Conference Call Scheduled to Discuss Details of Award
SAN DIEGO, CA – February 12, 2024 – Genasys Inc. (NASDAQ: GNSS), the global leader in protective communications, today announced that it has been selected to engineer, procure and build an Emergency Warning System (EWS) for hundreds of thousands of residents and visitors living downstream of 37 dams in Puerto Rico. The competitive award made by the Puerto Rico Electric Power Authority (PREPA) is fully funded by $94.3 million from the U.S. Federal Emergency Management Agency (FEMA). Genasys expects to recognize $60 million to $70 million in revenue over the term of the project. The Genasys ProtectTM platform enables early detection and communication of potential flood threats via sensors, predictive analytics, and the Genasys Protect software and ACOUSTICS offerings. Genasys is hosting a conference call to discuss the details of the award and the project today, Monday, February 12, 2024, at 9:00 a.m. EST / 6:00 a.m. PST.
Genasys’ proposal was unanimously selected by all parties, topping all criteria categories. The proposal incorporates the Genasys Protect platform, which includes proprietary software and hardware solutions, with sensors and communication equipment. Genasys CEO Richard Danforth said, “Although the competitive RFP process for this award started just last October, Genasys has been working with FEMA, PREPA, and the government of Puerto Rico since the devastating Hurricane Maria in 2017. Today’s announcement represents the most comprehensive implementation of Genasys Protect for Critical Infrastructure Protection (CIP) to date and is a testament to the value of Genasys’ Protective Communications solutions.”
In response to the disaster of the Guajataca Dam, which required the evacuation of 70,000 residents shortly after Hurricane Maria in 2017, the Puerto Rico Emergency Agency (PREMA), funded by FEMA, contracted with Genasys to design and install the first EWS on the island starting in 2018. The EWS system contemplated by this award will be installed in all the dams of the Government of Puerto Rico, which belong to PREPA, the Puerto Rico Aqueduct and Sewer Authority, and the Puerto Rico Department of Natural and Environmental Resources.
José G. Baquero, FEMA’s Federal Disaster Recovery Coordinator, commented in the January 25, 2024 press release from FEMA detailing the funding for the final 17 dams, “The EWS is vital to the community’s safety. Through these alarm systems, people will be notified in case of emergencies such as extreme floods, controlled flood releases, or seismic activity, so they can take timely action to reduce disaster risks. Besides helping save lives and property, this will strengthen disaster preparedness and risk reduction in the communities located downstream of each dam.”
This project will cover the various components of each EWS, including dam instrumentation, sensors, Genasys Protect ACOUSTICS, the GPS and controls system, evacuation route signage, and the community outreach program with the Genasys Protect platform, the most comprehensive portfolio of software and hardware solutions for preparedness, response, and communications. It is anticipated that the project will require approximately 18 months to complete installation, though groups of dams will come online in progressive phases as the project moves forward.
In conclusion, Danforth remarked, “I want to thank Genasys’ entire team of dedicated professionals who have provided unwavering support for our Puerto Rican efforts over the past several years. Their commitment to public safety and critical communications informs our focus and our solutions.”
Conference call details:
Date: Monday, February 12, 2024
Time: 9:00 AM Eastern / 6:00 AM Pacific
Toll-Free Dial-In Number: (888) 390-3967 (U.S. & Canada)
International Dial-In Number: (862) 298-0702
Please dial in 10 minutes prior to the start time and tell the operator you are calling in for the Genasys Puerto Rico Dam Award Call.
A replay of the webcast will be available approximately four hours after the presentation through the Conference Call link on the Events & Presentations page of the Company’s website.
About Genasys, Inc.
Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications Solutions and Systems, designed around one premise: ensuring organizations and public safety agencies are “Ready when it matters™.” The company provides the Genasys Protect platform, the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as Genasys Long Range Acoustic Devices (LRAD®) that deliver directed, audible voice messages with exceptional vocal clarity from close range to 5,500 meters. Genasys serves state and local governmental agencies, and education (SLED); enterprise organizations in critical sectors such as oil and gas, utilities, manufacturing, and automotive; and federal governments and the military. Genasys Protective Communications Solutions have diverse applications, including emergency warning and mass notification for public safety, critical event management for enterprise companies, de-escalation for defense and law enforcement, and automated detection of real-time threats like active shooters and severe weather. Today, Genasys protects over 70 million people globally and is used in more than 100 countries, including more than 500 cities, counties, and states in the U.S. For more information, visit genasys.com.
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 conflict, 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.
Investor Relations Contact
Brian Alger, CFA
SVP, IR and Corporate Development