SAINT PAUL, Minn., July 10, 2012 /PRNewswire/ -- Image Sensing
Systems, Inc. (NASDAQ: ISNS) is pleased to report that a long-term
Federal transportation bill extension has been signed into
law. The bill, MAP-21, was signed last Friday by the
President and authorizes over $100
billion in spending through the end of the Federal
government's fiscal year 2014 which ends September 30, 2014. This is the first major
new legislation for transportation funding since the 2005 bill ran
out in September 2009 and was
subsequently extended in nine short increments to take funding
through June 30, 2012.
Ken Aubrey, CEO, said, "We are
happily surprised, contrary to the expectations of many, that this
bill made its way into law before the election. As we stated
in previous discussions on the matter, we believe it is critical
for our state and municipal customers to have an adequate advance
look ahead in Federal funding to be able to plan significant
projects. In our view, many of these projects became all but
impossible to plan due to the stop and start nature of ongoing
short extensions. We believe MAP-21 once again gives our
customers an improved time frame to make prudent, return-based
investment decisions that were difficult to contemplate when
funding was guaranteed for only a matter of months.
"As an intelligent transportation systems (ITS) solutions
provider, we are pleased that MAP-21 includes special promotion of
ITS and the expanded use of technology. The bill ensures ITS
technologies are eligible for funding in every major formula
program and that the Department of Transportation will establish a
performance management process to improve accountability around
transportation spending. Additionally, the bill supports
technology introduction and advancement through two means - the
restoration of the ITS research program, with funding of
$100 million per year; and the
creation of the Technology and Innovation Deployment program to
accelerate the adoption of new transportation technologies, with
funding of $63 million per year,"
continued Aubrey.
About Image Sensing
Image Sensing Systems, Inc. is a provider of software-based
detection solutions for the Intelligent Transportation Systems
(ITS) sector and adjacent markets including security, police and
parking. We have sold more than 125,000 units of our industry
leading Autoscope® machine-vision, RTMS® radar and CitySync
automatic number plate recognition (ANPR) products in over 60
countries worldwide. This depth of our experience coupled with the
breadth of our product portfolio uniquely positions us to provide
powerful hybrid technology solutions and to exploit the convergence
of the traffic, security and environmental management markets. We
are headquartered in St. Paul,
Minnesota. Visit us on the web at imagesensing.com.
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, including
ANPR products; adverse weather conditions in our markets; the
impact of governmental laws and regulations; increased
international presence; our success in integrating acquisitions;
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, 2011
filed in March 2012.
SOURCE Image Sensing Systems, Inc.