Rekor Systems Bags $16.8 Mln Contract

(RTTNews) - Rekor Systems, Inc.(REKR), a provider of public safety, urban mobility, and transportation infrastructure solutions, said on Monday that it has reached a deal with the Oklahoma District Attorneys Council to continue as the technology partner for its uninsured vehicle enforcement diversion program.

The contract carries a total value of $16.8 million over a multi-year term. Rekor's vehicle recognition sensors are deployed statewide to capture vehicle data and cross-reference it with the Oklahoma insurance verification system. When an uninsured vehicle is identified, the owner receives a notice to obtain liability insurance and maintain insurance coverage for two years.

The contract comes as the national uninsured driving crisis deepens. According to the Insurance Information Institute, the state now ranks 27th nationally in uninsured motorist rates.

REKR was up by 20.21% at $1.050 in the pre-market trade on the Nasdaq.