RTTNews | Apr 30, 2021 10:23AM EDT

10:22 Friday, April 30, 2021 (RTTNews.com) - Shares of video and radar processing products maker for the intelligent transportation systems industry, Image Sensing Systems, Inc. (ISNS) are surging more than 29% Friday morning on the news of its Board approving certain strategic changes.

Image Sensing said a new holding company, named as Autoscope Technologies Corporation will be implemented, which will be focused on internal growth opportunities as well as leveraging its existing assets and infrastructure by selective acquisitions.

Autoscope Technologies Corporation will be the parent company of Image Sensing and its current Executive Chairman, Andrew Berger, will be transitioning to Autoscope Technologies Corporation's Chief Executive Officer.

"By reorganizing and building on the success of the Autoscope brand, we will work on growing the business with a focus on organic opportunities while also examining acquisitions and partnerships that can leverage the reputation, assets, and talents within the Company. We intend to transform the Company into a group of profitable business lines marketed to a diverse customer base that generates sustainably higher earnings," said Andrew Berger, Chief Executive Officer of Autoscope Technologies Corporation.

The reorganization is expected to be completed by the end of the second quarter of 2021.

Also, the Board has authorized to buy back 200,000 common shares of the company.

A quarterly dividend of $0.12 per share is approved, to be payable on May 20, to shareholders of record at the close of business on May 10.

ISNS, currently at $5.95, has been trading in the range of $3.26- $6.36 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3190438/stock-alert-image-sensing-systems-zooms-29-after-announcing-reorganization.aspx)

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