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EX-10.2 - EMPLOYMENT AGREEMENT - Rekor Systems, Inc. | nvmm_ex102.htm |
EX-10.1 - ASSET PURCHASE AGREEMENT - Rekor Systems, Inc. | nvmm_ex101.htm |
8-K - CURRENT REPORT - Rekor Systems, Inc. | a8kOpenALPRAssetPurchaseAgmt.htm |
Exhibit
99.1
Novume Executes Definitive Agreement to Acquire OpenALPR
Technology, Inc.
Company to Add Market-Leading AI Technology and Robust Customer
Roster As it Continues Disruption of the $4.25B Vehicle Recognition
Market
CHANTILLY, VA / ACCESSWIRE / November 15, 2018 / Novume Solutions,
Inc. (NASDAQ: NVMM), a holding company of leading
specialty professional services and technology firms, announced
today that it has executed a definitive agreement to acquire
OpenALPR Technology, Inc. (OpenALPR). As part of the agreement and
upon closing, OpenALPR founder and Chief Executive Officer, Matt
Hill, will join Novume as Chief Science
Officer.
The anticipated acquisition comes during a period of tremendous
growth for OpenALPR, an internationally recognized leading provider
of license place reader (LPR) software used by both law enforcement
and commercial clients. OpenALPR's proprietary AI-powered LPR
solution is currently running on over 3,000 cameras, capturing
millions of license plates per day, that are operated by more than
400 clients, including several Fortune 100 companies. Novume
currently provides support to OpenALPR through a management
services agreement.
"We are excited to take the next step toward completing our
acquisition of OpenALPR," said Robert A. Berman, Novume's CEO.
"Matt Hill has created a powerful tool that has remarkable
potential on its own. Novume has already built an exciting line of
products around OpenALPR and we look forward to expanding its use
into other areas of the company. As Chief Science Officer, Matt
will be at the center of this innovation. OpenALPR has provided a
disruptive and cost-effective software solution to the typical
capital-intensive need of replacing hardware. It saves money, it
saves time, and with an accuracy rate of 99%, it outperforms
humans. OpenALPR is truly a game-changer."
Rather than buying expensive special-use cameras that take weeks or
months to ship and install, OpenALPR provides software that can be
used immediately with any existing IP camera. It can bring
customers not just savings of thousands of dollars per camera, but
flexibility to expand or decrease usage as needed without large
additional capital expenditures. It also can be used to
significantly enhance surveillance activity, collecting data such
as make, model, and color of a vehicle with the same camera that's
being used for general surveillance recording.
"This is an exciting time for OpenALPR, as we join with Novume in
disrupting the vehicle recognition market," said Hill. "We see an
incredible opportunity to grow our customer-base through Novume's
existing relationships in the federal and law enforcement sectors,
as well as to support other technologies they bring to
market."
OpenALPR's technology is also a natural fit for Novume's line
of automatic traffic
safety enforcement cameras,
which are currently in use or being tested by law enforcement
agencies and cities across the U.S. and Canada,
including a current pilot program in Cleveland,
Ohio.
About OpenALPR Technology, Inc.
OpenALPR builds software that enables automatic license plate and
vehicle recognition through virtually any IP camera. Its
industry-leading artificial intelligence-based solutions can be
hosted locally or in the cloud. Combined with its robust and
growing license plate database covering 60 countries, OpenALPR's
software can identify in real time vehicle license plate data,
color, make, model and body type.
About Novume Solutions, Inc.
Novume provides products and services to both government and
private sector clients, with an emphasis on public safety, risk
management and workforce solutions. We are a holding company that
integrates technology and human capital to solve complex client
challenges in today's world. We provide Solutions for a New
Generation. For more information, please
visit novume.com,
or connect with us on Twitter, LinkedIn,
or Facebook.
Forward-Looking Statements
This press release includes statements concerning Novume Solutions,
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. 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 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 Contact:
Matthew Bretzius
FischTank Marketing and PR
matt@fischtankpr.com
1
Investor Contact:
Robert Berman
Novume Solutions
ir@novume.com
SOURCE: Novume Solutions,
Inc.
2