New Three-year On-Call Agreement With Unlimited Ceiling Expands Company’s Market Penetration in Mid-Atlantic
- Program leverages Iteris’ smart mobility infrastructure management expertise and resources to support region’s goal of improving safety and mobility for all road users, while increasing sustainability.
- Iteris will deliver services including transportation system management and operations, connected and automated vehicle program support, and ITS planning under an open-ended on-call contract.
- Deal represents continued demand for Iteris’ mobility consulting services in a key geographic market.
RICHMOND, Va. – April 13, 2022 – Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that it has been awarded an open-ended on-call contract by the Virginia Department of Transportation (VDOT) for intelligent transportation system (ITS) operations, planning and support services, representing continued demand for Iteris’ mobility consulting services in a key geographic market.
Under the terms of the three-year contract, which has an unlimited ceiling and is renewable for two one-year extensions, Iteris will provide: on-call technical and administrative support in transportation system management and operations (TSM&O); ITS planning; connected and automated vehicle (CAV) program support; expansion of mobile applications development and integration for data sharing; integrated corridor management development; transportation operational services; traffic analysis and safety; and related program support services for VDOT on a state-wide basis.
This contract is federally approved and could be eligible for federal funds, including program budget authorized under the Infrastructure Investment and Jobs Act (IIJA) to improve the condition of infrastructure systems across the country.
“We are thrilled that VDOT is demonstrating its continued commitment to improving safety, mobility and sustainability in the Commonwealth of Virginia,” said Dr. Moe Zarean, general manager, Mobility Operations Services at Iteris. “This initiative represents the continued expansion of Iteris’ mobility consulting services in the Mid-Atlantic, and will ultimately help to increase the value, effectiveness and resilience of the region’s existing transportation infrastructure, while also improving air quality and reducing fuel consumption through improved traffic operations.”
About Iteris, Inc.
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. 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 and capabilities and benefits of our specialized consulting services. 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 provide our services in a cost-efficient manner; government funding and budgetary delays, issues and timing; the potential impact of product and service offerings from competitors and other competitive pressures; challenges in the development of software-based solutions generally; and the impact of general economic, political and other conditions in the markets we address. 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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