Company Initiates Revenue Guidance for Fiscal Year 2020
Lenexa, KS, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Digital Ally, Inc. DGLY, which develops, manufactures and markets advanced video recording products for law enforcement, emergency management, fleet safety and security, today announced a contract extension and upgrade with zTrip, Inc. ("zTrip") for the Company's DVM-250 in-car video event recorder and video management platform, FleetVu Manager. zTrip will now implement nearly 300 DVM-250 units integrated with FleetVu Manager in Jacksonville, FL and will upgrade an additional 125 units in West Palm Beach, FL. zTrip, North America's largest taxicab company with a fleet of more than 5,000 vehicles in 19 U.S. cities, continues to set the standard for driver and passenger safety, technology innovations and customer service. As a long-standing customer of Digital Ally, zTrip has seen the long and short-term return on its investment since the implementation of the Company's DVM-250 video event recorder and FleetVu Manager platform.
This order will include hardware installation of the Company's DVM-250 event recorder and software incorporation of the cloud-based video management platform, FleetVu Manager. The DVM-250 and FleetVu Manager work seamlessly together to record, upload, and store any events captured during a driver's shift. The FleetVu Manager platform allows companies to customize real time alerts such as acceleration, excessive braking, and G-Force to track and modify driver behavior. With a unique feature called pre-event recording, fleet managers can review the video footage of events that took place leading up to the incident. This footage may explain bad habits that would have otherwise gone un-noticed before an event had taken place such as texting, violations of seatbelt policies and distracted driving. The easy to use platform also gives fleet managers the ability to generate driver reports, track assets in near real-time and monitor the location of every vehicle in their fleet. When coupled together, this complete video solution will provide fleet managers with unmatched driver and asset management while increasing the overall safety of drivers and passengers.
Bill George, CEO of zTrip stated, "As the leader in the taxicab industry, our goal is to provide the safest experience in personal transportation. Digital Ally has been a crucial, long-term partner in reaching this goal. In a recent expansion of our partnership to our Colorado Springs fleet, we spent 60 days focusing on driver behavior and using it as a coaching period. With a few key changes to our driver safety strategy, zTrip has been able to realize an 80% reduction in claims in only eight months thanks to Digital Ally's innovative technology."
"Our mission is to provide our customers with the ultimate liability protection and event recording capabilities, paired with an easy to use to platform," said Stan Ross, CEO of Digital Ally. "We are thrilled to continue to be the choice of video recording products for zTrip, the largest taxicab company in North America. We applaud zTrip's commitment to safety and look forward to a long, successful partnership in the future," concluded Mr. Ross.
Initiation of Revenue Guidance for Fiscal Year 2020
The Company expects its revenues will exceed $13.5 million for its fiscal year 2020. It bases this guidance on an anticipated increase in revenues during fiscal 2020 from law enforcement customers due to the recently launched EVO-HD in-car video platform and from commercial customers as it develops new market channels. The Company also anticipates the continuation of its increased recurring service revenues.
About Digital Ally
Digital Ally®, headquartered in Lenexa, KS, specializes in the design and manufacturing of the highest quality video recording equipment and video analytic software. Digital Ally pushes the boundaries of technology in industries such as law enforcement, emergency management, fleet safety and security. Digital Ally's complete product solutions include in-car and body cameras, cloud and local management software, and automatic recording technology. Digital Ally products are sold by domestic direct sales representatives and international distributors worldwide.
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Contact Information
Stanton Ross, CEO
Tom Heckman, CFO
Digital Ally, Inc
913-814-7774
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. This is especially true of the 2020 revenue guidance and variations from such guidance may occur and such variations may be material. 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: the extent and timing of the continued expansion of the zTrip relationship with the Company; the accuracy of the Company's underlying assumptions for its 2020 revenue forecast; the Company's ability to achieve the increase in revenue for 2020 as anticipated; 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 because 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, 2018 and in its quarterly report on Form 10-Q for the three and nine months ended September 30, 2019.
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