Extendable Three-year Agreement Continues to Expand Company’s Multimodal Efficiency and Vehicle-to-Infrastructure Initiatives
- Initiative will improve services for over five million Culver CityBus riders a year, covering 33 square miles of west Los Angeles communities
- Deal represents Iteris’ commitment to leveraging vehicle-to-infrastructure technology to improve efficiency in public transit networks nationwide
SANTA ANA, Calif. – August 14, 2018 – Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it has been awarded a $1.4 million contract from the City of Culver City to provide a bus signal priority (BSP) system for eight Culver CityBus (CCB) lines, representing the continued expansion of its BSP solution in southern California.
Under the terms of the three-year agreement, which is extendable for two additional years of operations and maintenance service, Iteris will provide design services, procurement and testing, and make operational the new BSP system at 103 signalized intersections. This project is the seventh BSP project in southern California, bringing total deployments of Iteris’ BSP connected bus solutions to over 600 intersections in the region.
“Improving safety and efficiency for all modes of transportation is a priority for Iteris and the cities and state agencies with which we work throughout the U.S.,” said Ramin Massoumi, senior vice president and general manager, Transportation Systems at Iteris. “This new initiative with the City of Culver City is further testament to the efficacy of our vehicle-to-infrastructure approach to mitigate traffic congestion throughout southern California metropolitan areas, as well as nationwide.”
Deployment of the BSP system is anticipated to be completed within 12 months. The BSP system will leverage existing on-bus systems that incorporate GPS-based automatic vehicle location equipment, wireless communications and advanced intersection traffic controller technologies.
The CCB serves approximately five million riders annually on eight lines that include a bus rapid transit line called the Rapid 6. The CCB service area encompasses 33 square miles.
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.
Iteris 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 success, impact, and benefits of the awarded contract. 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 perform the contract on a cost-effective basis; agency funding and budgetary allocations and constraints; performance timing and cancellation of contract or task orders; impact of influences and variances of general economic, political, environment, and other conditions; and the potential impact of product and service offerings from competitors. 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).
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