HANOVER, MD -- (Marketwired) -- 04/03/13 -- Brekford Corp. (OTCBB: BFDI) (OTCQB: BFDI) ("Brekford" or "the Company"), a leading provider of public safety technology and automated traffic enforcement solutions, vehicle upfitting, and rugged mobile technology, today announced that its wholly-owned subsidiary, Municipal Recovery Agency, LLC ("MRA"), has entered into a contract with the City of Laurel, Maryland for the provision of delinquent parking citation collection services.
"This represents an important contract for MRA, which was formed in 2012 to target the growing need among large and small municipalities for the more effective collection of delinquent receivables," commented C. B. Brechin, Chief Executive Officer of Brekford Corp. "Studies have shown that municipalities throughout the U.S. are carrying over $40 billion of uncollected receivables on their books. Such receivables are comprised of unpaid Red light, speeding and parking tickets, past-due utility bills, late fees, and similar unpaid obligations that, if monetized, would provide represent significant revenue opportunities for budget-conscious municipal government agencies."
"Brekford's experience in automated traffic safety enforcement has allowed us to build a collection infrastructure that is capable of handling receivables for all types of vehicle-based violations," continued Brechin. "The proprietary platform that powers our suite of financial collection services is similar in nature to the Company's Ip360 degrees software, which is used in conjunction with solutions provided by our Automated Traffic Enforcement Group. The software includes receivables management, vehicle owner information management, pre-collection data purification, skip tracing and contact management that leverages and complements our existing call center infrastructure."
"As with most of our automated traffic safety enforcement contracts, MRA enters into violator-funded programs that require no out-of-pocket expenditures by the municipalities. While this is a new business for Brekford that will generate modest revenue in 2013, we believe the collection of delinquent municipal receivables could eventually become one of our largest and most profitable business segments," concluded Brechin.
The City of Laurel contract was signed on April 1, 2013, and covers an initial period of one year and includes up to four one-year renewals.
About Brekford Corp.
Brekford Corp. has provided state-of-the-art mobile technology and traffic safety solutions to the U.S. military, various federal entities and numerous security and public safety agencies throughout the United States for more than ten years. The Company's 360-degree solution includes automated traffic enforcement programs, delinquent municipal receivables processing and collection, an end-to-end suite of mobile computer and video technology products, and turn-key law enforcement vehicle upfitting services.
The Company is headquartered in Hanover, Maryland (Baltimore metropolitan area) and its common stock trades on the OTC Bulletin Board and OTCQB under the symbol "BFDI". Additional information about Brekford may be found online at 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.
R. Jerry Falkner, CFA
RJ Falkner & Company, Inc.
Investor Relations Counsel
or via email at firstname.lastname@example.org
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