MVCONNECT, LLC (MVTRAC), Digital Recognition Network, Inc. (DRN) and Vigilant Video (Vigilant) Announce a Transaction Related to a License of MVTRAC's Historical Tracking Patent
PALATINE, Ill., March 5, 2012 /PRNewswire/ -- MVTRAC, a premier provider of cradle-to-grave location and recovery solutions and home of the neural ALPR system called The Intelligent Data Network™, is pleased to announce a transaction between MVTRAC, DRN and Vigilant, involving a license of MVTRAC's ALPR historical tracking patent. The undisclosed terms of the transaction conclude all litigation between the parties.
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"We are pleased to announce DRN and Vigilant Video as additions to our list of growing patent licensees. The transaction brings increased enterprise value for all three companies, while allowing us all to focus on our business with less distractions," explains Scott A. Jackson, Chief Executive Officer for MVTRAC. "MVTRAC's intellectual property will be protected at all costs, so licensees such as DRN and Vigilant Video can grow their businesses knowing that anyone with a low cost camera and a computer cannot dip into their market share without the significant investment needed to achieve long term success."
Expounding on the agreement with MVTRAC, Whitney Neve, VP of Brand & Corporate Development for DRN, commented that "DRN has collected and aggregated the largest known license plate recognition database with over 680 Million ALPR records. Such aggregation and maintenance comes at a great expense and effort in both human capital and equipment, and this transaction is intended to increase our enterprise value and protect our investment in growing our business."
According to Luke Smith, MVTRAC's Executive Vice President of Business Development, "We are the leader in ALPR, collecting millions more license plates and far more accurate license plates than any other company. The transaction is a huge milestone for MVTRAC and our core values because we've spent millions of dollars on our intellectual property and The Intelligent Data Network™. In completing this deal, MVTRAC, DRN and Vigilant have made a statement that they will work to harmonize the recovery industry, foster healthy competition, and protect their investments from the encroachment of unlicensed and often undercapitalized competitors. Other companies with financial stability and long term staying power can demonstrate their own commitment to maintaining high industry standards by themselves becoming licensees." Smith added, "Recovery agents and lenders should be wary of purchasing an ALPR system or historical data from companies not licensed with MVTRAC. The cornerstone of ALPR is historical tracking, and Forwarding or Skip Locating companies who facilitate or purchase historical tracking data from unlicensed ALPR companies will expose their lender customers and recovery agents to liability for infringement."
About MVTRAC -- Home of The Intelligent Data Network™, MVTRAC is now the leading provider of on-demand data solutions for auto finance, government and law enforcement organizations. Utilizing a national network of digital recognition technology devices, MVTRAC receives real-time data capture from these systems and stores the intelligence in a centralized database. Recognized now as the largest data capture network in the nation, MVTRAC continues to grow through partnerships with government agencies and third-party camera owners at traffic lights, tollbooths, airports, major transportation hubs, security centers and retail/commercial parking lots. With a national network of hundreds of Subscribers in all the major metropolitan areas, MVTRAC is capturing millions of plates per week and increasing the recovery dollars lift to Auto Finance and the revenue for the Subscribers exponentially. For more information visit www.mvtrac.com. Press Inquiries: | [email protected] | 847-485-2300
About DRN -- Digital Recognition Network is the only asset location company that combines proprietary license plate recognition (LPR) technology, a national network of LPR camera-equipped vehicles, and integration with repossession software companies to create an asset location solution designed specifically for automotive lenders and recovery professionals. DRN's LPR(2.0)/Locate, Pickup, Real-Time platform further establishes DRN as a leader in asset location technology and services. With a national network of hundreds of recovery professionals ("Affiliates") operating in all of the major metropolitan areas 24/7, DRN is increasing recovery rates and reducing risk for lenders and repossession professionals all over the United States. To date, DRN's Affiliate network has scanned over 300 million plates and consistently scans in excess of 1 million plates per day. For more information visit www.digitalrecognition.net
About Vigilant Video -- Vigilant Video is dedicated to providing innovative technologies to both public and private security groups. Each day our company works rigorously to pioneer new methods of delivering valuable information to those who need it most. Our goal is to enhance security enforcement on all levels. We create software applications, coupled with unparalleled customer support, to maintain our position as an innovative leader in providing video content analysis solutions for each client.
SOURCE MVTRAC
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