It's critical for shareholders to understand the long-term revenue impact of our Traffic Safety Group.
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Hanover, Maryland (PRWEB) October 05, 2011
Brekford Corp. (OTCQB: BFDI) (“Brekford” or “Company”), a leading homeland technology service provider of fully integrated vehicle installation services, rugged mobile technology and automated traffic safety solutions is pleased to update shareholders on the launch and growth of its Traffic Safety Group (TSG).
By November of last year the Company had assembled a team of industry professionals and launched its end-to-end 360 degree automated traffic safety program. The solution provides municipalities a turn-key program including all the equipment, installation, permitting, hardware, software, maintenance, operation and back-office processing required to deploy a successful safety program.
Brekford’s Traffic Safety Group (TSG) highlights since inception include the following:
- Seven (7) multi-year contracts awarded in the Company’s home state of Maryland through municipalities in four (4) counties. Most of these contracts are in implementation phase. Through its ongoing growth strategy the Company plans to expand its geographic reach along the Eastern seaboard in 2012.
- Over 150,0000 violations have been mailed and $4.2 Million has been collected on behalf of TSG programs to date.
- Dawson James Securities Inc. equities analysts initiated research coverage on the Company with a "Buy" rating and 12-18 month target price of $1.00. Analysts comments from the report included, “We are forecasting this new group (TSG) to grow to $8.6 million in revenues in 2011E and over $15 million in revenues for 2012E from almost nil in 2010, while at the same time operating at a profit.”
- Endorsements received from law enforcement and government officials, including; Morningside, Maryland Police Chief Eugene Mills, “With Brekford’s technology and support services our children and pedestrians will be safer and our manpower more efficiently utilized throughout the community.” Capitol Heights, Maryland Mayor Kito James, “We are encouraged by the overwhelming success of the Speed Monitoring Systems deployed across the U.S. and the State of Maryland and feel that this technology will assist us in achieving our goals for making our communities safer."
Company CEO, C.B. Brekford stated, “It's critical for shareholders to understand the long-term revenue impact of our Traffic Safety Group (TSG). Where our vehicle upfitting group provides stability, our TSG delivers significant growth potential both near term as well as over the next 3-5 years."
Managing Director Maurice Nelson added, “Automated traffic safety is a growth industry with only 14 states currently legislating the use of speed cameras. We expect Company growth to run parallel with ongoing legislation as research continues to support the positive impact to municipalities across the country.”
In Spring of 2009, The Maryland State General Assembly passed Maryland Transportation Law §21-809 allowing the use of "photographic speed-monitoring systems". As a result of this legislation, the Maryland Transportation Article includes the use of photographic speed-monitoring systems in its school zones. A photographic speed-monitoring system is a speed-measuring system that works in conjunction with a photographic, video, or electronic camera to automatically measure the speed and produce photographs or digital images of vehicles violating a speed limit or speed restriction.
As of September 2011 in the U.S., red light cameras are used in approximately 553 communities while speed cameras are used in more than 103 jurisdictions. According to the Insurance Institute for Highway Safety, in 2010 a review of 28 studies into the impact of speed enforcement technology found that injury and fatal crashes fell as much as 60 percent in areas with speed cameras. The cost to U.S. municipalities from speed-related crashes, as reported by the National Highway Safety Administration, is over $40 billion annually.
For over a decade, Brekford has been providing services to the U.S. military, various federal entities and numerous security and public safety agencies throughout the United States with an end-to-end suite of mobile computer and video technology, vehicle upfitting services, and automated traffic safety solutions. Brekford is a one-stop shop with its unique 360-degree approach to vehicle upfitting services, cutting edge mobile and video technology, and automated traffic enforcement services for homeland security and law enforcement agencies. Additional information about Brekford may be found online at http://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. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, market conditions, the cost and success of development activities and ability to successfully manage growth. 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 the important risks, trends and uncertainties which could cause actual results to differ materially from the forward-looking statements in this press release. The Company expressly disclaims any obligation to update any forward-looking statements.