Exhibit 99.1
Digital Recorders, Inc. Shareholders Approve Proposals During the 2004
Annual Meeting
DALLAS--(BUSINESS WIRE)--May 26, 2004--Digital Recorders, Inc.
(DRI) (Nasdaq:TBUS), a market leader in transit, transportation and
law enforcement digital communications and audio enhancement systems,
announced today that its shareholders approved the two proposals put
forth for vote at its Annual Meeting of Shareholders, which was held
today at the Radisson Governor's Inn in Research Triangle Park, N.C.
During the event, David L. Turney, DRI's Chairman, Chief Executive
Officer and President, reviewed and discussed the Company's fiscal
year 2003 results with shareholders.
Election Results
Shareholders cast their votes in favor to:
-- elect four Class Three directors to serve until the 2007
Annual Meeting of Shareholders; and
-- amend the Digital Recorders, Inc. 2003 Stock Option Plan to
increase by 200,000 the number of shares that may be issued
pursuant to awards granted under that Plan.
No other business was transacted during the Annual Meeting.
2004-2005 Board of Directors
Three of the Class Three directors elected at the Annual Meeting
are incumbent directors, while one, Nuria I. Fernandez, who has
extensive transit industry experience, was elected to serve for the
first time. The four Class Three directors whose terms will expire in
2007 include:
-- Russell C. Cleveland, age 64, Dallas
-- Nuria I. Fernandez, age 44, Alexandria, Va.
-- John D. Higgins, age 71, Glen Head, N.Y.
-- J. Phillips L. Johnston, J.D., age 64, High Point, N.C.
Class Two directors whose terms will expire in 2006 include:
-- C. James Meese Jr., age 62, Raleigh, N.C.
-- John K. Pirotte, age 53, Raleigh, N.C.
-- David L. Turney, age 60, Dallas
Class One directors whose terms will expire in 2005 include:
-- Stephanie L. Pinson, age 66, Watchung, N.J.
-- Lawrence A. Taylor, age 57, Dallas
-- Juliann Tenney, J.D., age 51, Chapel Hill, N.C.
For each director's full biography, please refer to the 2004 Proxy
Statement available on the Company's Web site, www.digrec.com --
Investor Relations -- Shareholder Communications -- Annual Meeting
Proxy Statements.
About the Company
Digital Recorders, Inc. is a market leader in transit,
transportation and law enforcement digital communications and audio
enhancement systems using proprietary software applications. Our
products improve the flow and mobility of people through
transportation infrastructure, mitigate security threats, and enhance
law enforcement agencies' surveillance capabilities. Our transit
communications products -- TwinVision(R) and Mobitec route destination
signage systems, Talking Bus(R) voice announcement systems, and
Internet-based, automatic vehicle locating and monitoring systems --
enhance public transportation and mitigate security threats worldwide.
Our electronic surveillance tools, including microphone amplifiers and
processors, countermeasures devices, speech activity detectors, and
radio/television noise cancellers, help law-enforcement agencies
around the globe detect, capture, arrest and prosecute criminals. For
more information about DRI and its operations worldwide, go to
www.digrec.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
In particular, any statement, express or implied, concerning future
events or expectations is a forward-looking statement. Use of words
such as "expect," "fully expect," "expected," "appears," "believe,"
"plan," "anticipate," "would," "goal," "potential," "potentially,"
"range," "pursuit," "run rate," "stronger," "preliminarily," etc., is
intended to identify forward-looking statements that are subject to
risks and uncertainties, including those described below. There can be
no assurance that any expectation, express or implied, in a
forward-looking statement will prove correct or that the contemplated
event or result will occur as anticipated. It is important to note the
Company's actual results could differ materially from those
contemplated in the Company's forward-looking statements as a result
of various factors. Among other factors, the Company's results will be
affected, perhaps materially, by general economic conditions, the
availability of national government assistance and funding to local
transportation authorities, the adoption and implementation of
regulations concerning public transportation services, product demand
and market acceptance risks, the effect of import, licensing and trade
restrictions, the results of implementing the Company's business plan,
the impact on the Company of its relationship with its lenders, the
plans and prospects of competitors, the impact of competitive products
and pricing, currency fluctuations, infringement by third parties of
the Company's trade secrets and other intellectual property, the
burdens and costs of defending against potential infringement claims
against the Company, and our ability to attract and retain personnel.
Refer to the Company's various Securities and Exchange Commission
filings, such as its Forms 10-Q and 10-K, for further information
about forward-looking statements and risks associated with the
Company's business.
CONTACT: Digital Recorders, Inc., Dallas
Veronica B. Marks, 214-378-4776
Fax: 214-378-8437
veronicam@digrec.com