New Contract Expected to Extend the Company’s Market Penetration in Texas
SANTA ANA, Calif. – November 29, 2017 – Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it is one of 10 firms to be awarded the Texas Department of Transportation’s (TxDOT) Wave 4 Traffic Engineering indefinite delivery/indefinite quantity (IDIQ) contract, a two-year commitment with a potential value of up to $2 million. Task orders are anticipated in early 2018.
Iteris’ new IDIQ contract is assigned to the TxDOT San Antonio district, an area known for its smart transportation and traffic engineering innovations. 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,” said Scott Carlson, vice president and assistant general manager, western region, Transportation Systems at Iteris. “Texas is a strategic market for Iteris. Over the past four years, we have delivered a number of successful signal system upgrades, communications design and traffic signal operations projects. This new contract will enable us to increase our level of consulting and integration services in the state.”
In April of this year, Iteris was awarded an IDIQ contract from the TxDOT Houston district for traffic engineering and signal timing. That contract was also a two-year commitment with a potential value of up to $2 million.
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.
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," “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 success and benefits of our services and statements about anticipated task orders related to the project. 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; our ability to effectively improve upon and integrate existing transportation designs; government funding and budgetary issues, and potential related funding delays; the impact 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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