SANTA ANA, Calif.--(BUSINESS WIRE)--Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it has received an additional $2.95 million in funding for a task order under its indefinite delivery/indefinite quantity (IDIQ) contract from the Federal Highway Administration (FHWA) to provide continued development, evolution and deployment support for the intelligent transportation systems (ITS) reference architecture program.
Under the three-year task order agreement, which was initiated in June 2018 and is part of a five-year IDIQ contract with a contract ceiling of up to $19.5 million, Iteris will support the evolution of the Architecture Reference for Cooperative and Intelligent Transportation (ARC-IT) content to reflect changes in ITS, and connected and automated vehicle (CAV) developments. The program supports statewide and regional ITS planning and deployment to encourage interoperability and CAV preparedness through workshops, training and technical assistance. An important aspect of the program is alignment with and support for standards development activities, as well as international coordination of ITS architecture and standards concepts and approaches.
“We are pleased to announce the FHWA’s additional funding of Iteris’ continued development, evolution and deployment support for ARC-IT,” said Cliff Heise, vice president, federal and research programs, Transportation Systems at Iteris. “As connected and automated vehicle technologies become more advanced, it is vital that the United States continues to invest in preparations for the new realities that will be enhancing safety and mobility going into the next decade.”
Iteris has led the development and evolution of the U.S. ITS architecture reference over three decades, and initiated the Connected Vehicle Reference Implementation Architecture in 2012. Combining the two architectures into ARC-IT provides transportation stakeholders with the architecture reference to collaboratively plan, deploy, and enhance their transportation systems to support ITS and CAV technologies. ARC-IT, its tool set and the deployment support available from the ITS Architecture Program facilitates the interoperability discussions needed to improve safety and mobility through CAV deployment.
About Iteris, Inc.
Iteris is the global leader in applied informatics for transportation and agriculture, turning big data into big breakthrough solutions. We collect, aggregate and analyze data on traffic, roads, weather, water, soil and crops to generate precise informatics that lead to safer transportation and smarter farming. Municipalities, government agencies, crop science companies, farmers and agronomists around the world use our solutions to make roads safer and travel more efficient, as well as farmlands more sustainable, healthy and productive. 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 the total additional funding amount, success, impact and benefits of the ongoing project, and the services related to ARC-IT, including ITS changes and connected automated vehicle (CAV) developments. 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 funding and budgetary allocations and constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); impact of adverse influences and variances of general economic, political, environmental, and other conditions in the markets we address; 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).