MARK - Remark soars on $6M contract from Rio De Janeiro police for AI tech

2023-05-31 09:34:55 ET

• Remark ( NASDAQ: MARK ) stock rose ~13% on Wednesday after the company said it won the first phase of a rollout by the Rio De Janeiro police department to equip their existing police car fleet with license plate and facial recognition capabilities.
• The deployment is scheduled to be completed over the next 120 days and is a 30-month recurring revenue subscription contract valued at over $6M.
• Remark AI's license plate and mobile facial recognition technology will allow the police to automate, screen and identify suspected vehicles and people of interest while following routine patrol traffic, the company added.
• The current technical due diligence period, when passed, will immediately grant additional revenue opportunities for phase 2 and phase 3, according to the company.
• Remark AI is collaborating with a local Brazilian system integrator iProp.Tech to execute and implement the requirements requested by the police department.

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