rekr_ex991
Exhibit 99.1
Rekor Systems Comments On Offer To Purchase Iteris
COLUMBIA, Md., March 1, 2021 -- Rekor Systems, Inc.,
(NASDAQ: REKR) (“Rekor”) (the “Company”) a
Maryland-based company providing real-time roadway, customer and
public safety intelligence to enable AI-driven decisions,
announced today that on February 20,
2021, it had advised Iteris, Inc. (NASDAQ: ITI) that it was
prepared to offer to purchase all of Iteris’ outstanding
common stock. The offer to Iteris
was for a combination of cash
and common stock subject to
confirmatory diligence and approval of both boards of directors. On
February 26th, Rekor was advised that the board of directors of
Iteris “has decided at this time the combination of the
two companies would not be in
the best interest of [Iteris’]
shareholders.”
“Since announcing our active consideration of potential
merger partners several weeks ago, we’ve received a number of
inquiries about a possible combination with Iteris from Rekor
shareholders and investors. Obviously, we haven’t been in a
position to respond,” said Robert Berman, Rekor CEO.
“We are clearly disappointed with their swift rejection and
wanted to avoid any inappropriate speculation.”
Links to the exchange of correspondence: Rekor’s
offer, Iteris’
response and
Rekor’s
reply to the response dated
February 27, 2021.
About Rekor Systems, Inc.
Rekor
(Nasdaq: REKR) is a Maryland-based company providing real-time
roadway, customer and public safety intelligence to enable
AI-driven decisions. Rekor provides customers with actionable,
real-time mobility and vehicle recognition data and software to
support faster, smarter decisions that lead to better outcomes.
Rekor is transforming industries like Public Safety, Customer
Experience, and Smart Cities in more than 70 countries across the
globe with smarter, quicker, cost-competitive vehicle recognition
solutions for security, revenue discovery and recovery, public
safety, electronic toll collection, brand loyalty, parking
operations, logistics, and traffic management. We harness the power
of artificial intelligence to analyze video streams and use it as
the engine for products and services that are transforming
government and commercial operation. Our machine learning software
can turn most IP cameras into highly accurate and affordable
vehicle recognition devices used to help protect lives, increase
brand loyalty, and enhance operations and logistics, without the
need to install expensive new infrastructure. We make what was once
considered impossible, possible. To learn more please visit our
website: https://rekor.ai.
Additional Information
This
communication does not constitute an offer to buy or solicitation
of an offer to sell any securities. This communication relates to a
proposal which Rekor has made for a business combination
transaction with Iteris. In furtherance of this proposal and
subject to future developments, Rekor (and, if a negotiated
transaction is agreed, Iteris) may file one or more registration
statements, proxy statements, tender or exchange offer statements,
prospectuses or other documents with the SEC. This communication is
not a substitute for any proxy statement, registration statement,
tender or exchange offer statement, prospectus or another document
Rekor or Iteris may file with the SEC in connection with the
proposed transaction. INVESTORS AND SECURITY HOLDERS OF REKOR AND
ITERIS ARE URGED TO READ ANY SUCH PROXY STATEMENT, REGISTRATION
STATEMENT, TENDER OR EXCHANGE OFFER STATEMENT, PROSPECTUS AND OTHER
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND
WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. Any definitive proxy
statement or prospectus (if and when available) will be delivered
to shareholders of Iteris or Rekor, as applicable. Investors and
security holders will be able to obtain free copies of these
documents (if and when available) and other documents filed with
the SEC by Rekor through the website maintained by the SEC
at http://www.sec.gov.
Forward-Looking Statements
This
press release includes statements concerning Rekor Systems, Inc.
and its future expectations, plans and prospects that 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 Act of 1934, as amended. Such forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. For this purpose,
any statements that are not statements of historical fact may be
deemed to be forward-looking statements. In some cases, you can
identify forward-looking statements by terms such as "may,"
"should," "expects," "plans," "anticipates," "could," "intends,"
"target," "projects," "contemplates," "believes," "estimates,"
"predicts," "potential," or "continue," by the negative of these
terms or by other similar expressions. You are cautioned that such
statements are subject to many risks and uncertainties that could
cause future circumstances, events, or results to differ materially
from those projected in the forward-looking statements, including
the risks that actual circumstances, events or results may differ
materially from those projected in the forward-looking statements,
particularly as a result of various risks and other factors
identified in our filings with the Securities and Exchange
Commission. Important factors that could have such a result include
a decline or weakness in general economic conditions, an outbreak
of hostilities, the ongoing pandemic and responses thereto related
to COVID-19, a decline or volatility in the securities markets or
regulatory changes or other adverse developments with respect to
the markets for the Company’s products and services or an
inability to obtain adequate financing. All forward-looking
statements contained in this press release speak only as of the
date on which they were made and are based on management's
assumptions and estimates as of such date. We do not undertake any
obligation to publicly update any forward-looking statements,
whether as a result of the receipt of new information, the
occurrence of future events, or otherwise.
Media
Contact:
Robin
Bectel
REQ for
Rekor Systems
rekor@req.co
Investor
Contact:
Charles
Degliomini
Rekor
Systems, Inc.
cdegliomini@rekor.ai