Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic
management and weather information solutions, was awarded a $1.4 million
contract by the Orange County Transportation Authority (OCTA) to provide
traffic signal improvements. The project is part of the renewed Measure
M Regional Traffic Signal Synchronization Program, which was approved by
voters in 2006 for a 30-year extension.
Under this contract, Iteris will update and synchronize traffic signals
along Newport Boulevard in Orange County, California. Newport Boulevard
is a major arterial to many tourist attractions in the area, including
the Orange County Fairgrounds in Costa Mesa and the Balboa Peninsula in
Newport Beach. Iteris will also construct new underground fiber-optic
cables for the roadway and strategically deploy traffic cameras at major
intersections, allowing the cities to proactively monitor traffic
conditions in real-time.
“We believe signal coordination is the foundation for better traffic
management,” said Abbas Mohaddes, president and CEO of Iteris. “It
provides a better travel experience with reduced stops and delays, and
could increase safety at intersections and reduce emissions. OCTA is
constantly measuring the performance of Orange County corridors and
proactively managing conditions. We look forward to our continued
relationship with them.”
Measure M is the half cent sales tax for transportation improvements
that was initially approved by Orange County voters in 1990, and was
renewed by voters for a 30-year extension in 2006. This project with
OCTA is expected to commence immediately.
About Iteris, Inc.
Iteris, Inc. (NYSE MKT: ITI) 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 and weather
analytics, and improve the safety of surface transportation systems. By
combining its unique IP, products, decades of expertise in traffic
management, hyper-local weather solutions 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 YouTube.
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 timing
and success of the project and the performance and utility of our
products and solutions. Such statements are not guarantees of future
performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict, and actual results could
differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not
limited to, our ability to successfully complete each phase of the
project; the potential impact of product and service offerings from
competitors and other competitive pressures; the broad adoption of
technology based analytics solutions in the agriculture market; and the
impact of general economic, political, and other 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).
Copyright Business Wire 2014