Autoscope Technologies Corporation Names Ezekiel J. Kruglick as a Director and Enters into a Real Property Purchase Agreement
02 Setembro 2021 - 5:05PM
Autoscope Technologies Corporation (“Autoscope”) (Nasdaq:
AATC) today announced that Ezekiel (“Zeke”) J. Kruglick has been
appointed to its Board of Directors, effective September 1, 2021,
and that Image Sensing Systems, Inc. ("ISNS"), a wholly-owned
subsidiary of Autoscope, entered into a real property purchase
agreement.
Dr. Kruglick has served on the Board of
Directors of Cognitive Battery Systems since October 2017.
Since January 2021, Dr. Kruglick has served as a Technical Advisor
to the Board of PaperClip Inc., a leading supplier of enterprise
cloud content management services that enable document management,
communications, and data transcription focused on achieving
“Straight Through Processing”. Dr. Kruglick also served as Chief
Executive Officer and Director of Ardent Research, a full service
research and development boutique firm specializing in technology
development, from November 2009 to April 2021, when it was sold.
From July 2016 to January 2020, Dr. Kruglick served as a Technical
Advisor to the Executive Chairman and Board of Directors of ISNS.
Dr. Kruglick received his B.S. and M.S. in electrical engineering
and computer science from the University of California,
Los Angeles, and his Ph.D. in electrical engineering and
computer science from the University of California, Berkeley.
Andrew T. Berger, Autoscope’s CEO and Executive
Chairman, commented, “The addition of Dr. Kruglick to the
Board of Autoscope Technologies Corporation further enforces
the transformation of the Company into an organization that will
build winning businesses anchored by innovation and rapid
development. Dr. Kruglick has developed over 700 patents
during his career, which highlights his ability to think about
innovation. As a former technical advisor to the ISNS's board
of directors, we witnessed first-hand Dr.
Kruglick's acumen, and we are now honored to have him join the
Company's board to continue our mission of building the next
chapter.”
On August 27, 2021, ISNS and TJ&Z
Family Limited Partnership, a Minnesota limited partnership
("TJ&Z"), entered into a real property Purchase Agreement (the
"Agreement"). The real property being purchased by ISNS under
the Agreement is located at 1115 Hennepin Avenue, Minneapolis,
Minnesota, with a purchase price for the property of $2,050,000,
subject to adjustments if certain conditions are not satisfied.
The Agreement provides ISNS with sixty days
after August 27, 2021 (the "Inspection Period") in which to
undertake any studies, tests, investigations, and inspections of
the property. Under the Agreement, the closing of the
purchase and the sale of the property is subject to certain
contingencies, including that ISNS shall have received, on or
before the end of the Inspection Period, the commitments for the
financing necessary and sufficient, in ISNS's sole discretion,
to implement ISNS's plans to complete the purchase of the
property. The Agreement also contains representations and
warranties made by each of ISNS and TJ&Z to the other
party. The closing of ISNS's purchase of the property is
expected to occur within 15 days after the expiration of the
Inspection Period.
About Autoscope Technologies
Corporation
Autoscope Technologies
Corporation creates value through owning and supporting
operating subsidiaries and investments, anchored by core
investments in the fields of technology and engineering.
Autoscope's main subsidiary is Image
Sensing Systems, Inc. Image Sensing Systems, Inc. (ISS) is a
global company committed to providing above-ground technology
products for advanced traffic management systems, traffic data
collection applications, and related markets. ISS pioneered
video image processing, also known as machine vision, for vehicle
detection and continues to be a technology leader today. ISS'
industry leading products include the Autoscope® video detection
family and the RTMS® radar detection family.
With more than 140,000 instances sold in over 70
countries worldwide, Image Sensing Systems remains dedicated to
helping improve safety and efficiency for cities and highways by
providing meaningful and reliable data through innovative
technologies, applications, and solutions.
Safe Harbor
Statement: Statements made in this release
concerning the Company’s or management’s intentions, expectations,
or predictions about future results or events are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements reflect management’s current
expectations or beliefs, and are subject to risks and uncertainties
that could cause actual results or events to vary from stated
expectations, which variations could be material and adverse.
Factors that could produce such a variation include, but are not
limited to, the following: the inherent unreliability of earnings,
revenue and cash flow predictions due to numerous factors, many of
which are beyond the Company’s control; developments in the demand
for the Company’s products and services; relationships with the
Company’s major customers and suppliers; the mix of and margins on
the products we sell; unanticipated delays, costs and expenses
inherent in the development and marketing of new products and
services; adverse weather conditions in our markets; the impact of
governmental laws, regulations, and orders, including as a result
of the COVID-19 pandemic caused by the coronavirus;
international presence; tariffs and other trade barriers; our
success in integrating any acquisitions; potential disruptions to
our supply chains (including disruptions caused by geopolitical
events, military actions, work stoppages, nature disasters, or
international health emergencies, such as the COVID-19 pandemic);
and competitive factors. Our forward-looking statements speak only
as of the time made, and we assume no obligation to publicly update
any such statements. Additional information concerning these and
other factors that could cause actual results and events to differ
materially from the Company’s current expectations are contained in
the Company’s reports and other documents filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2020 filed on March 11, 2021.
Contact: |
Frank Hallowell, Chief Financial
Officer |
|
Andrew Berger, Chairman, President and Chief Executive
Officer |
|
Autoscope Technologies Corporation Phone:
612.438.2363 |
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