Exhibit 99.1
DRI Corporation Notes Federal Transit
Security Funding Legislation Authorizes $3.4 Billion over Four Years
-- New Law Authorizes Grants for Equipment Comparable to DRI's
Products
-- New Law Contains Provisions for Other Transit-Related Matters
DALLAS--(BUSINESS WIRE)--August 15, 2007--DRI Corporation (DRI)
(NASDAQ: TBUS), a digital communications technology leader in the
domestic and international surface transportation and transit security
markets, noted today that, according to the American Public
Transportation Association (APTA), the recently approved federal
transit security funding law, National Transit Systems Security Act of
2007 (H.R. 1, P.L. 110-259), provides $3.4 billion over federal fiscal
years 2008 to 2011 for the improvement of U.S. surface mass transit
security.
"Although we commented on this legislation when President Bush
signed it into law on Aug. 3, 2007, it is appropriate to further
highlight important aspects as we study the legislation's details.
H.R. 1 authorizes federal funding levels of $650 million for fiscal
year 2008, $750 million for fiscal year 2009, $900 million for fiscal
year 2010, and $1.1 billion for fiscal year 2011. These are
record-high numbers with a definite uptrend. While the appropriations
process still remains to be completed for those longer term
authorization levels, we do like the trend. As the appropriations
process takes the funds to our customers, we will be there with our
products which are directly compatible with the core focus of the
legislation," David L. Turney, the Company's Chairman, President and
Chief Executive Officer, said.
GRANT FUNDING COVERS COMPARABLE PRODUCTS
H.R. 1 (Title XV, Section 1504) allows transit security assistance
grants for, among other items, equipment related to surveillance,
communications, emergency response, and global positioning or
automated vehicle locator type systems.
Mr. Turney said, "Our Digital Recorders(R) engineered systems have
security, communications, emergency response, global positioning, and
automatic vehicle locating capabilities. Our TwinVision(R) electronic
destination sign systems have security, communications, and emergency
response capabilities. Our products should meet federal grant
requirements and could greatly assist U.S transit agencies in their
quest to improve security."
OTHER TRANSIT-RELATED PROVISIONS
H.R. 1, according to APTA's "Legislative Update" on Aug. 9, 2007,
also contains other noteworthy transit-related provisions. Some of
those provisions are:
-- Transit security grants should be distributed directly to
public transportation agencies rather than through state or
local government entities.
-- Transit security grants will not require a state or local
funding match.
-- Transit properties receiving federal funds under this
initiative must establish security plans and staff training
programs.
-- Annual funding is authorized for the continuation of the
Public Transportation Information Sharing Analysis Center,
which collects, analyzes, and distributes critical security
and threat information from the federal government and other
sources.
-- A research and development program related to public
transportation security is created.
ABOUT APTA
APTA is a nonprofit international association of 1,600 member
organizations including public transportation systems; planning,
design, construction and finance firms; product and service providers;
academic institutions; and state associations and departments of
transportation. APTA members serve the public interest by providing
safe, efficient and economical public transportation services and
products. APTA members serve more than 90 percent of persons using
public transportation in the U.S. and Canada.
ABOUT THE COMPANY
DRI is a digital communications technology leader in the domestic
and international public transportation and transit security markets.
Our products include: TwinVision(R) and Mobitec(R) electronic
destination sign systems, Talking Bus(R) voice announcement systems,
Digital Recorders(R) Internet-based passenger information and
automatic vehicle location/monitoring systems, and VacTell(TM) video
actionable intelligence systems. Our products help increase the
mobility, flow, safety, and security of people who rely upon
transportation infrastructure around the globe. Using proprietary
hardware and software applications, our products provide
easy-to-understand, real-time information that assists users and
operators of transit bus and rail vehicles in locating, identifying,
boarding, tracking, scheduling, and managing those vehicles. Our
products also aid transit vehicle operators in their quest to increase
ridership and reduce fuel consumption, as well as to identify and
mitigate security risks on transit vehicles. Positioned not only to
serve and address mobility, energy conservation, and environmental
concerns, our products also serve the growing U.S. Homeland Security
market. For more information about the Company 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,
including, without limitations, statements concerning the Company's
belief that newly enacted legislation establishes a trend for
increased security-related funding; statements that such an increase
would be significantly important to the Company's business; statements
implying that we could meet an expected increase in demands for our
products and services; statements that the Company's products should
meet federal grant requirements; statements that the Company's
products could greatly assist U.S transit agencies in their quest to
improve security; as well as statements that contain words such as
"expect," "fully expect," "expected," "appears," "believe," "plan,"
"anticipate," "would," "goal," "potential," "potentially," "range,"
"pursuit," "run rate," "stronger," "preliminarily," etc. These
forward-looking statements are subject to risks and uncertainties,
including risks that the newly enacted funding legislation may not
establish a trend for public transit security funding; risks that such
increased funding may not in turn benefit the Company's business and
operations; risks that there may not be an increased demand for our
products; risks that we may not be able to meet an increase in the
demand for our products and services, which may arise as a result of
this increased security related funding; risks that the Company's
products may not meet federal grant requirements; risks that the
Company's products may not assist U.S transit agencies in their quest
to improve security; as well as other risks and uncertainties as set
forth in our Annual Report on Form 10-K filed March 28, 2007,
particularly those identified in Risk Factors Affecting Our Business,
as those risk factors are updated and supplemented by our quarterly
reports on Form 10-Q. 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.
CONTACT: Veronica B. Marks
Manager, Corporate Communications
DRI Corporation
Phone: (214) 378-4776
Fax: (214) 378-8437
E-Mail: veronicam@digrec.com