HANOVER, MD--(Marketwire - Jul 18, 2012) - Brekford Corp. (the "Company") (OTCBB: BFDI) (OTCQB: BFDI), a leading public safety technology service provider of fully integrated traffic safety solutions, vehicle upfitting, and rugged mobile technology, recently secured an aggregate $3.5 million in credit facility (the "Financing") with PNC Bank -- the nation's sixth-largest depository bank by assets.
"This represents a resounding validation of Brekford's leadership in automated traffic safety solutions and vehicle upfitting, as well as the tremendous potential for expansion," said C.B. Brechin, Brekford's Chief Executive Officer. "We will continue to drive technological innovation through our public safety solutions, add to our existing capabilities, and enhance current products and service offerings."
"This was an important step in the company's growth. The increased fluidity of our expansion and working capital requirements while not diluting existing shareholders should be particularly appealing to the investment community," added Brechin. "Our ability to seamlessly finance new equipment will greatly improve our mobility and success as we continue to pursue major metropolitan markets."
The number of municipalities embracing the benefits of speed and red light cameras is increasing rapidly on an annual basis. Earlier in the month, the City of Chicago Department of Transportation (CDOT) echoed a recurring nationwide sentiment at their pre-bid meeting as to what compelled the CDOT to take action: child safety as a primary goal. Additionally, the State of Pennsylvania legislature has unveiled plans and released solicitation for prospective program opportunities.
Brekford President Scott Rutherford commented, "As we prepare for major upcoming business opportunities like those in the City of Chicago, we believe today's announcement represents validation from a major financial institution that the Company has the infrastructure and positioning to sustain its explosive growth in what continues to be a burgeoning market in automated traffic enforcement."
"PNC's funding will grant us access to continue our extensive R&D efforts, including patented technology solutions that will improve public safety while reducing the burden of enforcement on police departments that are already stretched thin. This will allow us to provide better service to current and future customers, as well as deliver greater value to our shareholders both today -- and tomorrow," Rutherford added.
Terms of the Financing include a $3,000,000 secured line of credit and a $500,000 equipment credit facility. Full details of the financing agreement will be available for review in a Form 8-K filing to be made with the Securities and Exchange Commission.
Brekford has provided state of the art mobile technology and traffic safety solutions to the U.S. military, various federal entities and numerous security and public safety agencies throughout the United States over the last ten years. Their services include an end-to-end suite of mobile computer and video technology as well as automated traffic safety solutions. Brekford's combination of vehicle upfitting services, cutting edge mobile and video technology, and automated traffic enforcement services offer 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.
To learn more about Brekford visit http://ir.issuerdirect.com/bfdi/request_materials
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 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 the 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.