Extendable Two-year Agreement Continues to Expand Company’s Multimodal and Urban Transit Integration Initiatives
- Project will improve services for over 25,000 daily transit riders across 9.2 miles and 60 signalized intersections in East San Fernando Valley
- Deal represents Iteris’ commitment to leveraging integrated arterial and transit signal communication technology to improve safety and efficiency in public transit networks nationwide
SANTA ANA, Calif. – December 12, 2019 – Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it has been awarded a $2.05 million sub-contract from the Los Angeles County Metropolitan Transportation Authority (LA Metro) to provide traffic operations analysis and traffic engineering design services for a new light rail transit (LRT) system in Los Angeles County. The project represents the continued expansion of Iteris’ transit system solutions in southern California and nationwide.
Under the terms of the two-year sub-contract agreement, with Gannett Fleming, Inc., which is extendable for six additional years for design and construction support operations, Iteris will provide design services for a new LRT system at more than 60 signalized intersection as part of the $1.3 billion East San Fernando Valley Light Rail Project. The project continues Iteris’ active involvement in the development of LA Metro’s transit system for the past 25 years.
“We are proud to be part of the team that will design and implement this groundbreaking project for LA Metro, which involves the integration of urban rail transit within a major arterial corridor in Los Angeles County,” said Scott Carlson, vice president and assistant general manager, Transportation Systems at Iteris. “In support of Los Angeles County’s Measure M Program, we look forward to incorporating advanced design solutions, intersection traffic control technologies and signal system communications to ultimately improve safety and efficiency for the more than 25,000 daily transit riders."
This LRT project will include 14 at-grade stations, mostly in the median of Van Nuys Boulevard, with an overall travel time of just over 30 minutes, serving an expected 30,000 daily transit riders by 2040. Currently, buses operating along the corridor represent the seventh-highest transit ridership in the Metro system.
Groundbreaking is scheduled for 2022, which will enable the service to open for operation in time for the 2028 Summer Olympics.
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," “feels,” "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 potential up to total value, success, impact, and benefits 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 funding and budgetary timing, allocations and constraints; potential adverse impacts, such as reduced revenue potential, due to change in scope of work for the project, performance timing and contract cancellation; 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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