Iteris Awarded $2.95 Million in New Task Order Funding by Federal Highway Administration to Support Nation’s Architecture Reference for Cooperative and Intelligent Transportation

Rhea-AI Summary

Iteris announced the receipt of a $2.95 million task order under a $19.5 million IDIQ contract from the Federal Highway Administration. This task order is the fourth in a series aimed at advancing the ARC-IT framework and supporting public agencies nationwide in implementing Intelligent Transportation Systems (ITS). The project positions Iteris as a trusted advisor to the U.S. Department of Transportation and focuses on preparing cities and states for developments in connected and automated vehicle technology.

Positive

• Award of $2.95 million task order under $19.5 million IDIQ contract indicates ongoing business growth.
• Continued partnership with the Federal Highway Administration demonstrates reputational strength and trust.
• Supports preparation for connected and automated vehicle advancements, positioning Iteris as a leader in ITS.

Negative

• None.

Agreement Represents Fourth Task Order Under $19.5 Million IDIQ Contract 

• New task order continues implementation and evolution of ARC-IT framework, as well as delivery of training curriculum to support public agencies nationwide
• Iteris’ ITS expertise will be leveraged to prepare cities and states for advancements in connected and automated vehicle technology
• Project demonstrates Iteris’ continuous role as trusted advisor to US Department of Transportation

FAIRFAX, Va.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that it has received a fourth task order with funding of $2.95 million under its indefinite delivery/indefinite quantity (IDIQ) contract from the Federal Highway Administration (FHWA) to provide continued development, evolution and deployment support for the Intelligent Transportation Systems (ITS) reference architecture program.

Iteris Awarded $2.95 Million in New Task Order Funding by Federal Highway Administration to Support Nation’s Architecture Reference for Cooperative and Intelligent Transportation (Photo: Business Wire)

The new task order agreement, which is part of a five-year IDIQ contract with a contract ceiling of up to $19.5 million, will continue to support the evolution of the Architecture Reference for Cooperative and Intelligent Transportation (ARC-IT) content to reflect changes in ITS, and connected and automated vehicle (CAV) developments. The program supports statewide and regional ITS planning and deployment to encourage interoperability and CAV preparedness through workshops, training and technical assistance. An important aspect of the program is alignment with and support for standards development activities, as well as international coordination of ITS architecture, and standards concepts and approaches.

“Iteris is honored to continue our activities in support of the US Department of Transportation’s efforts to improve safety and mobility with this new task order under the ITS architecture program,” said Cliff Heise, program manager for the ITS reference architecture program, and regional vice president at Iteris. “Iteris is privileged to have had the opportunity to lead the development and evolution of the U.S. ITS architecture reference over the past three decades, including the evolution of connected and automated vehicle capabilities, and support for evolving ITS and CAV standards.”

The ITS architecture enables transportation stakeholders to see the linkages between their ITS and CAV technologies, and facilitates integration and interoperability discussions as they plan and implement ITS and CAV projects.

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, the new task order agreement and our mobility 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 successfully perform the services on a cost effective basis; agency funding and budgetary allocations and constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); impact of adverse influences and variances of general economic, political, environmental, and other conditions; 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).

View source version on businesswire.com: https://www.businesswire.com/news/home/20221004005315/en/

Media Contact

Breanna Wallace

Tel: (949) 996-5348

Email: brwallace@iteris.com

Investor Relations

MKR Investor Relations, Inc.

Todd Kehrli

Tel: (213) 277-5550

Email: iti@mkr-group.com

Source: Iteris, Inc.

FAQ

What is the significance of the $2.95 million task order awarded to Iteris?

The $2.95 million task order is significant as it represents a continuation of Iteris' work under a $19.5 million IDIQ contract with the Federal Highway Administration, contributing to the evolution of Intelligent Transportation Systems.

How does this contract impact Iteris' relationship with the U.S. Department of Transportation?

This contract reinforces Iteris' role as a trusted advisor to the U.S. Department of Transportation, highlighting their expertise in advancing transportation technology.

What does the new task order under the IDIQ contract entail?

The new task order focuses on the development of the ARC-IT framework and delivery of training curriculum to enhance public agencies' capabilities in implementing Intelligent Transportation Systems.

How is Iteris preparing cities for advancements in vehicle technology?

Iteris is leveraging its ITS expertise to prepare cities and states for connected and automated vehicle technology through training, workshops, and technical assistance.

What is the total ceiling value of Iteris' IDIQ contract with the Federal Highway Administration?

The total ceiling value of Iteris' IDIQ contract with the Federal Highway Administration is $19.5 million.