New Contract with Potential Value of $1.5 Million Expands the Company’s Market Penetration in New Jersey
- Timing improvements will be made for key corridors to improve safety and mobility throughout the four-county region in New Jersey including Burlington, Camden, Gloucester and Mercer counties.
- Deal accelerates the geographic expansion of Iteris’ specialized consulting services in New Jersey, a critical East Coast sub-corridor that serves as a key link in the nation’s transportation system.
SANTA ANA, Calif. – August 17, 2021 – Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been awarded a contract by the Delaware Valley Regional Planning Commission (DVRPC) with a potential value of $1.5 million, representing continued demand for Iteris’ specialized consulting services in a key geographic market.
The traffic signal timing program, which includes the option to renew for up to five years, includes signal timing improvements for key corridors throughout the four counties of Burlington, Camden, Gloucester and Mercer in New Jersey, with the goal of improving safety and mobility for the region’s traveling public and freight operators.
New Jersey’s transportation system is a critical East Coast sub-corridor that serves as a key link for moving both people and freight throughout the country. According to TRIP, a national transportation research group, the state’s motorists travel 78.2 billion miles annually.
In support of the DVRPC’s Transportation Improvement Program, and its wider goal of ensuring the efficient transportation of people and goods, Iteris will identify innovative approaches and cost-effective traffic signal retiming techniques to: pre-evaluate corridors throughout the four counties, analyze signal timings, recommend improvements, implement timing revisions, refine timing adjustments, analyze equity and report on performance throughout the program. By reducing delays and stops on key corridors for passenger vehicles and heavy vehicles, the DVRPC’s regional signal timing program will help to reduce CO2 emissions and fuel consumption, which in turn will contribute to environmental and air quality improvements.
“We are proud to be selected by the Delaware Valley Regional Planning Commission to support this important smart mobility infrastructure project in the state of New Jersey, which is a critical link in the nation’s transportation system,” said Jeff Gerken, regional vice president, Consulting Solutions at Iteris. “This traffic signal timing program represents the continued expansion of Iteris’ specialized consulting services in the Eastern U.S., and will ultimately help to increase safety and mobility for the region’s traveling public and freight operators, while also improving air quality and reducing fuel consumption.”
In April 2021, Iteris was awarded a sub-contract agreement by Rutgers University’s Center for Advanced Infrastructure and Transportation (CAIT) University for a multi-year, multi-phase program to support the design and implementation of the Middlesex County – Smart Mobility Testing Ground (MC-SMTG) in the northern New Jersey region, as part of a collaboration with the New Jersey Department of Transportation.
Iteris has designed, deployed or equipped over one third of all signalized intersections in the United States, supporting local and state transportation agencies with advanced detection sensors, and traffic signal design, timing and synchronization services.
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Forward-Looking Statements
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,” “should,” “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 consulting solutions services and statements about the impacts and value of the awarded contract. 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 perform the services cost effectively; agency budgetary constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); performance timing and cancellation of task orders; and the potential impact of product and service offerings from competitors. 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).