Chicago Signs $23 Million Multi-year Agreement With Shotspotter to Extend Gunshot Detection Coverage Into Next Decade
Agreement Covers Existing Deployment of Over 100 Square Miles and Gives Option for Future Expansion
NEWARK, Calif. , Sept. 05, 2018 (GLOBE NEWSWIRE) -- ShotSpotter, Inc. (Nasdaq: SSTI), the leader in gunshot detection solutions that help law enforcement officials identify, locate and deter gun violence, today announced it has signed a new, multi-year contract with the city of Chicago for active coverage areas that span 12 police districts and total over 100 square miles. The contract is for a minimum of three years with options to extend up to five years. The contract value of the three-year agreement is $23 million and could increase depending on future extensions and/or coverage area expansions.
Last May, Chicago law enforcement officials reported that ShotSpotter had contributed to reductions in gun violence in the city and announced an expansion of its gunshot detection coverage area. With the recent expansion and the newly signed contract, Chicago has become ShotSpotter’s largest customer.
“This contract represents a huge vote of confidence in ShotSpotter from the city of Chicago and we are proud to be a valued partner in helping them respond to gun violence across this great city,” said Ralph Clark, President and CEO of ShotSpotter. “It is also an important milestone for our business because we now have our two largest customers, Chicago and New York City, under contract through mid-2021.”
“ShotSpotter has proven to be a key element of our gun violence reduction strategy and we rely on the company as a trusted technology provider to the city of Chicago and our law enforcement professionals,” said Eddie Johnson, Superintendent of the Chicago Police Department. “Along with helping us close the public safety gap, ShotSpotter has been, and will continue to be, a key component in helping our agency rebuild trust with the communities that we are serving.”
With ShotSpotter, Chicago police receive real-time alerts of detected gunfire enabling patrol officers to arrive at a precise location of a shooting event quickly. Instead of relying on the historically low rate of 911 calls, law enforcement can respond more quickly to aid victims, identify witnesses and collect forensic evidence. The system gives police the opportunity to reassure communities that law enforcement is there to serve and protect them and helps to build bridges with residents.
About ShotSpotter, Inc.
ShotSpotter (NASDAQ: SSTI) is the leader in gunfire detection, location and incident-specific forensic analysis solutions that assist police and security personnel in their efforts to deter gun violence. ShotSpotter solutions are trusted by more than 90 cities to help make their communities, campuses and facilities safer.
Safe Harbor Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the potential for the Chicago contract to be extended or expanded. Words such as "expect," "anticipate," "could," "believe," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the company’s control. The company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the decision by Chicago to not exercise its option to extend or expand the contract and the Company’s failure to achieve the anticipated benefits therefrom, as well as other risk factors included including the company’s most recent quarterly report on Form 10-Q and other SEC filings. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
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Released September 5, 2018