Exhibit
99.1
Novume
Intends to Acquire OpenALPR Technology,
Inc.
Disruptive Artificial Intelligence-Based Software Application
Enables Automated License Plate Reading Using Nearly Any IP Camera
System
CHANTILLY, VA / ACCESSWIRE / September 20, 2018 /
Novume
Solutions, Inc.
(NASDAQ: NVMM)
a holding company that integrates technology and human capital to
solve complex client challenges in today’s world, announced
today that effective September 17, 2018, it entered into a binding
letter of intent with
OpenALPR Technology,
Inc.
(OpenALPR). The letter of
intent sets forth the parties’ intent for Novume to acquire
the assets of OpenALPR. OpenALPR is a privately-held Boston,
Massachusetts-based company that is internationally recognized as a
leading provider of automated license plate reader (LPR) technology
used by both law enforcement and commercial
clients.
Brekford Traffic Safety, Inc.
(Brekford), a wholly-owned subsidiary of Novume,
has been working with OpenALPR since February 2018 to incorporate
OpenALPR’s technology into Brekford’s products and
services. Brekford is a leading public safety service
provider.
OpenALPR’s software is currently running on over 2,000
cameras, capturing millions of license plates per day, that are
operated by more than 400 clients in over 20 countries. Recent
OpenALPR assignments include incorporating its software with
approximately 1,000 fixed cameras as part of a city-wide
surveillance project in one of Mexico's largest urban areas.
OpenALPR’s software is also being piloted for use by one of
the world’s largest fast food companies to enhance their
customers’ drive-thru experience. A Fortune 20 company is
also evaluating the software to streamline logistics by matching
tractor and trailer license plates as shipments move between the
client’s distribution centers.
This transaction is subject to closing conditions, including
satisfactory completion of due diligence, entry into definitive
agreements, approval of the transaction by Novume’s board of
directors and consummation of a financing transaction.
“OpenALPR is a game changer within the LPR industry,
providing unparalleled accuracy of reads not only for license
plates, but also instantaneous identification of vehicle make,
model and color. More importantly, it can be deployed to work with
existing camera technology infrastructures in both law enforcement
and commercial channels,” said Robert Berman, Novume’s
CEO.
Matt Hill, OpenALPR’s CEO, said “We’re
enthusiastic to join forces with Novume in expanding their law
enforcement and government support capabilities. OpenALPR delivers
best-in-class solutions for LPR, by leveraging dramatic
advancements in artificial intelligence-based software development.
We are also excited about LPR growth potential in commercial
channels such as private security, logistics, and retail, where we
have recently made some significant inroads.”
Rod Hillman, Brekford’s President, said “OpenALPR has
proven to be the perfect fit for our
Argos Guardian Move
Over Camera
™ and has
important applications for our installed base of automated speed
and red-light camera systems in the US and
Canada.”
The acquisition is also expected to provide applications for other
Novume subsidiaries. “Equally exciting is the potential for
the existing business development units within our subsidiaries to
offer OpenALPR’s technology and solutions to a wide variety
of government, private industry and education clients and to take
advantage of OpenALPR’s proven capabilities in the area of
artificial intelligence. We are thrilled to integrate the OpenALPR
team within the Novume family of companies,” said
Berman.
Additional information regarding the transaction is available in
our Current Report on Form 8-K filed with the Securities and
Exchange Commission (SEC) on September 20, 2018, which is available
on the SEC Filings page of the Novume website.
About OpenALPR Technology, Inc.
OpenALPR builds software that enables automatic license plate and
vehicle recognition through virtually any IP camera. Its
industry-leading artificial intelligence-based solutions can be
hosted locally or in the cloud. Combined with its robust and
growing license plate database covering 60 countries,
OpenALPR’s software can identify in real time vehicle license
plate data, color, make, model and body type.
About Novume Solutions, Inc
.
Novume™ provides products and services to government and
private sector clients, with an emphasis on public safety, risk
management and workforce solutions. We are a holding company that
integrates technology and human capital to solve complex client
challenges in today’s world. We provide Solutions for a New
Generation™.
Forward-Looking Statements
This press release includes statements concerning Novume Solutions,
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,”
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“believes,” “estimates,”
“predicts,” “potential,” or
“continue,” by the negative of these terms or by other
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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
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particularly as a result of various risks and other factors
identified in our filings with the Securities and Exchange
Commission. 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
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forward-looking statements, whether as a result of the receipt of
new information, the occurrence of future events, or
otherwise.
Contact
Riaz
Latifullah
EVP
Corporate Development
info@novume.com
SOURCE:
Novume Solutions,
Inc.
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