Digital Ally Awarded Statewide Contract With State of West Virginia
Digital Ally (NASDAQ: DGLY), which develops, manufactures and markets advanced video surveillance products for law enforcement, homeland security and commercial applications, today announced that it has been awarded a "sole-source" contract with the State of West Virginia to supply in-car video systems and related equipment to the state's highway patrol department.
The initial one-year contract, which was effective December 15, 2013 and includes a provision for two one-year renewals, authorizes the purchase of Digital Ally's in-car video systems, particularly the DVM-750, for installation in state trooper vehicles. The West Virginia State Police, which includes over 600 sworn officers, operates and maintains an active fleet of over 500 cruisers throughout the state. The Company expects to receive a significant purchase order from West Virginia in the first quarter of 2014 for the initial deployment of DVM-750 units and anticipates that the state will attempt to deploy in-car video systems in its entire fleet of vehicles during 2014 and 2015.
"This represents the 26th state contract our Company has received for in-car video systems and/or LIDAR speed enforcement products and the 5th 'sole-source' contract involving in-car video systems," stated Stanton E. Ross, Chief Executive Officer of Digital Ally, Inc. "The contract allows all other agencies, spending units and political subdivisions within the State of West Virginia, including state, county and municipal law enforcement agencies, to buy Digital Ally's in-car video systems at the same prices and on the same terms as those made available to the state police. In our experience with similar state contracts, many other state, county and local agencies take advantage of this provision to acquire our in-car video systems, since the State Police have already tested and selected our systems over competitive offerings."
"We believe that our success in obtaining and renewing state contracts indicates that our Company's revenue will continue to benefit from U.S. police market demand for in-car video over the near, intermediate and long term. We are currently pursuing at least two additional state contracts and the extension or renewal of several others," concluded Ross.
About Digital Ally, Inc.
Digital Ally, Inc. develops, manufactures and markets advanced technology products for law enforcement, homeland security and commercial applications. The Company's primary focus is digital video imaging and storage. For additional information, visit www.digitalallyinc.com.
The Company is headquartered in Lenexa, Kansas, and its shares are traded on The Nasdaq Capital Market under the symbol "DGLY".
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: whether the Company will be able to improve its revenues and operating results in 2013; the Company's ability to deliver its newer product offerings as scheduled and have them perform as anticipated; its ability to obtain additional or significant orders from law enforcement agencies in the State of West Virginia during the term of the new contract, including whether the State will deploy the Company's in-car video systems in all of its fleet in 2014 and 2015; whether the Company can obtain its components and products on a timely basis; its ability to maintain or expand its share of the markets in which it competes, including those outside the law enforcement industry; competition from larger, more established companies with far greater economic and human resources; its ability to attract and retain customers and quality employees; the effect of changing economic conditions; and changes in government regulations, tax rates and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", "should", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in its annual report on Form 10-K for the year ended December 31, 2012 and quarterly report on Form 10-Q for the three and nine months ended September 30, 2013, as filed with the Securities and Exchange Commission.
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