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Autoscope Technologies Corporation Announces Sale of RTMS Assets
Autoscope Technologies Corporation Announces Sale of RTMS Assets.
About this update from Autoscope Technologies Corporation
[{"type":"text","content":"\n MINNEAPOLIS, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Autoscope Technologies Corporation (OTCQX: AATC) (Autoscope) announced today that Image Sensing Systems, Inc. (ISS), a wholly-owned subsidiary of Autoscope, has closed on its sale of all of the assets related to its RTMS radar detection product line to Sensys Networks, Inc. (Sensys Networks), a U.S. subsidiary of TagMaster AB, on August 31, 2023 for approximately $4.8 million in cash. The sale price is subject to certain customary post-closing adjustments that are expected to be immaterial and completed during the fourth quarter of 2023. Autoscope announced the signing by ISS and Sensys Networks of a definitive agreement for the sale of the RTMS radar detection product line in Autoscope’s press release dated August 28, 2023. ISS is a leading provider of above-ground detection and information management solutions for the Intelligent Transportation Systems (ITS) sector. ISS’s industry-leading Autoscope video detection solutions provide highly accurate and reliable intersection, highway, wrong-way detection and transportation data solutions. About Autoscope Technologies Corporation Autoscope Technologies Corporation is a global company dedicated to helping improve safety and efficiency for cities and highways by developing and delivering above-ground detection technology, applications and solutions. We give Intelligent Transportation Systems (ITS) professionals more precise and accurate information – including real-time reaction capabilities and in-depth analytics – to make more confident and proactive decisions. We are headquartered in Minneapolis, Minnesota. Visit us on the web at www.autoscope.com. Forward-Looking Statements Certain statements and information included in this release 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 of 1934, as amended. Forward-looking statements represent our expectations or beliefs concerning future events and can be identified by the use of forward-looking words such as “believes,” “may,” “will,” “should,” “intends,” “plans,” “estimates,” “expects,” “anticipates” or other comparable terminolog...