rekor Scout® is an advanced vehicle and license plate recognition platform that enhances public safety through real-time data access for law enforcement agencies.

How has Rekor Scout® been certified?

Rekor Scout® achieved certification in New Jersey's Statewide Networked ALPR Program (NJ SNAP), meeting rigorous state standards for public safety technology.

What funding supports New Jersey's ALPR initiative?

The initiative is backed by over $13 million in state funding, including a $10 million grant for ALPR deployment.

What features does Rekor Scout® offer for law enforcement?

Rekor Scout® offers AI-driven vehicle recognition, real-time alerts, investigative tools, and the ability to identify vehicles with partial or missing plates.

How does Rekor Scout® ensure data security?

Rekor Scout® protects personally identifiable information (PII) using military-grade encryption and patented obfuscation technology, ensuring high privacy standards.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$REKR Insider Trading Activity

$REKR insiders have traded $REKR stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $REKR stock by insiders over the last 6 months:

• DAVID PHILIP DESHARNAIS (Chief Executive Officer) purchased 7,500 shares for an estimated $9,975

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$REKR Hedge Fund Activity

We have seen 48 institutional investors add shares of $REKR stock to their portfolio, and 37 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CANTOR FITZGERALD, L. P. removed 3,565,570 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $4,207,372
• ARCTIS GLOBAL LLC added 2,275,000 shares (+22.7%) to their portfolio in Q3 2024, for an estimated $2,684,500
• CITADEL ADVISORS LLC removed 2,028,645 shares (-75.2%) from their portfolio in Q3 2024, for an estimated $2,393,801
• LUMINUS MANAGEMENT LLC added 1,030,145 shares (+213.1%) to their portfolio in Q3 2024, for an estimated $1,215,571
• NUVEEN ASSET MANAGEMENT, LLC added 699,740 shares (+252.4%) to their portfolio in Q3 2024, for an estimated $825,693
• MARSHALL WACE, LLP removed 494,088 shares (-39.7%) from their portfolio in Q3 2024, for an estimated $583,023
• NORTHERN TRUST CORP added 427,212 shares (+266.9%) to their portfolio in Q3 2024, for an estimated $504,110

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

COLUMBIA, Md., Jan. 22, 2025 (GLOBE NEWSWIRE) --

Rekor Systems, Inc. (NASDAQ: REKR), a leader in developing and implementing state-of-the-art roadway intelligence technology, has achieved New Jersey’s rigorous certification for its industry-leading Rekor Scout® vehicle recognition platform. This milestone secures Rekor’s strong position in the New Jersey Statewide Networked ALPR Program (NJ SNAP), a key initiative enhancing public safety through advanced Automatic License Plate Recognition (ALPR) technology. .

Supported by over $13 million in state funding, including a $10 million grant for ALPR deployment

, NJ SNAP is a statewide initiative designed to enhance public safety by deploying cutting-edge Automatic License Plate Recognition (ALPR) technology. This program integrates ALPR feeds statewide, enabling law enforcement agencies to access and share critical vehicle data in real-time. With its certification, Rekor Scout® is now certified for use within the NJ SNAP initiative, empowering agencies to standardize its advanced capabilities for faster, more intelligent, and more efficient investigations.

Rekor Scout®, trusted by federal agencies and local law enforcement, is a powerful AI-driven vehicle & license plate recognition platform delivering industry-leading accuracy, real-time and customizable alerting, sophisticated investigative tools, searchable databases, programmable individual and shared hotlists, flexible data retention, and more. Rekor Scout® enables accurate vehicle and license plate recognition on nearly any IP, traffic, or security camera. It extracts critical vehicle and license plate information that gives customers real-time actionable insights, allowing them to act instantly or conduct in-depth forensic investigations. Advanced search and forensic tools allow users to identify vehicles with partial license plates or missing plates, providing agencies unmatched precision and flexibility for their law enforcement operations with thousands of global customers. Rekor Scout® is improving safety and security through the latest public safety technology.

When paired with Rekor’s best-in-class Edge Series systems, customers can unlock powerful and secure on-device processing that generates real-time alerts, enabling faster response times for critical situations while leveraging trusted, NDAA & TAA compliant systems built to function in adverse weather conditions and various traffic situations.

Additionally, with on-device processing, Rekor Scout® generates real-time alerts, enabling rapid responses to critical situations. Each plate read is accompanied by a video clip, adding valuable evidentiary and investigative context. . Advanced search capabilities allow users to identify vehicles using partial tags, missing plates, or unique characteristics through image matching. Rekor Scout® ensures the highest privacy and data security standards, protecting personally identifiable information (PII) through military-grade encryption and patented obfuscation technology, making it an indispensable tool for modern law enforcement operations.

"Earning New Jersey’s certification for Rekor Scout® is a testament to our commitment to delivering innovative and transformative technology that enhances public safety," said David Desharnais, CEO of Rekor Systems. "This milestone reinforces our position as a trusted leader in roadway intelligence, and we look forward to collaborating with public safety agencies across New Jersey as they advance public safety initiatives statewide."

As part of NJSNAP, Rekor Scout® solidifies its role as a trusted public safety partner for the state and unlocks significant growth opportunities within New Jersey’s $13 million ALPR initiative. By delivering innovative vehicle intelligence with unmatched privacy and security, Rekor Scout® empowers law enforcement to enhance community safety while positioning the Company to lead the way in transforming roadway intelligence across New Jersey and beyond.

For more information about Rekor Scout® and its role in enhancing public safety, visit

https://www.rekor.ai/software/Scout

.

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 core 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

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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 theglobal marketfor the Company's products and services. 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 risk 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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.