GlobeNewswire Inc | Oct 5, 2021 07:00AM EDT

October 05, 2021

MESA, Ariz., Oct. 05, 2021 (GLOBE NEWSWIRE) -- Iveda (OTC: IVDA), the worldwide provider ofIvedaAI intelligent video search technology, Sentir video surveillance products, IvedaPinpoint and IvedaHome IoT (Internet of Things) platforms with smart devices, today announced its partnership with Farnsworth Realty and Management Co. for deploying IvedaAI in Home Owner Associations (HOA) and gated communities. Farnsworth Realty and Management Co. recently deployed video surveillance system and IvedaAI to The Wells, a 55+ gated community in Mesa, Arizona.

Some of the crimes in communities that are thought to be low priorities for police departments include gate damages, burglaries and vehicle break-ins. HOAs and residential communities are considered a prime market for technologies such as IvedaAI. According to FBI statistics, losses from property crimes were estimated at $15.3 billion in 2019.

The implementation of IvedaAI at The Wells adds much needed technology to enhance the safety and security of the community and its residents, said Steve Vaughn, vice president of operations at Farnsworth Realty and Management Co. Weve been Ivedas customer since 2005 for video surveillance systems. The addition of IvedaAI makes our security solution much more valuable. We look forward to deploying the solution to other properties we manage, added Vaughn.

Unlike traditional license plate readers, IvedaAI accelerates investigations by filtering searches based on the vehicles make, model and color. This is the key factor in providing an investigative lead for law enforcement when a suspect vehicle has no visible plates.

License plate recognition (LPR), also known as ALPR, captures still images, not video. Artificial intelligence extracts numbers and letters from the license plates for cataloging and retrieval purposes. Pictures also may include the make, year, model, and color of a vehicle. Depending on the angle of the camera, the vehicles occupants also may be discernible.

Law enforcement agencies have used LPR technology for many years. The difference now is that IvedaAI makes this capability more affordable to HOAs and gated communities. IvedaAI is easy to deploy because it uses existing video surveillance systems and it comes in a compact appliance with AI functions pre-installed.

The benefits of IvedaAI to HOAs and gated communities are immense and return on investment can easily be quantified.

-- Supports public/private partnerships between HOAs and law enforcement -- Discourages and prevents tailgating -- Prevents gate tampering and damages -- Searches and identifies suspected vehicles faster -- Alerts and restricts access to unwanted vehicles -- Operates as a standalone onsite system to address privacy concerns -- Outputs for automatic access control applications -- Leverages existing cameras around property -- Grants gate access to guest vehicles on a temporary basis -- Replaces RFID tags for vehicle identification application

According to IBISWorld, the market size of the HOA industry in the U.S. is $33 billion and according to ipropertymanagement.com, there are 351,000 HOAs in the U.S. with an average of 22 new associations being formed every day, roughly 8 million each year.

Most HOAs have limited budgets. Our technology is affordable, easy to deploy and most importantly, much needed in our communities, said David Ly, CEO of Iveda. Return on investment can be realized within a short period of time based on the cost of losses the HOA incurs from unsolved and undeterred crimes within the community, added Ly.

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Iveda and Sentir are registered trademarks of Iveda Solutions, Inc. IvedaAI, IvedaPinpoint and IvedaHome are trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.

About Iveda

Iveda (OTCMKTS:IVDA) specializes in IoT platforms that offer service providers a turn-key cloud video surveillance system, smart sensors and intelligent video search technology. Iveda utilizes proprietary command center, big data storage and deep-learning algorithms. Iveda has a SAFETY Act Certification from the U.S. Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol IVDA. For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit:www.facebook.com/ivedasolutions,www.twitter.com/ivedasolutions orwww.linkedin.com/company/iveda-solutions.

This release includes forward-looking statements.Actual results may vary materially from those expected.Ivedas business is subject to significant risks and uncertainties described more thoroughly in the Companys SEC filings, including but not limited to its report on Form 10-12g with audited financials for the year ended December 31, 2020 and December 31, 2019. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully.Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact:IvedaLuz A. BergChief Marketing Officer & GMTel: +1(480) 307-8700Email: lberg@iveda.com