Iteris Selected by Ohio Department of Transportation for Traffic Signal Timing Services

Rhea-AI Summary

Iteris, Inc. (NASDAQ: ITI) has secured a two-year contract from the Ohio Department of Transportation for statewide traffic signal timing and operation. This project will encompass 53 traffic signal intersections in Northeast Ohio, with potential expansions statewide. The initiative focuses on enhancing safety and mobility while reducing congestion and CO2 emissions by implementing innovative traffic signal retiming techniques. This contract reinforces Iteris's position in the smart mobility infrastructure market and supports environmental sustainability goals. The company aims to improve the efficiency of passenger and heavy vehicle transit in the region, showcasing its continued growth in the Midwest's mobility sector.

Positive

• Award of a two-year contract from the Ohio Department of Transportation.
• Focus on improving traffic signal efficiency, enhancing safety and mobility.
• Potential for contract expansion to additional locations in Ohio.

Negative

• None.

New contract expands the company’s mobility professional services into the region

GENEVA, Ill.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that it has been awarded a two-year contract for statewide traffic signal timing and operation by the Ohio Department of Transportation (ODOT), representing continued demand for Iteris’ specialized consulting services to support another important mobility infrastructure project in a key geographic market.

Under the contract, Iteris will develop signal timing plans for 53 key signalized intersections in Northeast Ohio, with additional locations throughout the state expected to come at a later date.

In support of the state of Ohio’s goals of providing a transportation system that is safe, connected and environmentally sensitive, Iteris will identify innovative traffic signal retiming techniques to improve safety and mobility, reduce stops and traffic congestion, and increase sustainability. By reducing delays and stops on key corridors for passenger vehicles and heavy vehicles, ODOT’s signal timing program will help to reduce CO2 emissions and fuel consumption, which in turn will contribute to environmental and air quality improvements.

“We’re proud to be working with ODOT to support an important mobility infrastructure project in the state of Ohio,” said Anita Vandervalk-Ostrander, regional vice president consulting solutions at Iteris. “This traffic signal timing program represents the continued expansion of Iteris’ specialized consulting services in the Midwest, and more importantly, will help to increase safety and improve mobility for the state’s traveling public.”

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," “feels,” "anticipates," "expects," "intends," "plans," “anticipates,” "seeks," “might,” "estimates," "may," “could,” “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, our consulting services and its impacts. 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 issues and scheduling delays; adverse impacts related to performance timing and cancellation of an awarded contract; and adverse impacts of general economic, political, and other conditions in the markets we address. 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/20230418005449/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 recent contract awarded to Iteris, Inc. (ITI)?

Iteris has been awarded a two-year contract for traffic signal timing and operation by the Ohio Department of Transportation.

How many intersections will Iteris manage under the new contract?

Iteris will manage 53 key signalized intersections in Northeast Ohio.

What are the expected benefits of Iteris's traffic signal program?

The program aims to improve safety, reduce traffic congestion, and lower CO2 emissions.

Which organization awarded the contract to Iteris?

The contract was awarded by the Ohio Department of Transportation.

What market does this contract signify for Iteris, Inc. (ITI)?

This contract signifies Iteris's expansion in the Midwest mobility infrastructure market.