Five-year Initiative with Contract Ceiling of $5 Million will Improve Traffic Flow and Safety Throughout Tampa, Florida Region
- Program leverages Iteris’ traffic signal operations expertise to support region’s goal of improving the safety and mobility for all road users
- Timing improvements will be made at key intersections throughout Florida’s District 7, which houses over 1,100 signalized intersections, representing almost 20% of signalized intersections in the state
- Deal represents continued demand for Iteris’ specialized consulting services in a key geographic market
SANTA ANA, Calif. – October 27, 2020 – Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been awarded a five-year professional services contract with a ceiling of $5 million from the Florida Department of Transportation (FDOT) District 7 in Tampa, Florida for a regional traffic signal retiming program, representing continued demand for Iteris’ specialized consulting services in a key geographic market.
The five-year program includes signal coordination and timing improvements at key intersections throughout Florida’s District 7, which houses over 1,100 signalized intersections, representing almost 20% of signalized intersections in the state.
Under the terms of the agreement, Iteris will provide services including intersection and system analysis, data collection and model development, traffic signal timing plan development, implementation and evaluation, and additional traffic signal operations services with the aim of improving traffic flow, enhancing public safety and decreasing stops.
The primary goal of this project is to implement optimized coordination timing plans to achieve optimal traffic flow, and improve safety for all road users, including vehicles, buses, bicycles and pedestrians.
“We are proud to support FDOT’s goal of improving the safety and mobility of road users by leading this traffic signal retiming program,” said Helmuth Arens, associate vice president and traffic operations group manager, Transportation Systems at Iteris. “This initiative represents the continued expansion of Iteris’ traffic signal coordination services in a key geographic market, and will ultimately help to increase the value and effectiveness of the region’s existing transportation infrastructure, while also improving safety, air quality and reducing fuel consumption.”
Iteris expects to commence the traffic signal coordination project immediately.
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. 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 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 deliver our services in a timely and cost-effective basis; government funding and budgetary issues and delays; the impacts of general economic, political, and other conditions in the markets we address; 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).
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