Iteris Announces Introduction of VersiCam™ Video Detection Product
-- VersiCam™ expands Iteris’ market leading Vantage™ video detection product
and addresses significant under-served market segment-- Santa Ana, Calif. – April 1, 2008 -- Iteris, Inc., (AMEX: ITI), a leader in the traffic management market that focuses on the application and development of advanced technologies, today announced at the Intertraffic Exhibition in Amsterdam the release of the latest addition to its Vantage™ family of video detection systems, VersiCamTM. Initial deliveries of VersiCamTM product are expected to begin later this month.
VersiCamTM combines Iteris’ proven video detection algorithms and imaging technology into one, easy to use, integrated camera and processor system. The product is designed to address price-sensitive applications such as the “semi-actuated” intersection market which Iteris believes is under served by other in-pavement and above-ground sensor products. Additionally, VersiCamTM is ideal for a wide variety of international traffic management applications. VersiCamTM offers the many benefits of video detection, at an attractive price. VersiCam™ offers flexibility in “detection zone” placement, reduced need for lane closures during installation, and the availability of a video image for transmission to a central control facility.
“Iteris is proud to add VersiCamTM to its best-in-class line of Vantage™ video detection products and to broaden our opportunity to include a sizable yet under-served market,” said Greg McKhann, Iteris’ senior vice president and general manager, Roadway Sensors. “VersiCamTM complements our existing product line and offers end users a video detection product that allows them to realize the benefits of our Vantage™ systems at a greater number of locations. We expect this product to help accelerate the transition from in-pavement detection products to video detection.”
Iteris applies video detection to a broad range of traffic management applications, including both intersection control and highway management systems. The Company’s advanced image processing technology is used in its Vantage™ product line to detect vehicle presence, count, speed, occupancy and other traffic data used in traffic management systems. This gives traffic managers a powerful toolkit for mitigating roadway congestion by modifying traffic signal timing or detecting incidents quickly. Vantage™ video detection cameras are multi-functional, flexible and reliable. They have been deployed by hundreds of agencies in 49 U.S. states, and in Asia, Latin America, Europe, and the Middle East. The product is currently sold through a network of over 20 independent dealers in North America, Asia, Europe, and South America.
About Iteris, Inc.
Iteris, Inc. is a leader in the traffic management market. Iteris is focused on the development and application of advanced technologies that reduce traffic congestion, minimize the environmental impact of traffic congestion and improve the safety of surface transportation systems. Combining outdoor image processing, traffic engineering and information technology, Iteris offers a broad range of Intelligent Transportation Systems and driver safety solutions to customers worldwide. Iteris is headquartered in Santa Ana, California with offices throughout the U.S., Europe and Asia. Investors are encouraged to contact us at 888-329-4483, or at www.iteris.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: 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," "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 performance and expected benefits of our technology including our VersiCam™ and Vantage™ vehicle video detection systems, our market opportunities both domestically and abroad and our strategies and our future prospects. These statements are subject to change and we undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our 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 the market acceptance of our technologies and of the products that incorporate our technologies; the timing and successful completion of customer qualification of our products and the risks of non-qualification; our ability to specify, develop, complete, introduce, market and transition our new and existing products and technologies to volume production in a timely manner; the potential unforeseen impact of product offerings from competitors and other competitive pressures; and the general economic and political conditions and specific conditions in the markets we address. 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).
Iteris Investor Relations
Brett Maas, 646-536-7331