Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it has been awarded new contracts totaling $1.4 million with OC 405 Partners for traffic manager support, construction operations and maintenance, and associated construction phase services in support of the I-405 Improvement Project in southern California.
The $1.9 billion I-405 Improvement Project is the largest-scale project ever undertaken by Orange County Transportation Authority, in cooperation with the California Department of Transportation. The project will improve 16 miles of I-405 between the SR-73 freeway in Costa Mesa and I-605 near the L.A. County line. The project includes adding one regular lane in each direction between Euclid Street and I-605, and making improvements to freeway entrances, exits and bridges. In addition, the project will add the 405 Express Lanes, incorporating the existing carpool lanes and a new lane in each direction between SR-73 and I-605. The multi-year improvement project will be complete in 2023.
Iteris is responsible for the freeway intelligent transportation system (ITS) and Express Lane infrastructure design, temporary ITS infrastructure for use during construction, development of the project traffic management plan, and signal design at 42 intersections throughout the corridor. In November 2018, Iteris announced the addition of its Iteris iPeMS analytics and visualization software as a service to the project in support of traffic management operations during construction. This newly awarded $1.4 million activity, which has a 12-month term from date of execution, focuses on providing on-site traffic manager support and associated construction phase services.
Since the I-405 Improvement Projects launch in March 2017, Iteris has been proud to support this vital transportation initiative to make roads significantly safer and more efficient for residents and commuters, said Steven Bradley, vice president, Transportation Systems at Iteris. Iteris is thrilled to provide traffic manager support and staffing, as well as construction operations and maintenance services, in this new phase of the project.
Iteris is leading numerous ITS design and communication infrastructure projects nationwide, enabling smart mobility and smart communities. Iteris Transportation Systems business unit provides advanced design, real-time data analytics and actionable informatics to safely improve mobility within communities and ready the roadways for connected/autonomous vehicles in smart cities.
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.
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 timing, budget for the project, impact, and benefits of the awarded contract, newly awarded expansions to the contract, and our traffic manager support and related 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 successfully deliver services timely and in a cost-effective manner; government funding and budgetary issues and delays; impact of influences and variances of general economic, political, environment, 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 SECs website (www.sec.gov).
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