Keep up to date with all the latest news right here.
|Quotes delayed at least 20 minutes.|
HANOVER, MD--(Marketwired - Jun 2, 2014) - Brekford Corp. (the "Company") (OTCBB: BFDI) (OTCQB: BFDI), a leading public safety technology service provider of automated traffic safety enforcement ("ATSE") solutions, parking enforcement solutions, and an end-to-end suite of technology equipment for public safety vehicle services, today announces contract extensions of its existing clients including the City of Laurel, the City of Hagerstown, and the City of Salisbury, Maryland.
With many of the Company's Maryland contracts due to expire this year, extension discussions were complex as the Maryland legislature was debating SB350, also known as the "Speed Monitoring System Reform Act of 2014," which became law on June 1, 2014. Among other revisions to the original 2009 legislation authorizing cameras statewide in Maryland, the Act states that a presently existing obligation, contract, or contract right may not be impaired in any way and that the Act does not repeal any current obligation, contract, or contract right in existence before the effective date of the Act through June 1, 2017.
"We are excited to be awarded multi-year contract extensions with an overwhelming majority of our clients," commented Rod Hillman, President and Chief Operating Officer of Brekford Corp. "This validates Brekford's commitment to superior customer service and integrity with respect to supporting critical public safety initiatives such as ATSE. It also demonstrates trust and satisfaction from our clients in terms of how we have historically serviced their programs. Since the inception of our ATSE services in 2010, our clients have experienced an 83% reduction in speeding violations which is a testament to the importance and success of the programs."
Brekford rapidly added its Maryland clients in 2010 and 2011 with the introduction of leading edge technology, including its iP360 web enabled software suite that provides an end-to-end solution for ATSE and parking citation processing as well as ancillary collection services. The Company has developed solutions from a public safety and process oriented perspective rather than relying solely on hardware technology. With an array of optional technologies including portable speed, fixed non-intrusive red light, and handheld photo enforcement cameras as well as the recently introduced School Safety Zone SpeedAlert System, Brekford presents a flexible solution customized to each client's unique requirements. Future products will incorporate mobility for vehicle based enforcement and solar power upgrades to promote "green" initiatives for clients.
"When I started with Brekford in 2010 after a long career on the government side of ATSE, my vision for Brekford was to parlay our historical commitment to public safety into program services founded on integrity and transparency," added Maurice Nelson, Managing Director of ATSE and Vice President of Business Development for Brekford Corp. "As we embark on a renewed growth initiative, both nationally and internationally, it is crucial that we do not forget our roots and seek to continuously improve our services as we strengthen existing client relationships. The contract extensions announced today serve to validate that commitment."
About Brekford Corp.
Brekford Corp. provides state-of-the art public safety technology and automated traffic enforcement solutions to municipalities, the U.S. military, various federal entities and other public safety agencies throughout the United States. Its services include automated speed and red light camera enforcement programs, parking enforcement citation collections and an end-to-end suite of technology and equipment for public safety vehicle up-fitting. Brekford's combination of up-fitting services, cutting-edge technology, and automated traffic enforcement services offers a unique 360-degree solution for law enforcement agencies and municipalities.
The Company is headquartered in Hanover, Maryland, and its common stock is traded on the OTC Bulletin Board and the OTCQB under the symbol "BFDI". Additional information on Brekford can be accessed online at www.brekford.com.
Forward-Looking Statements. This press release contains "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 (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2013, including but not limited to the discussion under "Risk Factors" therein, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.