Rekor Receives Acquisition Offer for Subsidiary AOC Key Solutions
Rekor Board of Directors to consider offer as the Company continues focus on divesting all non-core assets
COLUMBIA, MD / ACCESSWIRE / March 16, 2020 / Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor") ("Company"), a Nasdaq company focused on bringing smarter, faster, cost-competitive solutions to the worlds of smart cities, public safety and customer experience, acknowledged today it has received an offer of $4M to purchase its subsidiary AOC Key Solutions. The offer has been made by current AOC Key Solutions management. The Company is also currently in negotiations to sell another subsidiary, Team Global. Team Global is a Texas-based avionics engineering staffing company. The Company cannot assure that these transactions will be closed in a timely fashion or at all. Both subsidiaries are no longer core to the strategic direction adopted by the Company's Board of Directors and announced last year.
During 2019, the Company acquired substantially all of the assets of OpenALPR Technologies, Inc. and increased its focus on its Technology Segment, concentrating on the development of products and services using proprietary systems designed using artificial intelligence techniques, such as machine learning and deep learning data analysis, to address complex issues in the areas of public safety, customer experience and smart cities. Rekor's current suite of solutions includes its industry leading vehicle recognition software in use today in more than 70 countries by hundreds of customers – including some of the world's largest companies and governments. In addition to these products and services, the Company is currently developing further product and service expansions in the public safety, transportation, customer service and residential markets worldwide.
"AOC Key Solutions was the anchor for a completely different business model," said Robert A. Berman, President and CEO, Rekor. "Given our current strategic direction, we believe that divestiture of non-core assets is a logical step in maximizing shareholder value. We are continuing our transformation into a 100% technology and software-based business. As such, the Board of Directors will evaluate both the price and the timing of the proposed transaction."
AOC Key Solutions is a consulting firm founded in 1983 specializing in proposal management and writing, capture management, and market assessment services for government contractors. The company has helped clients to win more than $175B in government contracts using its KSI© Advantage process.
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 smart cities, 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.
ReleaseID: 580640
Rekor Receives Acquisition Offer for Subsidiary AOC Key Solutions
Rekor Board of Directors to consider offer as the Company continues focus on divesting all non-core assets
COLUMBIA, MD / ACCESSWIRE / March 16, 2020 / Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor") ("Company"), a Nasdaq company focused on bringing smarter, faster, cost-competitive solutions to the worlds of smart cities, public safety and customer experience, acknowledged today it has received an offer of $4M to purchase its subsidiary AOC Key Solutions. The offer has been made by current AOC Key Solutions management. The Company is also currently in negotiations to sell another subsidiary, Team Global. Team Global is a Texas-based avionics engineering staffing company. The Company cannot assure that these transactions will be closed in a timely fashion or at all. Both subsidiaries are no longer core to the strategic direction adopted by the Company's Board of Directors and announced last year.
During 2019, the Company acquired substantially all of the assets of OpenALPR Technologies, Inc. and increased its focus on its Technology Segment, concentrating on the development of products and services using proprietary systems designed using artificial intelligence techniques, such as machine learning and deep learning data analysis, to address complex issues in the areas of public safety, customer experience and smart cities. Rekor's current suite of solutions includes its industry leading vehicle recognition software in use today in more than 70 countries by hundreds of customers – including some of the world's largest companies and governments. In addition to these products and services, the Company is currently developing further product and service expansions in the public safety, transportation, customer service and residential markets worldwide.
"AOC Key Solutions was the anchor for a completely different business model," said Robert A. Berman, President and CEO, Rekor. "Given our current strategic direction, we believe that divestiture of non-core assets is a logical step in maximizing shareholder value. We are continuing our transformation into a 100% technology and software-based business. As such, the Board of Directors will evaluate both the price and the timing of the proposed transaction."
AOC Key Solutions is a consulting firm founded in 1983 specializing in proposal management and writing, capture management, and market assessment services for government contractors. The company has helped clients to win more than $175B in government contracts using its KSI© Advantage process.
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 smart cities, 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.
ReleaseID: 580640
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