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Quarterhill Inc. focuses on the acquisition and management of technology companies that provide products and services globally. Their technology licensing segment includes patents related to various technologies such as 3D television, semiconductor manufacturing, medical stent, LED lighting, and more. The company's intelligent systems segment offers integrated systems and solutions for automated truck weigh stations, toll road systems, traffic management, and vehicle information systems. Quarterhill aims for global leadership in the Intelligent Transportation System industry through organic growth and strategic acquisitions.
International Road Dynamics (IRD) has partnered with the National Research Council (NRC) and University of Manitoba (UM) to establish a transportation data vault aimed at enhancing highway infrastructure in Canada's prairie and northern regions. This initiative seeks to improve decision-making related to infrastructure development and emergency response through advanced data analytics and AI. Over five years, a mobile traffic and weather monitoring system will collect data, addressing challenges posed by the region's sparse and seasonal road network. NRC's AI-driven analysis will help mitigate risks such as flooding and extreme weather impacts.
International Road Dynamics has received a five-year Maintenance and Upgrade contract from the New York State Department of Transportation, valued at up to $13.0 million. This contract involves the installation and management of traffic data collection sites in Metro New York City and Long Island, aimed at enhancing infrastructure performance and planning. IRD boasts over 25,000 traffic data systems globally and has a longstanding relationship with NYSDOT, having provided services for over 20 years.
Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) will hold its Annual General Meeting (AGM) virtually on April 14, 2021, at 9:30 a.m. EDT. The decision for a virtual-only format was made due to COVID-19 safety concerns. Meeting materials were mailed on March 18, 2021, and shareholders must submit their proxy votes by April 12, 2021. The AGM will be accessible via audio webcast, and shareholders can submit questions in advance. Quarterhill focuses on the Intelligent Transportation System (ITS) sector and aims to grow through strategic investments.
Quarterhill reported its financial results for Q4 and Fiscal 2020, with total revenue of $144.5 million, down from $172.9 million in Fiscal 2019. Q4 revenue was $18.1 million compared to $48.3 million the previous year. Adjusted EBITDA for Fiscal 2020 was $31.2 million, down from $48.5 million in 2019. Cash generated from operations rose to $35.2 million, with cash reserves of $141.3 million. The company successfully launched an M&A strategy, acquiring Sensor Line GmbH, and returned capital to shareholders through dividends.
Wi-LAN Inc., a subsidiary of Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF), has settled litigation with LG Electronics regarding TV and display technologies. The agreement involves a license covering memory interface and digital display technologies. While specific license fees and terms remain confidential, CEO Michael Vladescu expressed satisfaction with the settlement, indicating ongoing interest from companies in WiLAN's patent portfolios, particularly in Polaris and TV technologies.
International Road Dynamics, a subsidiary of Quarterhill (TSX: QTRH), launched a new web-based analytics platform for traffic data management. This platform integrates data from Icoms Detections' sensors, enhancing Smart City initiatives aimed at improving traffic flow and reducing emissions. It has garnered interest from clients in France and Belgium, and its debut installation in the Netherlands received positive feedback. This move positions IRD to capitalize on technology and infrastructure growth opportunities, aligning with environmental goals.
Quarterhill announced preliminary consolidated financial results for Q3 2020, with expected revenue between $80 million to $87 million and Adjusted EBITDA between $32 million to $36 million. This growth is driven by strong performances from its subsidiaries, Wi-LAN and International Road Dynamics. The complete financial results will be released on November 5, 2020. CEO Paul Hill highlighted the positive impact of Wi-LAN on overall revenue and cash flow, essential for supporting the company's M&A strategy within the Intelligent Transportation Systems sector.
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.
Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) announced a new patent license agreement with Intel Corporation through its subsidiary Wi-LAN Inc.. This agreement grants Intel certain patent rights for a multi-year term and resolves pending litigation between WiLAN's Auriga Innovations, Inc. and Intel, HP Inc., and Hewlett Packard Enterprise Company in the United States District Court, Western District of Texas. Specific financial terms remain confidential.
Wi-LAN Inc., a subsidiary of Quarterhill (TSX: QTRH, OTCQX: QTRHF), announced on Sept. 30, 2020, the acquisition of a new portfolio of patents from IBM. These patents focus on semiconductor manufacturing process technologies, enhancing Wi-LAN's capabilities in intellectual property monetization. The financial details remain confidential, but this acquisition underscores Wi-LAN's strategy to strengthen its market position across various sectors, including automotive and wireless communications.
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