Image Sensing Systems, Inc. Names Interim President and CEO
Contacts:
Jeffrey F. Martin, Chief Financial Officer
Image Sensing Systems, Inc., Phone: 651.603.7700
Michael Murphy
Fitzgerald Advertising and Public Relations, Inc., Phone: 407.251.1020
SAINT PAUL, Minn., April 17, 2002 - Image Sensing Systems, Inc. (NASDAQ/Small Cap: ISNS), a leading maker of video-based traffic management systems, announces the election of its Board Chairman, James Murdakes, to the additional position of interim President and Chief Executive Officer. Murdakes replaces Anthony H. Gould, who has been serving as interim CEO since February. Gould, who was also the Managing Director of ISS Asia, will be returning to his permanent residence in Thailand to pursue other interests after having assisted ISS with the implementation of its continuing reorganization effort.
Based in Saint Paul, Minn., Image Sensing Systems, Inc., the developer and marketer of Autoscope, is the world leader in products applying video imaging technology for implementation in advanced traffic management systems (ATMS). Autoscope functionality includes intersection detection, freeway incident detection and traffic data collection to help reduce traffic congestion, fuel consumption, air pollution, travel time, enhance motorist safety and improve roadway planning. ISS has more than 3,000 Autoscope systems installed in more than 30 countries around the world, including a large number of U.S. cities. The Company is particularly suited to provide technical solutions to the emerging ITS market worldwide.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This report contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain factors that could cause results to differ materially from those anticipated by some of the statements made, as listed in the Company's 2001 Annual Form 10-KSB.
Statements regarding the Company's anticipated performance for 2002 are forward-looking and therefore involve risk and uncertainties, including but not limited to: the ability and willingness of governmental agencies responsible for roadway planning to invest in Autoscope machine vision technology for advanced traffic management, the impact of new products introduced by competitors, higher than expected expenses to establish a worldwide marketing presence and the ability of the Company's North American manufacturing and distribution partner, Econolite Control Products, Inc., to adequately manufacture and effectively market the Autoscope system and to pay royalties owed the Company for sales of the Autoscope system or of Wireless Technology, Inc., to adequately manufacture product to meet sales demand.
