New Agreement Brings Total Involvement to Date to $7.9 Million,
Broadens Scope to Include Integration and Maintenance of Technology
Infrastructure to Support Construction
- Initial $5.5 million contract focused on infrastructure design,
which started in March 2017
- New contract with OC 405 Partners leverages Iteris’ expertise in
innovative ITS projects that enhance safety and mobility
- The I-405 Improvement Project will shorten commute times
significantly for 370,000 daily southern California drivers
SANTA ANA, Calif.--(BUSINESS WIRE)--May 8, 2018--
Iteris,
Inc. (NASDAQ: ITI), the global leader in applied informatics for
transportation and agriculture, today announced that it has been awarded
a new $2.4 million contract with OC
405 Partners for integration and maintenance of the technology
infrastructure in support of the I-405
Improvement Project in southern California.
The $1.9 billionI-405 Improvement Project is the largest-scale project
undertaken by Orange County Transportation Authority, in cooperation
with the California Department of Transportation. The project will
improve 16 miles of I-405 between the SR-73 freeway in Costa Mesa and
I-605 near the L.A. County line. The project includes adding one regular
lane in each direction between Euclid Street and I-605, and making
improvements to freeway entrances, exits and bridges. In addition, the
project will add the 405 Express Lanes, incorporating the existing
carpool lanes and a new lane in each direction between SR-73 and I-605.
The multi-year improvement project will be complete in 2023.
Iteris is responsible for the freeway intelligent transportation system
(ITS) and Express Lane infrastructure design, temporary ITS
infrastructure for use during construction, development of the project
traffic management plan, and signal design at 42 intersections
throughout the corridor. Starting in March 2017, Iteris began
infrastructure design work that will continue through 2018. This newly
awarded $2.4 million contract, which has a 12-month term from date of
execution, focuses on the deployment of temporary ITS infrastructure for
use during construction.
“The I-405 Improvement Project is one of the most important
transportation initiatives to impact southern California for some time
and will make roads significantly safer and more efficient for residents
and commuters,” said Steven Bradley, associate vice president,
Transportation Systems at Iteris. “Iteris is excited to begin a new
phase of the project to support safe mobility during construction.”
Iteris is leading numerous ITS design and communication infrastructure
projects nationwide, enabling smart mobility and smart communities.
Iteris’ Transportation Systems business unit provides advanced design,
real-time data analytics and actionable informatics to safely improve
mobility within communities and ready the roadways for
connected/autonomous vehicles in smart cities.
About Iteris, Inc.
Iteris is the global leader in applied informatics for transportation
and agriculture, turning big data into big breakthrough solutions. We
collect, aggregate and analyze data on traffic, roads, weather, water,
soil and crops to generate precise informatics that lead to safer
transportation and smarter farming. Municipalities, government agencies,
crop science companies, farmers and agronomists around the world use our
solutions to make roads safer and travel more efficient, as well as
farmlands more sustainable, healthy and productive. Visit www.iteris.com
for more information and join the conversation on Twitter,
LinkedIn
and Facebook.
Forward-Looking Statements
This release may contain forward-looking statements, which speak only as
of the date hereof and are based upon our current expectations and the
information available to us at this time. Words such as “believes,”
“anticipates,” “expects,” “intends,” “plans,” “seeks,” “estimates,”
“may,” “should,” “will,” “can,” and variations of these words or similar
expressions are intended to identify forward-looking statements. These
statements include, but are not limited to, statements about the timing,
budget for the project, impact, and benefits of the awarded contract,
newly awarded contract, and the design, integration and maintenance
services. Such statements are not guarantees of future performance and
are subject to certain risks, uncertainties, and assumptions that are
difficult to predict, and actual results could differ materially and
adversely from those expressed in any forward-looking statements as a
result of various factors.
Important factors that may cause such a difference include, but are not
limited to, our ability to successfully deliver services timely and in a
cost-effective manner; government funding and budgetary issues and
delays; impact of influences and variances of general economic,
political, environment, and other conditions; and the potential impact
of product and service offerings from competitors and such competitors’
patent coverage and claims. Further information on Iteris, Inc.,
including additional risk factors that may affect our forward-looking
statements, is contained in our Annual Report on Form 10-K, our
Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our
other SEC filings that are available through the SEC’s website (www.sec.gov).
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005235/en/
Source: Iteris, Inc.
Iteris Contact
David Sadeghi
(949) 270-9523
dsadeghi@iteris.com
or
Investor
Relations
MKR Group, Inc.
Todd Kehrli
(323) 468-2300
iti@mkr-group.com