|By Marketwired .||
|December 27, 2013 08:50 AM EST||
HANOVER, MA -- (Marketwired) -- 12/27/13 -- Brekford Corp. (the "Company") (OTCBB: BFDI) (OTCQB: BFDI), a leading public safety technology service provider of fully integrated traffic safety solutions, parking enforcement citation collections and an end-to-end suite of technology equipment for public safety vehicle services, today announced that the Company has refocused on significant new growth opportunities in its core business segments following the recent mutual termination of its contract with Baltimore, Maryland involving the City's Automated Traffic Violation Enforcement System ("ATVES") program.
A spokesperson for Brekford Corp. noted that the Company is proud of its efforts and accomplishments in working with the City to analyze and remedy certain elements of the speed and red light camera program that needed attention from the City's previous contractor.
The mutual termination of the contract will allow the City to re-evaluate the scope of its ATVES program with respect to implementation procedures, City resource allocation, vendor participation, and vendor payment structure. According to Kevin Harris, a spokesman for Mayor Stephanie Rawlings-Blake, "Brekford expended significant resources to help create a system that performed at the highest standard, but ultimately it became clear that Baltimore needs to move in a direction to ultimately build a system that uniquely fits our city." Brekford is pleased that the City intends to utilize the seventy-two (72) speed camera units acquired from the Company moving forward, thus affirming the benefits of Brekford's technology.
"Despite significant Company resource allocation and expenditures, it was evident that we could not reach agreement on a clear 'go live' date for the program," stated Rod Hillman, President and Chief Operating Officer of Brekford Corp. "Brekford supports the City's decision to move forward in a direction that is consistent with its stated objectives, and we will assist with the transition in keeping with the terms of our agreement with the City. Our working relationship with the City remains solid, as evidenced by our recent receipt of a contract for IT and vehicle up-fitting services from the Baltimore City Department of Public Works."
"We can now refocus management's attention and our corporate resources upon the expansion of our core business segments, which include automated traffic enforcement, parking citation issuance and collection services, and vehicle up-fitting services," added C.B. Brechin, the Company's Chief Executive Officer. "We are optimistic that Brekford can return to profitability in 2014 and believe our growth prospects will continue to expand as more state, county and municipal governments grapple with the challenges of efficient resource utilization within the constraints of limited operating budgets. Our technology, support capabilities, and management team have been greatly strengthened, and we look forward to expanding nationally and globally with an array of innovative products and turnkey solutions scheduled for launch in 2014."
Under the terms of the Contract and the Settlement and Release Agreement with the City of Baltimore executed on December 18, 2013, Brekford received cash payments totaling $2.8 million during the course of the Contract. Brekford also acknowledged that all hardware associated with the Contract is the property of the City, with the exception of ten (10) portable speed camera systems and the modems installed in eighty-two (82) red light camera systems.
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 citation collections and an end-to-end suite of technology and equipment for public safety vehicle up-fitting. Brekford's combination of up-fitting 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 trades on the OTC Bulletin Board and the OTCQB under the symbol "BFDI". Additional information on Brekford can be accessed online at www.brekford.com.
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.
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