IRD Awarded $4.1 Million Maintenance Contract from the State of Illinois
International Road Dynamics (IRD), a subsidiary of Quarterhill (TSX: QTRH; OTCQX: QTRHF), announced a CAD $4.1 million contract with the Illinois Department of Transportation for maintaining the statewide Weigh-in-Motion (WIM) network. This agreement spans four years with a potential six-year renewal. IRD will support essential systems including in-road scales and roadside electronics, enhancing the efficiency of weigh stations. This contract expands IRD's recurring revenue stream and signifies their leadership in traffic data collection technology.
- Awarded CAD $4.1 million contract with the Illinois Department of Transportation.
- Initial four-year agreement with potential six-year extension.
- Enhances IRD's recurring revenue stream.
- Strengthens IRD's position in the Intelligent Transportation Systems market.
- None.
- IRD to maintain and maximize performance of Illinois' statewide Weigh-in-Motion network
- Expands IRD's slate of maintenance provision contracts, adding to its recurring revenue
SASKATOON, SK, Aug. 24, 2021 /PRNewswire/ - International Road Dynamics Inc. ("IRD"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRH), announced today the award of a CAD
IRD will be responsible for the repair, maintenance, and service of in-road scales and sensors, roadside electronics, queue detection and camera surveillance systems, and PrePass preclearance weighing systems. This technology allows IDOT and the Illinois State Police to enhance the efficiency of their weigh station facilities, quickly identify violations and process larger volumes of commercial vehicles. The trucking industry also realizes considerable benefits through the reduction of wait times, fuel costs, and greenhouse gas emissions.
"We are pleased to have been selected as IDOT's long-term WIM service provider," said Rish Malhotra, IRD's President and CEO. "The on-site maintenance provided by our field services, and remote service provided through technical services, provide great value to agencies in ensuring the best performance of their enforcement and data collection systems. IRD's services are recognized as the best-in-class and are key to the success of statewide traffic data collection and enforcement deployments. For this reason, maintenance contracts such as this one with IDOT have become a significant baseline to IRD's recurring revenue and are an area with additional growth potential for the business."
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, ICOMS Detections, Sensor Line 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 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: 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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