Iteris, Inc. - ITI STOCK NEWS

Iteris (NASDAQ: ITI) has partnered with Continental to develop intelligent infrastructure solutions aimed at enhancing mobility across North America. The collaboration will focus on integrating connected and automated vehicle technologies into city infrastructure to support safer, more efficient transportation. Key elements include leveraging automotive sensors and vehicle-to-infrastructure (I2V) connectivity to improve real-time traffic insights and contribute to the Vision Zero initiative, which aims to eliminate traffic-related fatalities.

Continental and Iteris, Inc. (NASDAQ: ITI) announced a collaboration to enhance intelligent infrastructure solutions across North America. The partnership aims to prepare cities for connected and automated vehicle technologies, ensuring safer and more efficient mobility. Utilizing automotive sensors and infrastructure-to-vehicle connectivity, the collaboration will improve transportation systems. This partnership is expected to bolster Vision Zero goals, addressing road safety, which impacts various vulnerable road users. Both companies emphasize the need for an integrated approach to traffic management.

Iteris, Inc (NASDAQ: ITI) has been selected by Rutgers University's Center for Advanced Infrastructure and Transportation for the design and implementation of the Middlesex County - Smart Mobility Testing Ground in New Jersey. This multi-phase contract will enhance demand for Iteris’ consulting services. The project aims to support the New Jersey Department of Transportation and will focus on smart mobility application testing, improving local safety, and addressing transportation challenges. It positions New Jersey as a leader in connected and automated vehicle technologies.

Iteris, Inc. (NASDAQ: ITI) has announced a significant deployment of its ClearGuide software-as-a-service (SaaS) solution in collaboration with the Minnesota Department of Transportation (MnDOT). This integration with the Intelligent Roadway Information System (IRIS) streamlines real-time travel-time data updates for variable message signs across Minnesota. The ClearMobility Cloud enhances data management and analysis capabilities for improved traffic management. Since 2013, MnDOT has utilized Iteris analytics services and has adopted ClearGuide since 2019, enhancing traffic performance measures.

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).

Iteris, Inc (NASDAQ: ITI) has secured a $500,000 contract from the Illinois Department of Transportation for an intelligent transportation systems (ITS) and traffic signal synchronization project. This marks over $3 million in contract awards since the opening of their Illinois office in January 2019, showcasing sustained demand for their consulting services in the region. The project involves modernizing traffic signals and enhancing signal coordination at key intersections. Iteris aims to improve safety and mobility for road users while optimizing the region's transportation infrastructure.

Iteris (NASDAQ: ITI) has secured contracts worth $3.5 million from the Pulice-FNF-Flatiron Joint Venture for the Arizona Department of Transportation's I-10 Broadway Curve Improvement Project. This four-year initiative will enhance an 11-mile stretch of Interstate 10, a crucial freeway in the Phoenix area, impacting 300,000 daily commuters. Iteris will contribute design services and its ClearGuide™ and ClearRoute™ SaaS solutions to optimize traffic management and safety during construction, which is set to commence in mid to late 2021.

Iteris, Inc. (NASDAQ: ITI) has secured a three-year indefinite delivery/indefinite quantity (IDIQ) contract from the Texas Department of Transportation (TxDOT) valued at up to $1.2 million. This contract emphasizes Iteris' growing role in smart mobility infrastructure, specifically for traffic signal timing improvements in Houston, which has over 1,000 signalized intersections. This win marks the fourth TxDOT IDIQ contract awarded to Iteris within three years, contributing to a growing backlog exceeding $9.3 million from various TxDOT contracts over the past five years.

Iteris, Inc. (NASDAQ: ITI) has initiated a comprehensive review of strategic alternatives aimed at maximizing shareholder value. The Board of Directors, led by Chairman Tom Thomas, has engaged Moelis & Company as a financial advisor to explore opportunities for enhancing the company's market position. CEO Joe Bergera highlighted recent improvements in product portfolio and operations, emphasizing a focus on delivering strong returns for shareholders. No specific outcomes or timelines have been disclosed regarding this strategic review.