Gatekeeper Provides Update on $6.3M Contract Previously Announced
Abbotsford, BC – July 9, 2020 – Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSX-V: GSI) (OTC: GKPRF) (FSE: 1GK) a leading provider of intelligent video solutions for public transport and smart cities, provides the following update regarding the $6.3 million contract previously announced on October 9, 2019 and referenced within the Company’s press release April 6, 2020.
The Company recently reported revenues of $12.6 million for the nine months ended May 31, 2020 and the Company estimates that approximately $1.8 million of the $6.3 million contract was included within that period.
The Company expects that at least $4 million remaining from the $6.3 million contract will be billed within the fiscal fourth quarter ending August 31, 2020 in addition to the Company’s normal course operations. Normal course operations in the fiscal fourth quarter has historically represented the Company’s strongest quarter.
The $6.3 million contract is for the supply and install of digital video recorders on vehicles and trains for the sixth largest transit authority in the US, and includes crash hardened memory modules for recording video evidence in compliance with the National Transportation Safety Board standards.
Full details of the financial reports and operating results for the third quarter ended May 31, 2020 are described in the Company’s condensed interim consolidated financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.
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
President & CEO
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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