- Indiana Department of Transportation commits to a four-year, long-term Technical Construction Services agreement with IRD with no limit to the number of Quantity Purchase Awards to be released
- Agreement complements previous $5.5 million electronic equipment, software and services agreement awarded in March 2022
- Under the agreement, IRD will provide system installation and civil works necessary for ongoing operation of Traffic Data Collection and Virtual Weigh-in-Motion enforcement systems.
SASKATOON, SK, April 19, 2022 /PRNewswire/ - International Road Dynamics Inc. ("IRD"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRHF), announced today the award of a four-year Quantity Purchase Agreement (the "Agreement") valued in excess of an estimated $10.8 million from the Indiana Department of Transportation ("INDOT"). The Agreement is a task order-based contract with no limit to the number of Quantity Purchase Awards ("QPA") to be released. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Under the Agreement, IRD will be issued task orders to provide necessary labor, tools, test equipment, transportation and incidentals required to build, reconstruct, test and maintain 143 Automated Traffic Recorder systems, 56 Weigh-in-Motion ("WIM") systems and 23 Virtual Weigh-in-Motion ("VWIM") systems operated by INDOT. The solutions supplied under this Agreement will provide high-accuracy traffic and load data to the State for planning, roadway design, and weight compliance purposes. These systems aid INDOT's efforts to preserve road and bridge conditions and improve motorist safety. The system data will be reviewed by INDOT to provide recommendations for possible legislative changes regarding the state's enforcement policies.
IRD will provide INDOT with complete technical construction services for the State's VWIM sites to provide maximum performance. These services include all required tasks associated with maintaining the VWIM sites to extend WIM sensor lifetimes, maintain weighing accuracy and ensure reliability of machine vision technology. IRD's ongoing involvement with installation, construction and maintenance will ensure the best possible performance and continuous operation of INDOT's VWIM systems.
Mr. Rish Malhotra, IRD President & CEO, noted "We are proud to be selected by the Indiana Department of Transportation for a second long-term agreement this year. This is an important project to support the State's safety, mobility and environmental objectives. The systems being supported protect road infrastructure from damage by overloaded vehicles and provide information that factors into the future of the State's enforcement operations. IRD's Field Operations and Support team have extensive experience managing systems from initial deployment through end-of-life and are essential to delivering projects such as this one. These capabilities are key to IRD's continued growth and leadership position in North America and ensure that our ITS solutions deliver superior value with unparalleled performance to all our customers."
About IRD
IRD is a dynamic technology company engaged in developing key components and advanced systems for the next generation of transportation networks. Together with subsidiaries PAT Traffic and IRD Europe (ICOMS Detections, SensorLine and VDS), IRD supplies Intelligent Transportation Systems (ITS) to private corporations, transportation agencies and highway authorities around the world. IRD's systems make highways safer, greener and more efficient. Known globally as a trusted partner providing sales, service and installation support on major ITS projects for over 40 years, IRD contributes to creating smarter cities by empowering engineering and urban planning professionals to access reliable traffic data. For more information, please visit www.irdinc.com
About Quarterhill
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry, as well as, through its Wi-LAN Inc. subsidiary, a leader in Intellectual Property licensing. Our goal is global leadership in ITS, by organic growth of the Electronic Transaction Consultants, LLC and International Road Dynamics Inc. platforms 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, please visit www.quarterhill.com
Forward-Looking Information
This news release contains forward-looking statements regarding IRD, Quarterhill and their businesses. Forward-looking statements are based on estimates and assumptions made by IRD and/or Quarterhill in light of their experience and perception of historical trends, current conditions, expected future developments and the expected effects of new business strategies, as well as other factors that IRD and/or Quarterhill believe are appropriate in the circumstances. The forward-looking events and circumstances discussed herein may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting IRD and/or Quarterhill, including: potential risks and uncertainties relating to the ultimate geographic spread of the novel coronavirus ("COVID-19"); the severity of the disease; the duration of the COVID-19 outbreak; actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact; the potential negative impacts of COVID-19 on the global economy and financial markets and any resulting impact on IRD and/or Quarterhill and/or their businesses. Other factors include, without limitation, the risks described in Quarterhill's March 20, 2022 annual information form for the year ended December 31, 2021 (the "AIF"). Copies of the AIF may be obtained at www.sedar.com. IRD and Quarterhill recommend that readers review and consider all of these risk factors and notes that readers should not place undue reliance on any of IRD's forward-looking statements. IRD 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.
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SOURCE Quarterhill Inc.