HANOVER, MD--(Marketwire - Aug 1, 2012) - Brekford Corp. (OTCBB: BFDI) (OTCQB: BFDI) ("the Company"), a leading provider of fully integrated traffic safety solutions, vehicle up-fitting services, and rugged mobile technology to municipal governments and public safety agencies, is pleased to announce the launch of its new financial services business.
Brekford Financial Solutions has targeted a growing need among large and small municipalities to more effectively collect outstanding receivables generated by municipal utility bills, court fines and traffic safety violations.
"The market for municipal receivables management is very large," noted Blair Tyler, Manager of Brekford Financial Solutions. "Currently, municipal governments throughout the United States are collectively carrying approximately $40 billion in delinquent receivables. In the face of budgetary shortfalls resulting from shrinking property taxes and reductions in federal funding, the collection of bad debts is becoming increasingly more important to the overall fiscal health of municipalities across the country."
The proprietary platform powering Brekford's suite of financial collection services is similar in nature to the Company's ip360 software, which is used in conjunction with solutions from Brekford's Automated Traffic Enforcement Group. ip3602 will include receivables management, asset reclamation, and pre-collection data purification, coupled with back office support. In addition, full-cycle collection services, supported by a licensed and bonded collection agency, will be available for hard-to-collect debts, including those owed by businesses and out-of-state violators.
"Launching Brekford Financial Solutions represents a logical step for the Company, since it requires no capital investment or operational resource commitment by the municipality, and it leverages and complements our automated traffic safety solution infrastructure," observed C.B. Brechin, the Company's Chief Executive Officer. "Our methodologies should significantly increase collection rates on outstanding receivables, while maintaining the integrity of our municipal partner's image and objectives. Our goal is to provide a comprehensive, revenue-sharing solution that relieves the burden of collecting receivables from municipalities, thereby allowing local governments to more effectively allocate scarce resources."
Executive and operational talent from within the receivables management industry has been strategically positioned to spearhead the official launch of the group. Systems and processes to support the program have also been deployed, garnering preliminary interest from several of Brekford's existing municipal partners.
"Brekford's 360° approach to receivables management mirrors the comprehensive nature of our 360° approach to engineered solutions," added Brechin. "This diversification and expansion in our service offerings demonstrates the Company's dedication to its customers, as well as management's commitment to the further enhancement of shareholder value."
About Brekford Corp.
Brekford Corp. has provided state-of-the art mobile technology and traffic safety solutions to municipalities, the U.S. military, various federal entities and other security and public safety agencies throughout the United States for more than ten years. Its services include automated traffic safety solutions and an end-to-end suite of mobile computer, video technology and equipment upfitting services. Brekford's combination of upfitting services, cutting-edge technology, and automated traffic enforcement services offers a unique 360-degree solution for any organization, including homeland security and law enforcement agencies. 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 the 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 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.