Exhibit
99.1
News Release
Brekford Announces Extension of Exclusivity Period Associated with
Proposed Sale of Vehicle Services Business to LB&B
Associates
- Exclusivity provision extended to February 1, 2017 -
HANOVER, Maryland – January 20, 2017 – Brekford
Corp. (OTCQX: BFDI), a leading
public safety and security technology service provider of fully
integrated automated traffic safety enforcement
(“ATSE”) solutions, parking and traffic enforcement
solutions, and an end-to-end suite of technology solutions for
public safety vehicles and mobile workers, announced today that it
has agreed to extend the exclusivity period associated with the
non-binding letter of intent (“LOI”) to sell its
vehicle services business to LB&B Associates
Inc.
The LOI, which was entered into on December 23, 2016, contained an
exclusivity provision through January 20, 2017, during which
time the Company has
agreed it will not solicit, negotiate, entertain or accept any
third-party proposals regarding the acquisition of the subject
assets. The Company extended
the exclusivity provision through February 1, 2017 in order to
provide additional time for both parties to complete negotiation of
definitive agreements and to obtain approval by respective boards
of directors of LB&B and the Company.
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 solutions and an end-to-end suite of technology and
equipment for public safety vehicle upfitting. Brekford's
combination of upfitting 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 Markets under the symbol "BFDI."
Additional information on Brekford can be accessed online at
www.brekford.com.
About LB&B Associates Inc.
LB&B
Associates Inc. is a diversified services company operating in over
twenty-five states, the District of Columbia, and overseas
locations. Its services include facilities management, operations
and maintenance, logistics support, simulation systems support and
training, base operations support, and commercial support. More
than 1,300 associates nationwide provide a broad range of services
to federal agencies, state governments, commercial businesses, the
military, NATO, hospitals, churches, research centers, and
educational facilities. Key customers include the U.S. Navy, Air
Force, Army, Marine Corps, GSA, National Archives, HHS, and
DHS.
LB&B is headquartered in Columbia, Maryland.
Additional information can be accessed online at
www.lbbassociates.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of that term in Section 21E of the Securities Exchange Act
of 1934, as amended. Words such as "anticipate," "expect,"
"project," "intend," "plan," "believe," "target," "aim," "should,"
and words and terms of similar substance and any financial
projections used in connection with any discussion of future plans,
strategies, objectives, actions, or events identify forward-looking
statements. Forward-looking statements include, among others, those
concerning our expected financial performance and strategic and
operational plans, as well as all assumptions, expectations,
predictions, intentions or beliefs about future events. These
statements are based on the beliefs of our management as well as
assumptions made by and information currently available to us and
reflect our current views concerning future events. As such, they
are subject to risks and uncertainties that could cause our results
to differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
among many others: the risk that any projections, including
earnings, revenues, expenses, synergies, margins or any other
financial items that form the basis for management's plans and
assumptions are not realized; a reduction in industry profit
margin; requirements or changes affecting the business in which we
are engaged; our ability to successfully implement new strategies;
operating hazards; competition and the loss of key personnel;
changing interpretations of generally accepted accounting
principles; continued compliance with government regulations;
changing legislation and regulatory environments; and the general
volatility of the market prices of our securities and general
economic conditions. Readers are referred to the documents filed by
Brekford Corp. with the SEC, specifically the Company's most recent
reports filed on Form 10-K and Forms 10-Q, which further identify
important risks, trends and uncertainties which could cause actual
results to differ materially from the forward-looking statements in
this press release. Brekford Corp. expressly disclaims any
obligation to update any forward-looking statements.
Company
contact:
Rod
Hillman, President and COO
(443)
557-0200
investors@brekford.com