Iteris Awarded $4.07 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, Inc (NASDAQ: ITI) announced its second task order from the Federal Highway Administration (FHWA), worth $4.07 million, under an indefinite delivery/indefinite quantity (IDIQ) contract to support the Intelligent Transportation Systems (ITS) architecture program. This contract has a ceiling of $19.5 million and a total value of $9.8 million. Iteris will enhance the Architecture Reference for Cooperative and Intelligent Transportation content to aid in interoperability and connected vehicle developments as part of a five-year initiative.

Positive

• Awarded $4.07 million task order from FHWA to support ITS architecture.
• Total value of the contract increased to $9.8 million under a ceiling of $19.5 million.

Negative

• None.

Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has received a second task order with funding of $4.07 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 $4.07 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, has a total value of $9.8 million. Under the task order, Iteris 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, vice president, federal and research programs, Transportation Systems 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 incorporation 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 global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. 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,” “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 success, impact, and benefits of the awarded task order. 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; government funding and budgetary delays, constraints and issues; adverse impacts related to performance timing and cancellation of an awarded contract; adverse impacts of general economic, political, and other conditions in the markets we address; 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/20201215005180/en/

FAQ

What is the latest funding announcement for ITI?

Iteris announced a $4.07 million task order from the FHWA for ITS architecture support.

How much is the IDIQ contract ceiling for ITI?

The IDIQ contract ceiling for Iteris is $19.5 million.

What is the purpose of the ITS architecture program by ITI?

The program aims to enhance interoperability and support for connected vehicles.

How long is the contract duration for ITI's new task order?

The task order is part of a five-year IDIQ contract.