Business
Gatekeeper Provides Update on $6.3M Contract Previously Announced
(via TheNewswire) Abbotsford, BC - TheNewswire - July 9, 2020 - Gate...
About this update from Gatekeeper Systems, Inc.
[{"type":"text","content":"Gatekeeper Provides Update on $6.3M Contract Previously Announced(via TheNewswire)\n \n \nAbbotsford, BC - TheNewswire - July 9, 2020 - Gatekeeper Systems Inc. ('Gatekeeper' or the 'Company') (TSXV:GSI) (OTC:GKPRF) (FSE:1GK) a leading provider of intelligent video solutions for public transport and smart cities, provides the following update regarding the $6.3 million contract previously announced on October 9, 2019 and referenced within the Company's press release April 6, 2020.\n\n\n \nThe Company recently reported revenues of $12.6 million for the nine months ended May 31, 2020 and the Company estimates that approximately $1.8 million of the $6.3 million contract was included within that period. \n\n\n \nThe Company expects that at least $4 million remaining from the $6.3 million contract will be billed within the fiscal fourth quarter ending August 31, 2020 in addition to the Company's normal course operations. Normal course operations in the fiscal fourth quarter has historically represented the Company's strongest quarter. \n\n\n \nThe $6.3 million contract is for the supply and install of digital video recorders on vehicles and trains for the sixth largest transit authority in the US, and includes crash hardened memory modules for recording video evidence in compliance with the National Transportation Safety Board standards. \n\n\n \nFull details of the financial reports and operating results for the third quarter ended May 31, 2020 are described in the Company's condensed interim consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR at www.sedar.com.\n\n\n \nAbout Gatekeeper Systems Inc.\n\n\n \nGatekeeper is a leading provider of intelligent video solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems for Smart City initiatives. The Company's Platform-as-a-Service (PaaS) business model is designed to connect moving vehicles in the era of Internet of Things (IOT). www.gatekeeper-systems.com\n\n\n \nContact Information:\n\n\n \nDouglas Dyment\n\n\n \nPresident & CEO \n\n\n \[email protected]...