Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic management solutions, has been selected to provide on-call task-order based services that the Federal Highway Administration (FHWA) will release under two contracts for a period of up to five years. Iteris will have the opportunity to compete, with a small group of other selected providers, on each task order as they are released by FHWA.
The two contracts for Support Services for the Office of Operations include: Operations and Intelligent Transportation Systems (ITS), and Traffic Incident and Events Management, and are valued at up to $67.6 million and $12.6 million, respectively.
“Our selection by FHWA as one of the lead contractors to bid on task orders as part of these prestigious and significant contracts is a testament to our strong relationship with FHWA, the expertise of our associates and our team, and the impact that intelligent traffic technologies can have on improving congestion,” said Abbas Mohaddes, president and CEO of Iteris. “We expect to be awarded several of the task orders over the five-year period and anticipate they will contribute to our revenues in a meaningful way.”
The scope of the Operations and ITS contract is expected to include support services for facilitating integrated ITS deployment through training and technical deployment and supporting the ITS and Connected Vehicle Research Programs. The scope of the Traffic Incident and Events Management award includes support services for traffic incident management, emergency transportation operations, and planned special events program areas.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 888-329-4483 or visit Iteris, Inc.. Also visit us on Facebook, Twitter, and You Tube. 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," “should,” “could,” "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 our ability to win future task orders under these contracts and the impact of these contracts on our future revenues and operating results.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts