EXHIBIT 99.1
Press Release Dated June 21, 2004
Digital Recorders, Inc. Announces Security-Related Equipment Order for
Olympics
DALLAS--(BUSINESS WIRE)--June 21, 2004--Digital Recorders, Inc.
(DRI) (Nasdaq:TBUS), a market leader in transit, transportation and
law enforcement digital communications and audio enhancement systems,
announced today its Digital Audio Corporation (DAC) business unit has
received an order for security-related equipment that will be used
during the Games of the XXVIII Olympiad in Athens, Greece.
"DAC is a well-established, respected supplier of investigative
audio forensics and covert surveillance equipment for U.S. federal,
state and local law enforcement agencies, as well as their
counterparts in a number of countries. Out of respect for the customer
and this order's security-related purpose, we are limiting our
comments pertaining to specific order details. However, although this
particular order is small, it does illustrate recognition of the
utility of DAC's covert technologies in combating terrorism," David L.
Turney, DRI's Chairman, Chief Executive Officer and President, said.
Company Products Address Security Issues in Two Business Segments
Mr. Turney also commented on the potential synergy from having
been in its two business segments simultaneously for a number of
years. "For many years DRI has been devoted to two business segments
- -- the Transportation Communications Segment and the Law Enforcement
and Surveillance Segment. While the Transportation Communications
Segment has traditionally been primarily focused on passenger
information systems, the vehicle locating and visual identification
enhancement capabilities within that segment potentially also serve as
security-risk mitigation in surface transit systems. The Law
Enforcement and Surveillance Segment, while a small percentage of our
annual revenue, has for many years served the needs of law enforcement
agencies in the detection and apprehension of criminals. Therefore,
given our cross-market knowledge base, we believe DRI is well
positioned to address the growing concerns about security."
About the Company's Law Enforcement and Surveillance Segment
Founded in 1979 and acquired by DRI in 1995, the DAC business unit
is a leading provider of forensic audio solutions for law enforcement,
intelligence, military, and security organizations in a number of
countries across the globe. DAC, which is based in Research Triangle
Park, N.C., designs, develops, manufactures and sells audio
technologies to support audio collection, enhancement, and
countermeasures applications. For more information about DAC products,
go to www.dacaudio.com.
About the Company's Transportation Communications Segment
The Digital Recorders business unit, based in Research Triangle
Park, is a market leader in global positioning satellite-based vehicle
locating technology utilized for on- and off-board presentation of
passenger information, including: vehicle next stop, automatic vehicle
locating, and fleet management applications. This vehicle locating and
monitoring capability is part of the security risk mitigation aspect
of the DRI surface transit product line. The TwinVision na, Inc. and
Mobitec AB business units, based in Research Triangle Park, and
Herrljunga, Sweden, respectively, produce destination sign systems
that present vehicle destination information and additionally can
potentially provide assistance in recognition of security threats in
process. These products are sold worldwide through operations or
offices located in the U.S., Sweden, Germany, Australia, Brazil, and
France. For more information about the Company's Transportation
Communications Segment business units, go to www.digrec.com.
About the Company
Digital Recorders, Inc. is a market leader in transit,
transportation and law enforcement or security 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