Iteris Awarded Contracts Totaling $1.5 Million to Provide Smart Mobility Planning Services for Los Angeles County Metropolitan Transportation Authority
Iteris (NASDAQ: ITI) announced two contracts valued at $1.5 million with the Los Angeles County Metropolitan Transportation Authority for smart mobility planning services. These contracts will focus on converting high-occupancy vehicle lanes to high-occupancy toll lanes on major freeways, specifically the I-405 and I-10. The initiative aims to alleviate congestion, enhance traffic efficiency, and serve approximately 600,000 daily users across over 25 miles of freeway. The project highlights the growing demand for Iteris’ expertise in smart mobility solutions.
- Award of contracts valued at $1.5 million indicates strong demand for Iteris' services.
- Project aims to improve traffic efficiency for approximately 600,000 daily users.
- Focus on smart mobility solutions aligns with industry trends towards managed lane systems.
- None.
Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been awarded two contracts from the Los Angeles County Metropolitan Transportation Authority (LA Metro) for smart mobility planning services related to the conversion of high-occupancy toll (HOT) lanes on two major freeways in Los Angeles County, demonstrating growing demand for Iteris’ specialized consulting services in a key geographic market.
Iteris Awarded Contracts Totaling
Under the terms of the two sub-contract agreements with WSP and Parsons Corporation, which total
The concept of HOT lanes is a managed lane system that helps to improve the operations of a corridor by combining high-occupancy vehicle (HOV) lanes, commonly known as carpool lanes, with dynamic pricing strategies. In contrast to HOV lanes, HOT lanes allow single-occupant vehicles to use the HOT lanes to save travel time if they choose to pay the applicable toll.
“We are proud to be part of the multi-disciplinary development teams that will plan and design the conversion of HOV lanes to HOT lanes – an increasingly popular freeway system improvement strategy – in two of the most congested corridors in Los Angeles County,” said Viggen Davidian, vice president, Consulting Solutions at Iteris. “With the advent of new vehicle management technologies over the past decade, we can now more effectively manage congested corridors, while decreasing travel times and overall traffic congestion, improving air quality, reducing the existing transportation system’s impact on the environment, and providing Los Angeles County road users with more flexible routing choices.”
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," "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 contracts, the project, and our 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 cost effectively; agency budgetary constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); 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).
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FAQ
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