AI Stock ScanTech AI Systems Inc. (NASDAQ: STAI) Makes NASDAQ Top Gainers List on Correctional Facilities News

February 18, 2025 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a leader in retail investor trading ideas for AI and robotics stocks issues a news alert for ScanTech AI Systems Inc. (NASDAQ: STAI), a company that has developed one of the world's most advanced non-intrusive 'fixed-gantry' CT screening technologies. Utilizing proprietary artificial intelligence and machine learning capabilities, ScanTech AI's state-of-the-art scanners accurately and quickly detect hazardous materials and contraband. Engineered to automatically locate, discriminate, and identify threat materials and items of interest.

The stock has made the NASDAQ top gainers list today on news and currently trading at $3.7976, up $1.7476, gaining 85.7760% on volume of over 118 Million shares as of this report. The stock has a morning high of 4.4099.

Today, ScanTech AI announced that it has reached an agreement with the Virginia Department of Corrections ("VADOC") to deploy its innovative Fixed-Gantry Sentinel Computed Tomography (CT) scanner. This project is part of ScanTech AI's initiative to address the pervasive issue of contraband in correctional facilities throughout the Americas.

Contraband, including illicit drugs, weapons, and unauthorized communication devices, poses significant challenges to the safety and security of correctional institutions. An October 2024 study by the Urban Institute found that maximum-security prisons, male detainee facilities, and larger institutions experience higher rates of contraband recoveries, underscoring the need for advanced detection solutions.

The ongoing challenge of contraband entering correctional facilities, particularly through mailrooms, has fueled a growing demand for advanced detection and security systems. With over 6,000 correctional facilities-including state, federal, county, city, and juvenile detention centers-across the U.S., this sector of the checkpoint scanning market is estimated to have an approximate value approaching $1.5 billion. This estimate is derived from data provided by the Bureau of Justice Statistics on correctional facilities nationwide, combined with industry projections for security screening solutions in correctional settings. The Virginia Department of Corrections and its neighboring state agencies account for approximately 5%-or approximately 300-of these facilities. By leveraging its cutting-edge contraband detection technology, ScanTech AI Systems aims to enhance security operations and create safer correctional environments nationwide.

Full news

https://finance.yahoo.com/news/scantech-ai-announces-initiative-combat-143000550.html

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