Abbotsford, BC - TheNewswire - November 10, 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, is pleased to announce the final completion of a previously-announced C$6.3 million contract for the design and supply of digital video recorders (DVRs) and crash hardened memory modules (CHMMs) that record and protect operating evidence in rail transit applications.
The DVRs and CHMMs have continuous-recording capabilities that can be used to verify crew actions and train operating conditions, which greatly aids accident investigations in the same way black boxes are used in the airline industry. They are compliant with the recommendation made by the National Transportation Safety Board (NTSB), which calls upon the Federal Transit Administration to install crash-resistant inward- and outward-facing cameras and continuous recorders in all rail transit vehicles.
Doug Dyment, CEO of Gatekeeper, commented: "We are enormously proud of this accomplishment and our team's successful execution. We have successfully completed a meaningful rail transit safety contract for the sixth largest transit authority in the US. This demonstrates our ability to design and deliver large-scale digital video recording solutions needed by transit authorities as they seek to comply with NTSB recommendations to improve rail transit safety. We believe that all transit trains and buses should be equipped with video and event recording devices to improve safety and aid in accident investigations, in the same way black boxes are used in the airline industry."
The C$6.3 million contract was initially announced on October 9, 2019 and the Company estimates that approximately C$1.56 million of this contract has been billed during its fiscal Q1 which ends November 30, 2020.
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). www.gatekeeper-systems.com
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 May 31, 2020. 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.
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