Genasys Inc. Signs Agreement to Deploy Emergency Warning System Across Puerto Rico's Dam Infrastructure

Rhea-AI Summary

Genasys Inc. (NASDAQ: GNSS) has signed a definitive agreement with the Puerto Rico Electric Power Authority (PREPA) to implement its Emergency Warning System (EWS) across 37 dams in Puerto Rico. This FEMA-funded project aims to protect hundreds of thousands of residents and visitors from potential flood threats. Genasys expects to recognize approximately $75 million in revenue over the project term.

The system will include multiple sensors collecting data on reservoir levels, spillway flows, real-time video feeds, and other critical information. Leveraging the Genasys Protect software platform, the system will enable coordinated, multi-channel emergency notifications to affected areas. Seven new Emergency Operation Centers will be constructed to continuously monitor the dams.

Positive

• Secured a major contract with PREPA for implementing EWS across 37 dams in Puerto Rico
• Expected to recognize approximately $75 million in revenue over the project term
• Project fully funded by FEMA, reducing financial risk for Genasys
• Expansion of Genasys' presence in critical infrastructure protection market

Negative

• None.

Multi-channel emergency notifications to alert affected residents and visitors in nearby and downstream areas

SAN DIEGO, Aug. 07, 2024 (GLOBE NEWSWIRE) --  Genasys Inc. (NASDAQ: GNSS), a global leader in Protective Communications, today announced the signing of a definitive agreement with the Puerto Rico Electric Power Authority (PREPA) to implement Genasys’ Emergency Warning System (EWS) across 37 dams, safeguarding hundreds of thousands of residents and visitors from potential flood threats. The project, fully funded by the U.S. Federal Emergency Management Agency (FEMA), underscores Genasys' commitment to enhancing public safety through advanced technology. For its portion, Genasys expects to recognize approximately $75 million in revenue over the term of the project. Earlier today, Genasys’ CEO, Richard Danforth, was joined by PREPA Executive Director Josue Colon Ortiz at a formal signing ceremony in Puerto Rico.

The system designed by Genasys will consist of multiple sensors collecting and transmitting data including reservoir level, spillway flows, real time video feed of specific dam locations, outlet and drainage flow rates, local weather, and seismic activity. Leveraging the Genasys Protect^TM software platform, 37 Puerto Rican dams will be equipped with sensors, predictive analytics, Genasys ACOUSTICS, and Genasys ALERT. The Genasys Protect software will seamlessly aggregate the sensor data, apply predictive analytics and display real-time assessments for Emergency Managers in seven newly constructed Emergency Operation Centers (EOCs) to continuously monitor. In the event of a potential emergency, the same software enables a coordinated, multi-channel emergency notification to residents and visitors who may be affected in surrounding and downstream areas.

“This contract is a direct result of the commitment Genasys has made over the past 3 years to develop a complete software-driven emergency communication system” said Genasys CEO Richard Danforth. “Genasys has been on the ground in Puerto Rico since 2017 working with the Puerto Rico Emergency Agency (PREMA), FEMA, PREPA, and the government to demonstrate and implement the communications infrastructure needed for widespread emergency response. We look forward to continuing our commitment to the people of Puerto Rico by implementing this critical service.”

“Completing this agreement allows the installation of critical infrastructure to begin. Utilizing advanced sensors and software, the Genasys Emergency Warning System will enable Emergency Managers to rapidly communicate with residents and visitors that may be  in harm’s way in advance of potential structural failures.  This project is another illustration of the commitment PREPA has to improving Puerto Rico and ensuring the safety of those on our island.” said Josue Colon Ortiz, Executive Director of PREPA.

Genasys LRAD and ACOUSTICS systems have been utilized for decades to protect critical infrastructure throughout the U.S. and around the globe. From the Hoover Dam to nuclear facilities in the US to oil platforms around the globe, Genasys has been a trusted source of protection to nearly every form of critical infrastructure. The recent U.S. federal allocation of $185 million for dam rehabilitation is a prime example of the near constant demand for infrastructure maintenance, improvement, and protection.

About Genasys, Inc.

Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications, Incorporating the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as the Company’s Long Range Acoustic Devices (LRAD^®), the Genasys Protect platform is designed around one premise: ensuring organizations and public safety agencies are “Ready when it matters™.” Protecting people and saving lives for over 40 years, Genasys covers more than 70 million people in over 100 countries worldwide, including more than 550 U.S. cities. For more information, visit genasys.com.

Forward-Looking Statements

Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in any forward-looking statement. The risks and uncertainties in these forward-looking statements include without limitation the business impact of geopolitical conflicts, epidemics or pandemics, and other causes that may affect our supply chain, and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management’s expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended September 30, 2023. Genasys Inc. disclaims any intent or obligation to publicly update or revise forward-looking statements, except as otherwise specifically stated.

FAQ

What is the value of Genasys Inc.'s (GNSS) contract with PREPA for the Puerto Rico dam project?

Genasys Inc. (GNSS) expects to recognize approximately $75 million in revenue over the term of the project with PREPA for implementing the Emergency Warning System across 37 dams in Puerto Rico.

How many dams will be equipped with Genasys Inc.'s (GNSS) Emergency Warning System in Puerto Rico?

Genasys Inc. (GNSS) will implement its Emergency Warning System across 37 dams in Puerto Rico as part of the agreement with PREPA.

Who is funding the Genasys Inc. (GNSS) Emergency Warning System project for Puerto Rico's dams?

The project is fully funded by the U.S. Federal Emergency Management Agency (FEMA).

What technologies will Genasys Inc. (GNSS) deploy in the Puerto Rico dam project?

Genasys Inc. (GNSS) will deploy multiple sensors, predictive analytics, Genasys ACOUSTICS, Genasys ALERT, and the Genasys Protect software platform as part of the Emergency Warning System for Puerto Rico's dams.