IRD Awarded $13.8 Million Contract in New York State
International Road Dynamics Inc. (IRD), a subsidiary of Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF), has been awarded a $13.8 million contract by the New York State Department of Transportation (NYSDOT) for a two-year period. The contract covers the installation and maintenance of permanent traffic data collection systems at 68 sites across New York State. IRD will utilize its iTHEIA AI-powered, non-intrusive data collection technology, enhancing safety and cost-effectiveness while ensuring a minimum uptime of 95%.
- Awarded $13.8 million contract for installing and maintaining traffic data systems.
- Utilization of iTHEIA technology improves safety and reduces costs compared to traditional systems.
- Contract enhances long-term service and maintenance revenues, contributing to sustainable growth.
- None.
- IRD will ensure optimal system performance at 68 traffic monitoring sites in the Western part of New York State for the New York State Department of Transportation ("NYSDOT")
- A number of sites will utilize IRD's iTHEIA AI-powered, non-intrusive data collection solution which offers improved safety and cost-effectiveness vs. traditional automated traffic recorders
- The traffic data from IRD's systems will help NYSDOT achieve its mission to ensure that people who live, work and travel in New York State have a safe, efficient, balanced and environmentally sound transportation system
SASKATOON, SK, July 25, 2022 /PRNewswire/ - International Road Dynamics Inc. ("IRD"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRHF), announced today that the New York State Department of Transportation ("NYSDOT") has awarded IRD a two year,
The scope of the contract includes the provision of repair and maintenance services for the State's existing count, classification and weigh-in-motion sites – ensuring uptime of
NYSDOT collects, summarizes and interprets information about the traffic that uses the State's highway system. The data is used to assess transportation needs and highway infrastructure performance, and to develop highway planning and programming recommendations. Traffic data is critical for route planning, developing safety programs, the designation of evacuation routes and their management and for the design of highway projects. Ultimately, NYSDOT has the objective to ensure safe, efficient, balanced and environmentally sound transportation for users of the State's roads.
To help meet its objectives, NYSDOT will utilize IRD's iTHEIA™ non-intrusive data collection solution. iTHEIA™ delivers new value in a safe and cost-effective manner by eliminating the need for road closures during installation and service. iTHEIA™ provides superior longevity in comparison to intrusive sensing and detection technologies previously deployed by NYSDOT. Unlike in-road sensor-based systems, iTHEIA™ is unaffected by the degradation of pavement, performing well regardless of road surface conditions.
"This exciting project with NYSDOT reinforces our commitment to enhance safety, improve traffic flows and address environmental challenges with our solutions and strengthens our long-term service and maintenance revenues, a key driver of stable and sustainable growth," commented Rish Malhotra, IRD's President & Chief Executive Officer. "This contract combines traffic data collection, construction services and advanced traffic data analytics reporting to meet the unique needs of NYSDOT. We are also pleased to see the broader adoption of iTHEIA™, which has received growing interest since its launch two and a half years ago. As US states become more aware of the benefits of high-quality, continuously collected traffic information, we expect that the demand for this innovative solution will continue to grow."
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
Quarterhill is a leading provider of tolling and enforcement solutions in the ITS industry as well as, through its Wi-LAN Inc. subsidiary, a leader in Intellectual Property licensing. Our goal is global leadership in ITS, by organic growth of our Electronic Transaction Consultants, LLC and International Road Dynamics Inc. 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 Toronto Stock Exchange under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information, please visit www.quarterhill.com
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 20, 2022 annual information form for the year ended December 31, 2021 (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 Quarterhill Inc.
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