Mr. Douglas Dyment reports

GATEKEEPER COMMENCES $27M LIRR PROJECT, PROVIDES ANTICIPATED REVENUE SCHEDULE

Gatekeeper Systems Inc. has commenced work on its previously announced $19.55-million (U.S.) ($27-million (Canadian)) FRA transit video project with New York Metropolitan Transportation Authority's Long Island Rail Road.

The company anticipates that revenue relating to the project will be recognized by the company in approximate alignment with the following schedule (in U.S. dollars):

• $3.8-million during the fiscal year ending Aug. 31, 2026 ($200,000 in Q2 (second quarter), $900,000 in Q3 (third quarter) and $2.7-million in Q4 (fourth quarter));
• $12.3-million during the fiscal year ending Aug. 31, 2027 ($5.8-million in H1 (first half) and $6.5-million in H2 (second half));
• $3.4-million during the fiscal year ending Aug. 31, 2028 ($3.3-million in H1 and $100,000 in H2).

The project represents the company's largest-ever contract and the anticipated revenue recognition schedule is provided to assist analysts and investors. The schedule is based on management's current estimates relating to the expected project delivery schedule. The actual revenue recognition schedule of the project may differ significantly and may change based on auditor review, project delivery schedule changes, or other influencing factors.

About Gatekeeper Systems Inc.

Gatekeeper is a leading provider of video and data solutions for a safer transportation environment for children, passengers and drivers on public transportation fleets. Gatekeeper has provided solutions to more than 60 transit agencies and 3,500 school districts throughout North America, and has installed more than 65,000 mobile data collectors for customers, which record video and data daily from over 200,000 onboard devices. The company's hosted software applications facilitate AI-assisted (artificial intelligence) video analytics for incident management and storage. The company's platform-as-a-service (PaaS) business model is centred around the mobile data collectors, which are the cornerstone of its data company transformation.

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