Alameda CTC Issues an "Intent to Award" Electronic Transaction Consultants a Contract for Electronic Toll System Integration

Rhea-AI Summary

Quarterhill Inc. (TSX: QTRH; OTCQX: QTRHF) announced that its subsidiary, Electronic Transaction Consultants (ETC), has received an "intent to award" from the Alameda County Transportation Commission for a ten-year contract. This contract involves the implementation of a next-generation electronic toll system for express lanes, with options for four additional years. The project aims to enhance mobility and reduce congestion. CEO Kevin Holbert highlighted ETC's commitment to delivering advanced technology and superior customer service.

Positive

• Award of a ten-year contract to ETC for electronic toll system integration services, with potential extensions.
• The project aims to improve mobility and alleviate congestion, indicating long-term operational goals.
• ETC's industry-leading technology positions the company for future growth and customer satisfaction.

Negative

• None.

Electronic Transaction Consultants has been notified of an "intent to award" a contract to deliver the next-generation express lane toll collection system to support the Alameda County Transportation Commission

TORONTO, Aug. 16, 2022 /PRNewswire/ - Quarterhill Inc. ("Quarterhill") (TSX: QTRH) (OTCQX: QTRHF), announces that the Alameda County Transportation Commission ("Alameda CTC") has announced its final ranking notification and "intent to award" Electronic Transaction Consultants, LLC ("ETC"), a Quarterhill company, a contract for the implementation and operation of the electronic toll system integration services for the express lanes operated by Alameda CTC. This award remains subject to the negotiation and finalization of a definitive contract including all customary terms. ETC expects the initial term of the contract to be ten (10) years with options for up to four additional years of operations and maintenance.

Over the course of the expected contract, ETC will deliver system replacements at the Alameda CTC I-680 Express Lane facilities, and potentially other Express Lane facilities, implementing ETC's next-generation express lane toll management system to improve mobility and alleviate congestion along the corridor.

"ETC is honored and excited to be selected as Alameda CTC's technology provider," stated ETC's Chief Executive Officer Kevin Holbert. "Technology-savvy motorists from the region will expect nothing less than the most advanced systems in the industry and the highest quality of customer service, and ETC is poised to deliver both, in a true partnership with the Commission. As an industry leader, ETC systems are architected for responsiveness to changing business needs by integrating seamlessly with the latest in open-source technologies and big data infrastructure, for a lean system that will remain technology relevant for years to come."

About Alameda County Transportation Authority (Alameda CTC)

The Alameda County Transportation Commission (Alameda CTC) coordinates countywide transportation planning and delivers essential, voter-supported transportation improvements in every city throughout Alameda County. The funding source for Alameda CTC's expenditure plan is Measure BB, approved by more than 70 percent of voters in 2014. Visit Alameda CTC's website to learn more, www.alamedactc.org.

About Electronic Transaction Consultants, LLC

ETC is a leading U.S. intelligent transportation systems provider, developing and delivering best in class solutions for tolling, congestion management, smart mobility, and multimodal transportation initiatives. ETC's passionate and innovative team has been driving the future of mobility since 1999, with a number of industry firsts, including all electronic tolling (AET), dynamic pricing, agency interoperability, hosted mobility solutions and machine learning.

For over two decades, ETC has delivered sophisticated solutions to many of the U.S.'s largest toll authorities, including state-wide programs, county networks and tolling-specific authorities. ETC's solutions process over two billion transactions annually totaling over $3 billion in revenues for our customers, incorporating the latest in evergreen open-source and SaaS technologies and Big Data architecture through our innovative riteSuite™ products.

About Quarterhill Inc.

Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry, as well as, through its Wi-LAN Inc. subsidiary, a leader in Intellectual Property licensing. Our goal is global leadership in ITS, via organic growth of the Electronic Transaction Consultants, LLC (ETC) and International Road Dynamics, Inc. (IRD) platforms, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information, visit www.quarterhill.com   

Forward-Looking Information

This news release contains forward-looking statements regarding ETC, Quarterhill and their businesses. Forward-looking statements are based on estimates and assumptions made by ETC and/or Quarterhill in light of their experience and perception of historical trends, current conditions, expected future developments and the expected effects of new business strategies, as well as other factors that ETC and/or Quarterhill believe are appropriate in the circumstances. The forward-looking events and circumstances discussed herein may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ETC and/or Quarterhill, including: potential risks and uncertainties relating to the ultimate geographic spread of the novel coronavirus ("COVID-19"); the severity of the disease; the duration of the COVID-19 outbreak; actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; the potential negative impacts of COVID-19 on the global economy and financial markets and any resulting impact on ETC and/or Quarterhill and/or their businesses. Other factors include, without limitation, the risks described in Quarterhill's March 11, 2021 annual information form for the year ended December 31, 2020 (the "AIF"). Copies of the AIF may be obtained at www.sedar.com. ETC and Quarterhill recommend that readers review and consider all of these risk factors and notes that readers should not place undue reliance on any of ETC's forward-looking statements. ETC has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View original content:https://www.prnewswire.com/news-releases/alameda-ctc-issues-an-intent-to-award-electronic-transaction-consultants-a-contract-for-electronic-toll-system-integration-301606327.html

SOURCE Quarterhill Inc.

FAQ

What is the significance of the contract awarded to QTRHF?

The contract, awarded to Electronic Transaction Consultants, a Quarterhill subsidiary, is significant as it represents a commitment to implement next-generation toll systems, potentially driving future revenue.

How long is the contract for the electronic toll system with Alameda CTC?

The contract is for an initial term of ten years, with options for up to four additional years.

What are the expected benefits of the new toll system for QTRHF?

The new toll system is expected to improve mobility and reduce congestion, which could enhance user experience and operational efficiency.

When was the contract announcement for QTRHF made?

The contract announcement was made on August 16, 2022.

Which company is responsible for the electronic toll system integration for QTRHF?

Electronic Transaction Consultants, LLC, a subsidiary of Quarterhill, is responsible for the integration of the electronic toll system.