Two-year Agreement Further Expands Company’s Multimodal and Vehicle-to-Infrastructure Initiatives
- Initiative will improve services for over 40 million Pace transit riders a year, covering six counties in the Chicago metropolitan area
- System represents Iteris’ commitment to leveraging emerging vehicle-to-infrastructure technology to improve efficiency in public transit networks nationwide
SANTA ANA, Calif. – January 30, 2020 – Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it has executed an agreement and received the formal notice to proceed to expand its activities to provide a transit signal priority (TSP) system for Pace, the Suburban Bus Division of the Regional Transportation Authority.
Iteris will provide systems integration management and design services, optimization and monitoring of the new TSP system at major signalized intersections along Milwaukee Avenue. This project represents the first deployment of the Regional Transit Signal Priority Implementation Program to support the future deployment of TSP systems to other corridors 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 Scott Carlson, vice president and assistant general manager, Transportation Systems at Iteris. “This new initiative with Pace is further testament to the efficacy of our vehicle-to-infrastructure approach, which is designed to mitigate traffic congestion throughout Midwest metropolitan areas and across the nation.”
Pace serves approximately 40 million riders annually across Cook, Lake, Will, Kane, McHenry and DuPage counties. Iteris’ TSP system services are used by some of the largest transit agencies across the country, including the City of Gardena, the Los Angeles County Metropolitan Transportation Authority, the City of Culver City, the City of Torrance and the City of Pasadena.
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," “feels,” "anticipates," "expects," "intends," “outlooks,” “target,” "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 impacts and benefits of our services and the agreement. 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 carryout and complete the project on a cost-effective basis; government funding and budgetary issues, and potential related funding constraints and delays; the impact of general economic, competitive, 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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