IRD Receives US $1.2 Million Contract from Federal Highway Administration (FHWA)

Rhea-AI Summary

International Road Dynamics (IRD), a Quarterhill company, announced a $1.2 million contract with the U.S. Federal Highway Administration (FHWA) for the installation, maintenance, and data services of Weigh-In-Motion (WIM) systems. This 66-month task-order contract will ensure that data from WIM systems meets established performance specifications across testing sites in the U.S. and Canada. IRD’s ongoing involvement in the Long-Term Pavement Performance program has solidified its relationship with the FHWA since 2004.

Positive

• Awarded a $1.2 million contract with FHWA for WIM systems support.
• Contract duration of 66 months promotes long-term revenue stability.
• Established trusted relationship with FHWA since 2004 enhances credibility.

Negative

• None.

SASKATOON, SK, Oct. 5, 2020 /PRNewswire/ - International Road Dynamics Inc. ("IRD" or the "Company"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRHF), announces that it has been awarded a contract for "Weigh-In-Motion (WIM) Systems Installation, Maintenance, and Data Services" with the United States (U.S.) Federal Highway Administration (FHWA) Office of Infrastructure Research and Development, which is part of the U.S. Department of Transportation. The contract is a task-order based, indefinite-delivery-indefinite-quantity, agreement covering a 66-month period and is valued at U.S. $1.2 million.

Under this contract, IRD will be issued task orders to provide installation, maintenance, repairs, and verification that data collected from the WIM systems at Long-Term Pavement Performance (LTPP) test sites across the United States and Canada meet performance specifications for Type I WIM systems established by American Society for Testing and Materials (ASTM) Standard E1318-09.

The FHWA funds and manages the LTPP program with the goal of investigating specific pavement-related details that are critical to pavement performance. LTPP program studies are performed at more than 2,500 test sections on highways across North America.

A key factor in understanding pavement performance is having accurate and reliable monitoring traffic data, specifically classification and weight data. The weigh-in-motion (WIM) equipment used to collect this data will be provided and installed by IRD and evaluated and maintained routinely. IRD will also provide the in-depth knowledge and expertise of the WIM equipment and the necessary industry technical resources that are not readily available in-house at FHWA.

Mr. Rish Malhotra, IRD President and CEO, noted "IRD is proud to continue to supply, install and provide maintenance support for this important project operated by FHWA. IRD's WIM technology has been instrumental in ensuring the success of the LTPP program since 2004 and is the basis on which we have built a long and trusted relationship with the U.S. Department of Transportation."

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 ICOMS Detections, 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 Intellectual Property and Intelligent Transportation System (ITS) industries. Our goal is to pursue an investment strategy that capitalizes on attractive market trends in both 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: 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 February 27, 2020 annual information form for the year ended December 31, 2019 (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

FAQ

What is the value of the contract awarded to International Road Dynamics by FHWA?

The contract is valued at $1.2 million.

How long is the contract with FHWA for the WIM systems?

The contract has a duration of 66 months.

What does the contract with FHWA involve?

It involves installation, maintenance, and data services for Weigh-In-Motion systems.

Since when has IRD been involved with the FHWA's Long-Term Pavement Performance program?

IRD has been involved since 2004.

What is the stock symbol for Quarterhill Inc.?

The stock symbol for Quarterhill Inc. is QTRHF.