Iteris, Inc. (NYSE Amex: ITI), a leader in providing intelligent traffic management information solutions, sees a revitalized and strengthened market for Intelligent Transportation Systems (ITS) after both the House and Senate last Friday approved legislation that includes the federal surface transportation reauthorization bill.
The legislation provides for an estimated $105 billion in federal funding for highway, transit, safety, and related transportation programs through the end of September 2014. Among a number of top-line provisions, the legislation:
- Ensures ITS technologies are eligible for funding within every major formula program;
- Restores the ITS research program, increasing its funding from $50 million to $100 million per year;
- Creates a new $62.5 million per year Technology and Innovation Deployment program to accelerate the adoption of new transportation technologies;
- Establishes a performance management process to improve accountability in areas that include highway condition and performance, safety, congestion, air quality, and freight movement;
- Provides state governments with additional spending flexibility; and
- Streamlines the project delivery process
“Congress has come together at a crucial time to pass a bill that we believe significantly benefits our nation by calling for the advancement and greater adoption of intelligent transportation systems,” said Abbas Mohaddes, president and CEO of Iteris. “With the passage of the bill, Congress recognizes the inclusion of ITS technologies will enhance the overall return on investment and improve much needed transportation infrastructure and traffic congestion. This significant funding allows government agencies to include ITS technologies in infrastructure projects and the ability to enhance their traffic management systems. As a market leader in intelligent traffic management information solutions, we expect this to directly benefit Iteris.”
About Iteris, Inc.Iteris Inc. is a leader in providing intelligent information solutions to the traffic management market. The company is focused on the development and application of advanced technologies and software-based information systems that reduce traffic congestion, provide measurement, management and predictive traffic analytics, and improve the safety of surface transportation systems. By combining its patented products, decades of expertise in traffic management, and information technologies, Iteris offers a broad range of Intelligent Transportation System ("ITS") solutions to customers worldwide. The firm is headquartered in Santa Ana, California with offices nationwide and in the Middle East. For more information, please call 1-888-329-4483 or visit www.iteris.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," “can,” and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the success and timing of this contract and our future prospects.