Important factors that may cause such a difference include, but are not limited to our ability to specify, develop, and complete our technologies in a timely manner; budget constraints and changing governmental priorities; the timing and successful completion of this contract; the potential unforeseen impact of product and service offerings from competitors and other competitive or governmental pressures; and the general economic, political, and specific conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website ( www.sec.gov).
Iteris Inc (NYSE MKT:ITI), a leader in providing intelligent traffic management information solutions, was awarded a Traffic Signal Synchronization Services contract from the City of Anaheim, California. The project requires the deployment of Intelligent Transportation System (ITS) upgrades and optimized traffic signal timing along Lincoln Avenue/Nohl Ranch Road through the cities of Anaheim and Orange. The contract is initially approved for approximately $928,000, with a ceiling value of $974,000, if all options are exercised. Under the contract, Iteris is responsible for equipment procurement, integration and signal timing design, implementation, and support services at 46 intersections. Work on the project is expected to begin immediately. Iteris has been providing ITS advancements, integration, and traffic signal synchronization services in the City of Anaheim for the past five years. Services provided included design and deployment of an adaptive traffic control system in and around the Disney Resort area and countywide signal timing coordination projects traversing adjacent cities. Anaheim Mayor Tom Tait stated, “As Mayor of the City of Anaheim, my goals are to keep the City strong, healthy, and happening. All of this starts with delivering reliable travel times to connect people to the community. Anaheim is very pleased to work with the City of Orange, Caltrans, and OCTA to improve the flow of both vehicle and bus traffic along Lincoln Avenue with traffic signal coordination through Anaheim and to our neighbors in the adjacent cities.” Abbas Mohaddes, president and CEO of Iteris, commented: “This signal coordination project is intended to improve the safety of these intersections, while providing a better travel experience through reduced travel times, stops, and delays. These are three key elements in effective traffic management, and represent the value proposition we provide our partners like the City of Anaheim.” 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. 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," "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.