Five-year Agreement with Contract Ceiling of $19.5 Million Demonstrates Iteris’ Continuous Role as Trusted Advisor to US Department of Transportation
- New contract leverages Iteris’ ITS expertise to prepare cities and states for advancements in connected and autonomous vehicle technology
- Task orders to include implementation and evolution of ARC-IT framework, as well as delivery of training programs to public agencies nationwide
SANTA ANA, Calif. – June 19, 2018 – Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it has been awarded an indefinite delivery/indefinite quantity (IDIQ) contract with a ceiling of $19.5 million from the Federal Highway Administration (FHWA) to provide continued development, evolution and deployment support for the intelligent transportation systems (ITS) reference architecture program.
Under the five-year IDIQ contract, Iteris will support the evolution of the Architecture Reference for Cooperative and Intelligent Transportation (ARC-IT) content to reflect changes in ITS, and connected automated vehicle (CAV) developments. The program supports statewide and regional ITS planning and deployment to encourage interoperability and CAV preparedness through workshops, training and technical assistance.
“The ITS architecture program has been a vital and constantly evolving reference for ITS, and automated vehicle and connectivity projects since its release over 20 years ago,” said Ramin Massoumi, senior vice president and general manager, Transportation Systems at Iteris. “Iteris is honored to continue providing the expertise required to support the US Department of Transportation’s efforts to improve safety and mobility.”
Iteris has led the development and evolution of the U.S. ITS architecture reference for over two decades, and initiated the Connected Vehicle Reference Implementation Architecture in 2012. Combining the two architectures into ARC-IT allows transportation stakeholders to see the linkages between their ITS and CAV technologies and facilitates integration and interoperability discussions as they plan and implement ITS and CAV projects. Iteris leads an experienced core team of Ice & Associates and Consystec. Additional team members include Trevilon and Booz Allen Hamilton.
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.
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 total value, success, impact, and benefits of the awarded contract, and the services related to ARC-IT, including ITS changes and connected automated vehicle (CAV) developments. 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 perform the services cost effectively; agency funding and budgetary allocations and constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); impact of adverse influences and variances of general economic, political, environmental, and other conditions; performance timing and cancellation of task orders; 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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