Business
Rekor Announces Financing to Solidify Cash Position and Accelerate Business Growth and Technology Development
Company gains major interest from multinational strategic investors to advance Rekor state-of-the-art data and AI tech via potential investmentsCOLUMBIA, MD /
About this update from Rekor Systems, Inc.
[{"type":"text","content":"Company gains major interest from multinational strategic investors to advance Rekor state-of-the-art data and AI tech via potential investmentsCOLUMBIA, MD / ACCESSWIRE / December 21, 2022 / Rekor Systems, Inc. (NASDAQ:REKR) (\"Rekor\" or the \"Company\"), a global AI technology company with a mission to provide insights that build safer, smarter, and greener cities through intelligent infrastructure, today announced it has executed a term sheet providing for the issuance of up to $15 million in notes (\"the Notes\") to solidify its cash position and to accelerate its growth plan. Proceeds will provide necessary funding for Company's execution plan across its public safety, urban mobility, and transportation management business. The Company's Chairman and CEO, Robert A. Berman, has arranged and will participate in this financing.The financing will provide funds to continue the Company's current business initiatives, including further development of the Company's Rekor OneTM platform, which has been designed to serve as a unified source of roadway intelligence, aggregating and analyzing multiple pools of historical and real-time data to provide insights that make transportation networks safer, smarter and greener.\"As historic infrastructure investments are being planned to transform our communities in the United States, we are seeing increasing demand for digital infrastructure technology,\" said Rekor's Chief Revenue Officer, Michael Dunbar. \"Traffic studies play an important early role in planning, and enhanced technology that provides more accurate and detailed data can be a very valuable aid in this process. At this point, Rekor has been granted permission by more than a dozen state Departments of Transportation to launch proof of capability sites of our edge-based Class, Count & Speed Applications. Implementation of these systems has begun.\"The Company also announced that it has retained Three Twenty-One Capital as financial advisor to assist in ongoing discussions with several large multinational companies, including current business partners. These discussions concern potential strategic investments in Rekor to enhance the company's future growth and accelerate the development of the Rekor OneTM platform. There can be no assurance that a specific transaction will result from the discussions. \"Due to the significant op...