Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor" or the "Company"), which builds trusted data, privacy, and security solutions for real-world video and sensor networks, today announced it has terminated its two remaining long-term real estate leases, one in the United States and one in Israel.

The terminations eliminate Rekor's ongoing rent obligations under the two agreements and are expected to deliver more than $2 million in annualized savings. The Company will use approximately $2.8 million in cash to reduce $10 million in outstanding lease obligations, and the related deposit, fixed assets, and right-of-use assets will be removed from the Company’s balance sheet in connection with the transaction.

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