AATC - Autoscope Technologies Corporation Announces Sale of RTMS Assets | Benzinga
MINNEAPOLIS, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Autoscope Technologies Corporation (OTCQX:AATC) (Autoscope) announced today that Image Sensing Systems, Inc. (ISS), a wholly-owned subsidiary of Autoscope, has signed a definitive agreement to sell all of the assets related to its RTMS radar detection product line to Sensys Networks, Inc. (Sensys Networks), a U.S. subsidiary of TagMaster AB, for approximately $4.8 million. The transaction has been approved by the boards of directors of Autoscope, ISS, Sensys Networks and TagMaster and remains subject to customary closing conditions and adjustments. The transaction is targeted to close by the end of the third quarter of 2023.
"We are pleased to be selling our RTMS radar detection product line to Sensys Networks, which is committed to growing the business globally," said Interim CEO of Autoscope, Frank Hallowell. "The launch of the RTMS Echo product line more than two years ago has established the RTMS product line as a performance leader for radar-based traffic data solutions in the U.S. and internationally," continued Mr. Hallowell. "Further to our effort to position Autoscope for the future, the decision to sell the RTMS radar product offering to Sensys Networks allows us to focus on growing the Autoscope video detection product line. This sale enhances our balance sheet to focus on investments in video-based detection in the future," concluded Mr. Hallowell.
ISS is a leading provider of above-ground detection and information management solutions for the Intelligent Transportation Systems (ITS) sector. ISS's industry-leading Autoscope video detection and RTMS radar detection product lines provide highly accurate and reliable intersection, highway, and wrong-way detection and transportation data solutions.
Sensys Networks is a leading provider of wireless traffic detection and data solutions for transportation agencies and smart cities.
TagMaster is an application oriented technical company developing and selling advanced sensor systems and solutions based on radio, radar, magnetic and camera technologies for demanding environments. TagMaster works in two segments - Segment Europe and Segment USA – with the trademarks TagMaster, Citilog and Sensys Networks – with innovative mobility solutions for increased efficiency, ...