Iteris Receives $3.15 Million in Additional Task Order Funding from Federal Highway Administration to Support Nation’s Architecture Reference for Cooperative and Intelligent Transportation
Iteris, Inc. (NASDAQ: ITI) has announced an additional $3.15 million funding from the Federal Highway Administration (FHWA) under an existing task order agreement. This funding supports the continued development of the intelligent transportation systems (ITS) reference architecture program. The task order is part of a five-year IDIQ contract with a ceiling of $19.5 million, initially established in November 2020. The funding aims to enhance safety and mobility in transportation through advanced technologies such as connected and automated vehicles (CAV).
- Received additional $3.15 million funding, enhancing financial stability.
- Part of a larger $19.5 million IDIQ contract, indicating long-term commitment from FHWA.
- Continued support for evolving intelligent transportation systems, positioning Iteris as a leader in smart mobility management.
- None.
Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has received an additional
Iteris Receives
The funding is being added to an existing three-year task order agreement, which was initiated in November 2020 and is part of a five-year IDIQ contract with a contract ceiling of up to
“We are pleased to announce the FHWA’s additional funding of Iteris’ continued development, evolution and deployment support for ARC-IT,” said Cliff Heise, vice president, federal and research programs, Consulting Solutions at Iteris. “As connected and automated vehicle technologies become more advanced, it is vital that the United States continues to invest in preparations for the new realities that will be enhancing safety and mobility going into the next decade.”
Iteris has led the development and evolution of the U.S. ITS architecture reference over three decades, and initiated the Connected Vehicle Reference Implementation Architecture in 2012. Combining the two architectures into ARC-IT provides transportation stakeholders with the architecture reference to collaboratively plan, deploy, and enhance their transportation systems to support ITS and CAV technologies. ARC-IT, its tool set and the deployment support available from the ITS Architecture Program facilitates the interoperability discussions needed to improve safety and mobility through CAV deployment.
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 total value, success, impact, and benefits of the project, and the services related to ARC-IT, including ITS changes and connected automated vehicle (CAV) developments. 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).
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