Corporate Name Changed to Brekford Traffic Safety, Inc.; New Contracts Signed; Global Public Safety Acquires South Carolina Upfitter
HANOVER, MD / ACCESSWIRE / June 20, 2017 / Brekford Traffic Safety, Inc. (OTCQX: BFDI), a leading public safety technology service provider of fully integrated automated traffic safety enforcement ("ATSE") solutions, today announced several key developments since the signing of its merger agreement with Keystone Solutions, Inc. on February 10, 2017.
Corporate Name Change
On June 8, 2017, the Company's name was changed from Brekford Corp. to Brekford Traffic Safety, Inc. to more accurately reflect its mission in providing focused traffic safety solutions to municipalities and law enforcement agencies.
Brekford recently signed new photo enforcement program contracts in Chesapeake Beach, Maryland and Wetaskiwin, Alberta Canada. Additionally, the Company has signed multi-year contract extensions with most of its current customers, and several have expanded their programs recently.
Global Public Safety Acquires Vehicle Upfitter
Brekford's minority investment in Global Public Safety ("GPS") is already beginning to show some benefit. GPS recently completed an acquisition of Light-N-Up of Roebuck, South Carolina. Light-N-Up has more than 25 years' experience serving law enforcement and other public safety agencies in North and South Carolina.
On June 9, 2017, the Company and Keystone Solutions submitted an amended Form S-4 Registration Statement to provide the most recent financial data and to address certain questions asked by the SEC from the original filing. Once the S-4 is declared effective by the SEC, the merger will be completed and the new holding company name will be Novume Solutions, Inc., with Brekford Traffic Safety and Keystone Solutions surviving as wholly owned subsidiaries.
"Brekford has made significant progress since the sale of our vehicle services business and the merger announcement with Keystone Solutions earlier this year," commented Rod Hillman, President and COO of Brekford. "With our name change to Brekford Traffic Safety, a solid balance sheet, and a fresh focus on ensuring the highest levels of service to our ATSE customer base, we have been able to revamp our marketing and business development strategies to prepare for accelerated growth efforts. We are anxiously awaiting final approval of our merger with Keystone Solutions, so that we can more closely align our planning efforts and strategies."
Hillman added, "Brekford is also beginning to see benefits from our minority investment in Global Public Safety, who recently announced the acquisition of a prominent South Carolina upfitter for their East Coast expansion initiative. As expected, LB&B Associates, the majority owner of GPS, is aggressively pursuing a national footprint with the vehicle upfitting business. With regard to our core ATSE business, Brekford continues to emphasize our foundation as a public safety solutions provider. Our ATSE systems are developed by Brekford engineers and manufactured in the USA, which translates to continuous technology enhancements and lower costs for our customers. With the recent addition of new photo enforcement contracts in the U.S. and Canada, and the expansion and extension of existing customer programs, we believe we are well positioned to capture ATSE market share in 2017 and beyond."
About Brekford Traffic Safety, Inc.
Brekford Traffic Safety, Inc. provides state-of-the art automated traffic enforcement solutions to municipalities, and other public safety agencies in the United States, Canada, and Latin America. Its services include automated speed, red light, and distracted driving camera enforcement programs. Brekford's combination of automated traffic enforcement services with a longstanding background and foundation in public safety solutions offers a unique 360-degree solution for law enforcement agencies and municipalities.
The Company invests heavily in research and development to deliver advanced traffic safety enforcement solutions and reliable service to its customers. Brekford's range of technologies include its P2S Speed Enforcement System, Safety Zone SpeedAlert Radar Signs, BRAVA Red Light Enforcement System, and back office iP360 Violation Processing and Evidence Management Suite. We develop each solution to yield better results through innovative designs and manufacturing in the U.S., high quality engineering and components, flexible and easy-to-use tools, and proven chain of custody.
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.
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.
Rod Hillman, President and COO
SOURCE: Brekford Traffic Safety, Inc.