Exhibit 99.1
DRI Corporation Applauds Record U.S.
Federal Funding for Public Transit and Transit Security
-- Funding Plays an Important Role in Recent Company Guidance on
Expected Record-Level 2008 Revenue and Earnings
-- Legislation Provides a 5.8 Percent Increase to $9.492 Billion
for Public Transportation
-- Appropriations Totaling $400 Million for Transit Security
-- Energy and Climate Change Legislation May Bring Additional
Public Transit Funding
DALLAS--(BUSINESS WIRE)--January 3, 2008--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), legislation containing
record-setting federal funding appropriations of $9.492 billion for
public transportation and $400 million for transit security recently
was signed into law by President Bush.
"This 5.8 percent growth in public transit funding over the prior
federal fiscal year will help the U.S. transit industry continue to
position public transportation as a key player in reducing greenhouse
gas emissions and the dependence on foreign oil. This increase also is
important to the Company's 2008 plans. In addition to strengthening
our U.S. served markets, it helps underpin our recent guidance on
expected record-level earnings and revenue. U.S. federal funding
increases may potentially lead to additional demand for DRI's transit
communications and transit security equipment in our growth plans,"
David L. Turney, the Company's Chairman, President and Chief Executive
Officer, said.
TRANSIT APPROPRIATIONS
According to APTA, the "Consolidated Appropriations Act, 2008"
(H.R. 2764) is the result of work between Congress and the White House
in December 2007. The $555 billion legislation, which also provides
appropriations for domestic federal programs and funding for the war
effort, includes $9.492 billion in new budget authority for public
transportation -- a $517 million increase over last year's level. An
all-time high for public transit, the U.S. federal funding represents
a 5.8 percent increase over fiscal year 2007.
TRANSIT SECURITY APPROPRIATIONS
APTA said the omnibus spending legislation provides $400 million
for public transportation and rail security assistance. Language in
the bill requires that at least $25 million of that total be allocated
for Amtrak security. The Department of Homeland Security will
determine which transit agencies will receive the funds.
ENERGY AND CLIMATE CHANGE LEGISLATION
APTA said the Senate Committee on Environment and Public Works
approved the "Lieberman-Warner Climate Security Act of 2007" (S. 2191)
in December 2007. APTA worked with the committee to include a
provision to send a portion of the revenues generated from a
"cap-and-trade system" to public transportation. Under the
Lieberman-Warner bill, certain large-scale emitters of carbon dioxide
and other greenhouse gases, such as utility companies and
manufacturers, would be required to submit emission allowances.
Transit agencies would not be required to submit allowances. Instead,
transit agencies would receive a portion of the revenues generated
from the sale of allowances to large-scale emitters.
According to APTA, investment in public transportation with
revenues from climate changes legislation rewards transit for its
contributions to reducing greenhouse gas emissions. In September 2007,
a Science Applications International Corporation (SAIC) study
indicated that public transportation prevented the emission of 6.9
million metric tonnes of carbon dioxide in 2005. The SAIC report
analyzed direct emission savings from transit, the savings from
transit riders not driving and related congestion reductions. In fact,
the emission savings from transit are even greater when the benefits
of efficient land-use associated with public transportation are
considered.
APTA said President Bush signed the "Energy Independence and
Security Act of 2007" (H.R. 6) into law on Dec. 19, 2007. One of the
new law's most important policy changes is an increase in Corporate
Average Fuel Economy standards for automobiles and light trucks. Of
interest to public transportation, the legislation creates a new
"Energy Efficiency and Conservation Grants Program." If funded by
Congress in subsequent appropriations bills, APTA believes it would
provide block grants to state and local governments to invest in
energy efficient activities. Among the eligible uses of these grants
is investment in local public transportation infrastructure.
According to APTA, the new energy bill also requires states to
distribute rescissions of contract authority proportionately across
individual Federal Highway Administration programs. APTA said the
intent of this provision is to eliminate the state transportation
departments' past practice of returning a larger, disproportional
share of rescinded funds to the federal government from certain
programs, including those used to flex funds into public
transportation projects, such as the Congestion Mitigation and Air
Quality Improvement Program.
RAIL SAFETY LEGISLATION
According to APTA, Congress adjourned for the year without
enacting proposed legislation to improve rail safety. On October 17,
the House passed the "Federal Railroad Safety and Improvement Act of
2007" (H.R. 2095) by a vote of 377-38. The Senate Committee on
Commerce, Science, and Transportation reported similar legislation,
the "Railroad Safety Enhancement Act of 2007" (S. 1889), in September
2007. APTA said the Congressional Committees of Jurisdiction expect
rail safety legislation to be considered on the Senate floor early in
2008. APTA said both the House and Senate versions of the bill would
change federal laws regarding hours of service for commuter rail under
the authority of the Federal Railroad Administration, including the
reduction of allowable "limbo time" - time spent waiting for deadhead
transportation at the end of shifts. APTA believes the bills would
mandate implementation of positive train control systems, address
grade crossing safety, require the U.S. Department of Transportation
to develop rail safety plans, and make numerous other changes to
current rail safety laws.
ABOUT APTA
APTA is a nonprofit international association of more than 1,500
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 United States 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 limitation, statements about the passage of any
federal appropriations legislation, the potential benefits to the
Company as a result of that legislation, including how this
legislation may help the Company strengthen its served markets and
contribute to achieving its 2008 initiatives, statements relating to
what the legislation may reveal about Congressional intentions or
future trends in the transit market, statements about how such trends
may increase spending in the transit market and potentially increase
market demand for the Company's products and services, as well as any
statements which use words such as "expect," "fully expect,"
"expected," "appears," "believe," "plan," "anticipate," "would,"
"goal," "potential," "potentially," "range," "pursuit," "run rate,"
"stronger," or "preliminarily," is a forward-looking statement. Such
forward-looking statements are subject to risks and uncertainties,
including without limitation, risks that the federal appropriations
legislation is enacted in such a way that it may not achieve the
results the Company currently anticipates, risk that the enaction of
that legislation does not result in the anticipated benefits to the
mass transit industry or the Company and might not otherwise
contribute to the Company's 2008 revenue and earnings goals, risks
that the legislation does not accurately predict Congressional intent
or indicate a future trend in the mass transit industry, as well as
other risks and uncertainties 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 amended 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, and we undertake no
obligation to provide updates or supplements to the information
contained herein, including these forward looking statements, except
as required by the rules and regulations of the Securities and
Exchange Commission.
CONTACT: DRI Corporation Contact:
Veronica B. Marks
Manager, Corporate Communications
Phone: (214) 378-4776
Fax: (214) 378-8437
E-Mail: veronicam@digrec.com
or
Christensen-cQuest Contact:
Collum Hunter
Associate
Phone: (480) 614-3036
Fax: (480) 614-3033
E-Mail: chunter@ChristensenIR.com