Nestor Announces Merger With Nestor Traffic Systems
PROVIDENCE, R.I.--Sept. 12, 2001--Nestor, Inc. (OTC: NEST), a leading provider of intelligent software applications, today announced its merger with Nestor Traffic Systems, Inc. (NTS), formerly a 35% owned affiliate. With 94% of the outstanding shares of common and preferred stock represented at the Company's annual meeting, held this morning in Providence, RI, it was announced that the plan to merge Nestor Traffic Systems back into Nestor was approved. Nestor Traffic Systems, Inc. is now a wholly owned subsidiary of Nestor, Inc."This merger with NTS represents a rededication to the pursuit of the greatest growth opportunity ever presented for Nestor's pattern-recognition technologies, CrossingGuard(R). The red-light camera market is comparatively new, but shows tremendous potential," said David Fox, Nestor's president and CEO. "Existing systems use obsolete technologies that often frustrate police, the courts and the public. Our engineers have created the world's first video-based, automated red-light enforcement system, which sets us apart from the rest of the industry in satisfying the true needs of our client municipalities and the public."
CrossingGuard uses advanced image-processing technology to detect red light violations and record a full video sequence of the event. This video evidence serves as an objective eyewitness of what actually happened at the intersection, ensuring a level of fairness that demonstrates the City's commitment to the integrity of their traffic safety program. CrossingGuard is also the first solution to offer a direct safety benefit with its ability to help prevent intersection collisions. The system's technology allows CrossingGuard to predict whether a vehicle will stop in time for the red light. If a violation is predicted, CrossingGuard not only records a full video sequence of the violation, but it also sends an emergency request to the traffic controller to extend the all-red phase for cross traffic so that an innocent driver does not enter the intersection when a red light violation is imminent. This brief extension is defined by the city's traffic engineering experts during system installation. There is no signal change for the violator; the full context violation video sequence is recorded, and a collision may have been averted.
Violation videos are transmitted securely, in real-time, from the intersection to the police department or designated processing facility. Through NTS' patented system, law enforcement is able to view the violation video and make the violation/no violation decision based on the instant replay video evidence. CrossingGuard's comprehensive and objective evidence adds a level of fairness that law enforcement, courts, and even violators, can support.
CrossingGuard's market acceptance has been significant, with contracts in place for enforcement at more than 50 intersection approaches, and negotiations underway with several new customers.
About Nestor Traffic Systems
Nestor Traffic Systems, Inc., a wholly owned subsidiary of Nestor, Inc. (OTC: NEST) and headquartered in Providence, RI, is an emerging leader in providing innovative, video-based monitoring systems and services for traffic management and safety. Its products incorporate advanced video processing technology into intelligent, real-time solutions that promote traffic efficiency, intersection safety, and railway grade crossing monitoring. All products are sold direct and by selected partners worldwide. For more information, call 401-331-9640 or visit www.nestor.com.
Certain information in this press release may include forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
CrossingGuard is a registered trademark of Nestor Traffic Systems, Inc. All other company and product names are trademarks or registered trademarks of their respective companies.