Tickers: PINX:GKPRF, XTSE:GSI
Abbotsford, BC - TheNewswire - April 6, 2020 - Gatekeeper Systems Inc. ('Gatekeeper' or the 'Company') (TSXV:GSI) (OTC:GKPRF) (FSE:1GK) a leading provider of intelligent video solutions for public transport and smart cities, provides a corporate update relating to its operations during the COVID-19 outbreak.
Gatekeeper, through its subsidiary Gatekeeper Systems USA Inc., has been deemed an essential business during the emergency order which temporarily prohibits operation of non-essential businesses in Pennsylvania. The Company's business relating to the Southeastern Pennsylvania Transportation Authority (SEPTA) continues normal operations. SEPTA is the Company's largest customer and represented approximately 30% of the Company's revenues during its 2019 fiscal year.
The Company reports no material change in its contract with SEPTA announced on October 17, 2019 to provide annually recurring services valued at approximately $2.36 million per year.
The Company reports no material change in its contract with SEPTA announced on October 9, 2019 to supply and install digital video recorders on SEPTA vehicles and trains in a contract valued at approximately $6.3 million. This contract is expected to be billed during the second half of the Company's fiscal year which ends August 31, 2020.
Gatekeeper has adjusted its business operations during the COVID-19 outbreak to firstly ensure the safety of its employees as its top priority. Protection procedures for service technicians have been implemented and office employees are working from home where possible. The Company is also working with its suppliers and customers during this period of business disruption to ensure continuity of business operations where possible.
The Company will report its financial results for its second quarter ended Feb 29, 2020 by the prescribed filing due date of April 29, 2020.
Gatekeeper also announces that it has granted an aggregate of 675,000 incentive stock options to certain directors, officers, employees and consultants under the Company's stock option plan, subject to regulatory approval. The stock options are exercisable at a price of $0.135 for a period of five years from the date of grant and subject to vesting provisions.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems for Smart City initiatives. The Company's Platform-as-a-Service (PaaS) business model is designed to connect moving vehicles in the era of Internet of Things (IOT).
Cautionary Note Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management's discussion and analysis for the quarter ended November 30, 2019. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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