Quarterhill Announces Two Contracts in Idaho Valued at $3.4 Million for Weigh Station Upgrades and Maintenance

Rhea-AI Summary

Quarterhill has secured two contracts worth $3.4 million with the Idaho Transportation Department for system upgrades and maintenance at Commercial Vehicle Enforcement stations. The first contract involves upgrading the Inkom Port-of-Entry weigh station with advanced technology, including license plate readers, cameras, and Single-Load-Cell WIM Scales. The second contract provides one-year maintenance services for electronic screening and virtual weigh station sites, with an option for a one-year extension. The Inkom project notably includes a Tire Anomaly and Classification System (TACS) to detect tire issues, enhancing road safety and operational efficiency.

Positive

• Secured new contracts worth $3.4 million
• Contract includes option for one-year maintenance service extension
• Implementation of advanced technology solutions enhancing service offerings

Negative

• None.

News Market Reaction

+1.82%

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+1.82% News Effect

On the day this news was published, QTRHF gained 1.82%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

• Quarterhill's upgrade of the Inkom Port-of-Entry weigh station introduces state-of-the-art technology, including advanced License Plate Reader cameras and SLC™ WIM Scales, enhancing safety and improving commercial vehicle processing efficiency on the I-15 Corridor.
• Quarterhill will provide maintenance services for Idaho's commercial vehicle enforcement sites, ensuring continuous operational efficiency and data reporting from electronic screening systems and virtual weigh stations.

TORONTO, Nov. 27, 2024 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (OTCQX: QTRHF), announced today that it has been awarded two contracts valued at $3.4 million for system upgrades and maintenance at Commercial Vehicle Enforcement stations operated by the Idaho State Police ("ISP"). All financial information in this press release is reported in U.S. dollars.

Quarterhill has been contracted by the Idaho Transportation Department ("ITD") to install new components and upgrade the Inkom Port-of-Entry weigh station as part of the I-15 Inkom Corridor Improvements. The entrance ramp is being extended, which necessitates the relocation of the Weigh-In-Motion ("WIM") system. Key technological upgrades include advanced license plate readers and overview cameras, an over-height detector, and automatic vehicle identification antenna and reader electronics. The project also includes the integration of cutting-edge iSINC WIM electronics, and the supply of Single-Load-Cell WIM Scales to ensure precise commercial vehicle weight assessments.

Quarterhill will also provide one year of maintenance for electronic screening and virtual weigh station sites, covering electronics upgrades, data services, quality checks, data supply to the state, and reporting support for Idaho agencies. The contract includes an option to extend maintenance services for an additional year.

The Inkom project includes the installation of a Tire Anomaly and Classification System ("TACS"), designed to detect and classify tire issues, including flat, missing, or underinflated tires. Identifying such anomalies is vital for road safety, as tire defects can impair vehicle control, increase stopping distances, and lead to a higher number of accidents. Moreover, ensuring tires are in good condition helps in reducing fuel consumption and extending tire life, thereby promoting both economic and environmental benefits. This targeted approach towards tire monitoring underscores a commitment to enhancing vehicular safety and operational efficiency within Idaho's transportation infrastructure.

"Partnering with the Idaho Transportation Department underscores Quarterhill's dedication to advancing infrastructure through innovation," Chuck Myers, CEO of Quarterhill, commented. "Upgrades like the modernized e-screening system, enhanced electronics, and TACS installation reflect our commitment to road safety, operational efficiency, and environmental sustainability. These improvements streamline commercial vehicle processing and reinforce our role in delivering impactful public infrastructure projects that benefit Idaho and its citizens."

About Quarterhill
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our tolling and enforcement businesses, 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 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 information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements relate to future events, conditions or future financial performance of ‎Quarterhill based on future economic conditions and courses of action. All statements other ‎than statements of historical fact may be forward-looking statements. Such forward-looking statements ‎are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", ‎‎"plan", "goal", "expect" and similar expressions.

Forward-looking statements involve known and unknown risks, assumptions, ‎uncertainties and other factors that may cause actual results or events to differ materially from those ‎anticipated in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand for Quarterhill's products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; and other risks set forth in the Company's most recent annual information form available on SEDAR+ at www.sedarplus.ca. The Company believes the expectations reflected in ‎the forward-looking statements are reasonable, but no assurance can be given that these expectations ‎will prove to be correct and such forward-looking statements included in this news release should not be ‎unduly relied upon.‎ Material factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill's ability to execute on its business plan; demand for Quarterhill's products and services; operating assumptions; and financial projections and cost estimates. Quarterhill 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.

View original content:https://www.prnewswire.com/news-releases/quarterhill-announces-two-contracts-in-idaho-valued-at-3-4-million-for-weigh-station-upgrades-and-maintenance-302317159.html

SOURCE Quarterhill Inc.

FAQ

What is the value of Quarterhill's (QTRHF) new Idaho contracts in 2024?

Quarterhill secured two contracts valued at $3.4 million for system upgrades and maintenance at Commercial Vehicle Enforcement stations in Idaho.

What technology upgrades will Quarterhill (QTRHF) implement at the Inkom weigh station?

Quarterhill will implement advanced license plate readers, overview cameras, an over-height detector, automatic vehicle identification systems, iSINC WIM electronics, and Single-Load-Cell WIM Scales.

What is the duration of Quarterhill's (QTRHF) maintenance contract with Idaho Transportation Department?

The maintenance contract is for one year with an option to extend for an additional year.

What is the TACS system being installed by Quarterhill (QTRHF) in Idaho?

TACS (Tire Anomaly and Classification System) is designed to detect and classify tire issues, including flat, missing, or underinflated tires to enhance road safety.