New Contract Continues to Expand the Company’s Market Penetration in Texas
- Agreement is the third major contract awarded to Iteris by TxDOT in the past 14 months
- New contract award accelerates Iteris’ geographic expansion in one of the “largest and most progressive” national transportation markets
- Task orders expected in the areas of traffic signal design and timing, and ITS planning and integration
SANTA ANA, Calif. – May 30, 2018 – Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it has been awarded a Texas Department of Transportation (TxDOT) Wave 2 Traffic Engineering indefinite delivery/indefinite quantity (IDIQ) contract, a three-year commitment with a potential value of up to $3 million. Task orders are anticipated in mid-2018.
This contract represents a TxDOT multi-district IDIQ for TxDOT Austin, TxDOT San Antonio, TxDOT Houston and TxDOT statewide. The company anticipates task orders for traffic signal design and timing, as well as intelligent transportation systems planning and integration.
“We are proud to be selected again by TxDOT to support important infrastructure projects in the state of Texas, one of the largest and most progressive transportation markets in the U.S.,” said Scott Carlson, vice president and assistant general manager, western region, Transportation Systems at Iteris. “Texas is a strategic geographical focus for Iteris and, with this being the third TxDOT IDIQ awarded to Iteris in the past 14 months, we expect to further expand our consulting and integration services in the state.”
In November 2017, Iteris was awarded an IDIQ contract from the TxDOT San Antonio district for traffic engineering and signal timing. That contract was a two-year commitment with a potential value of up to $2 million. Iteris anticipates to have up to $600,000 in work authorizations in the second quarter of fiscal year 2019 from this IDIQ.
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 our design, planning and integration services and statements about the impacts and value 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 successfully perform the services cost effectively; agency budgetary constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); 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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