Iteris Awarded General Services Administration’s Multiple Award Schedule Contract

Rhea-AI Summary

Iteris, Inc. (NASDAQ: ITI) has secured a Multi Award Schedule (MAS) contract from the General Services Administration effective until 2027. This contract provides rapid access to Iteris' consulting services for federal, state, and local agencies, enhancing their capabilities in technical and engineering services. The MAS program streamlines procurement and supports the deployment of funds from the Infrastructure Investment & Jobs Act, allowing Iteris to better serve existing clients and expand into new government business.

Positive

• Awarded GSA MAS contract enhances access to consulting services for government agencies.
• Contract effective until 2027, providing stability and long-term revenue potential.
• Enables Iteris to assist in deploying Infrastructure Investment & Jobs Act funding.

Negative

• Dependence on government funding and budgetary issues may affect revenue.
• Potential competition and market conditions could impact future performance.

Multi-year Contract Allows Agencies Nationwide More Rapid Access to Iteris’ Consulting Services

FAIRFAX, Va.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, announced that it has been awarded a Multiple Award Schedule (MAS) by the General Services Administration (GSA).

This government-wide contract is currently effective until 2027 and provides federal, state and local government buyers with quick access to Iteris’ consulting services. Listed under contract number 47QRAA22D00BT, it was awarded for technical and engineering services, business administration services, training and IT services.

“As a long-standing provider to government agencies, this contract is a perfect fit for Iteris,” said Moe Zarean, General Manager of Mobility Consulting Solutions at Iteris. “We are excited that the GSA MAS program will make it easier for us to deliver our technical and domain expertise to public-sector clients, especially as agencies at all levels of government begin to deploy funding from the Infrastructure Investment & Jobs Act to address critical mobility initiatives across the nation.”

The GSA MAS program is an integral part of the Federal Marketplace strategy of modernizing the procurement process for commercial products and services, making buying easy and efficient with technology that connects government buyers and industry. It brings Iteris the ability to both better serve current customers and attain new government business.

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 benefits and effects of our professional 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 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 other competitive pressures. 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/20220825005187/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 Iteris' GSA MAS contract?

The GSA MAS contract allows Iteris to provide rapid access to its consulting services for government agencies, enhancing its market presence.

How long is Iteris' GSA MAS contract effective?

The contract is effective until 2027.

What services does Iteris provide under the GSA MAS contract?

Iteris provides technical and engineering services, business administration services, training, and IT services.

How might the Infrastructure Investment & Jobs Act affect Iteris?

As agencies deploy funding from the Act, Iteris can leverage its expertise to support critical mobility initiatives.

What risks are associated with Iteris' new GSA contract?

Key risks include dependence on government funding and potential competitive pressures affecting performance.