– Award Builds Upon Iteris’ Multi-Modal Services Provided Over the Past Decade –
SANTA ANA, Calif. – November 5, 2013 – Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic management information solutions, was awarded a $2.2 million contract to provide a bus signal priority (BSP) system for Torrance Transit’s Rapid Line in Los Angeles County, California. Work on the contract is expected to begin immediately.
“This project expands our established multi-modal operations throughout Los Angeles County,” said Abbas Mohaddes, president and CEO of Iteris. “By growing our nationwide presence and utilizing existing bus system technologies, we are able to provide clients with superior technology to mitigate traffic congestion. We look forward to helping improve the overall service to Los Angeles County residents and commuters.”
Iteris is responsible for the design, procurement, deployment, and on-going operation and maintenance of a multi-jurisdiction bus traffic signal priority system at 83 signalized intersections. Deployment of the bus signal priority system is anticipated to be completed within 18 months. The BSP system utilizes existing on-bus systems that incorporate GPS-based automatic vehicle location equipment, wireless bus-to-intersection communications, and advanced intersection traffic controller technologies previously implemented by Iteris under the Countywide Metro Rapid Signal Priority Program.
Kim Turner, Transit Director of the City of Torrance, added: “Consistency and implementation of a proven system is essential for the residents and transit users of Torrance Transit. Iteris has provided a proven solution throughout Los Angeles County and we look forward to continued success with their expanded solution.”
About Iteris, Inc.
Iteris, Inc. is a leader in providing intelligent information solutions to the traffic management market. The company is focused on the development and application of advanced technologies and software-based information systems that reduce traffic congestion, provide measurement, management, and predictive traffic analytics, and improve the safety of surface transportation systems. By combining its unique IP, products, decades of expertise in traffic management, and information technologies, Iteris offers a broad range of Intelligent Transportation System (ITS) solutions to customers worldwide. The firm is headquartered in Santa Ana, California, with offices nationwide and in the Middle East. For more information, please call 1-888-329-4483 or visitwww.iteris.com. Also visit the company on Facebook, Twitter, and You Tube.
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 success and timing of this contract and its effect on our future prospects. Such statements 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 the timing and successful completion of each phase of the project, including the design, equipment procurement, deployment, and on-going operation and maintenance; budget constraints and changing governmental priorities; the potential unforeseen impact of product and service offerings from competitors and other competitive or governmental pressures; general economic and political conditions; and the 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).
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