IRD Announces $5.5 Million Agreement with the Indiana DOT
International Road Dynamics Inc. (IRD), a subsidiary of Quarterhill (QTRHF), has secured a four-year Quantity Purchase Agreement with the Indiana Department of Transportation (INDOT) valued at over $5.5 million. This agreement allows for unlimited Quantity Purchase Awards and covers the provision of electronic equipment, software, and services to enhance existing Weigh-in-Motion (WIM) systems. IRD aims to deliver high-accuracy traffic data to support planning and compliance for INDOT. The partnership reinforces IRD's commitment to expanding its service offerings in the Intelligent Transportation Systems sector.
- Award of a four-year contract with INDOT valued at over $5.5 million.
- Unlimited Quantity Purchase Awards under the agreement, offering potential for future revenue.
- Expansion of service offerings in the Intelligent Transportation Systems sector.
- None.
- Indiana DOT commits to a four-year long-term agreement with IRD with no limit to the number of Quantity Purchase Awards (QPAs) to be released
- Under the agreement, IRD will provide system maintenance and upgrade Virtual Weigh-in-Motion systems with connectivity and image capture to provide more advanced screening
SASKATOON, SK, March 7, 2022 /PRNewswire/ - International Road Dynamics Inc. ("IRD"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRHF), announced today the award of a four-year Quantity Purchase Agreement (the "Agreement") estimated to be in excess of
Under the Agreement, IRD will be issued task orders to provide electronic equipment, software, and services required to build, reconstruct, test, calibrate, and maintain Weigh-in-Motion ("WIM") and Virtual Weigh-in-Motion ("VWIM") systems for INDOT. The solutions supplied under this contract will provide high-accuracy traffic and load data to the state for planning, roadway design, and weight compliance purposes.
IRD will assist INDOT in defining the solution for each site based on the type of traffic data to be collected at that location. Virtual Weigh-in-Motion Systems have the added capabilities of web access and image capture. The use of web access with image capture provides a more powerful real-time tool for commercial vehicle weight screening. IRD will continue to work closely with the state as system enhancements and upgrades occur.
Mr. Rish Malhotra, IRD President and CEO, noted, "IRD is proud to be selected by the Indiana Department of Transportation for this important project. We continue to grow our maintenance and service business, as well as provide "as-a-service" offerings. IRD has a long-standing partnership with INDOT and with this contract, we will extend our relationship to ensure the success of their Weigh-in-Motion and Virtual Weigh-in-Motion programs. Our technologies and services reinforce the value that we bring to INDOT's transportation systems, and we look forward to many more years of continued mutual success."
About IRD
IRD is a dynamic technology company engaged in developing key components and advanced systems for the next generation of transportation networks. Together with subsidiaries PAT Traffic and IRD Europe (ICOMS Detections, SensorLine and VDS), IRD supplies Intelligent Transportation Systems (ITS) to private corporations, transportation agencies, and highway authorities around the world. IRD's systems make highways safer, greener, and more efficient. Known globally as a trusted partner providing sales, service, and installation support on major ITS projects for over 40 years, IRD contributes to creating smarter cities by empowering engineering and urban planning professionals to access reliable traffic data. For more information: www.irdinc.com
About Quarterhill
Quarterhill is a growth-oriented company 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 to execute an investment strategy that capitalizes on attractive growth opportunities within ITS – and its adjacent markets – to become a global leader in that industry. 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 IRD, Quarterhill and their businesses. Forward-looking statements are based on estimates and assumptions made by IRD 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 IRD 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 IRD 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 IRD 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. IRD 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 IRD's forward-looking statements. IRD 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.
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SOURCE International Road Dynamics
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