Iteris Awarded New $2.4 Million Contract for Expanded Role in I-405 Improvement Project

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New Agreement Brings Total Involvement to Date to $7.9 Million, Broadens Scope to Include Integration and Maintenance of Technology Infrastructure to Support Construction
 

  • Initial $5.5 million contract focused on infrastructure design, which started in March 2017
     
  • New contract with OC 405 Partners leverages Iteris’ expertise in innovative ITS projects that enhance safety and mobility
     
  • The I-405 Improvement Project will shorten commute times significantly for 370,000 daily southern California drivers
     

SANTA ANA, Calif. – May 8, 2018 – Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it has been awarded a new $2.4 million contract with OC 405 Partners for integration and maintenance of the technology infrastructure in support of the I-405 Improvement Project in southern California.

The $1.9 billion I-405 Improvement Project is the largest-scale project undertaken by Orange County Transportation Authority, in cooperation with the California Department of Transportation. The project will improve 16 miles of I-405 between the SR-73 freeway in Costa Mesa and I-605 near the L.A. County line. The project includes adding one regular lane in each direction between Euclid Street and I-605, and making improvements to freeway entrances, exits and bridges. In addition, the project will add the 405 Express Lanes, incorporating the existing carpool lanes and a new lane in each direction between SR-73 and I-605. The multi-year improvement project will be complete in 2023.

Iteris is responsible for the freeway intelligent transportation system (ITS) and Express Lane infrastructure design, temporary ITS infrastructure for use during construction, development of the project traffic management plan, and signal design at 42 intersections throughout the corridor. Starting in March 2017, Iteris began infrastructure design work that will continue through 2018. This newly awarded $2.4 million contract, which has a 12-month term from date of execution, focuses on the deployment of temporary ITS infrastructure for use during construction.

The I-405 Improvement Project is one of the most important transportation initiatives to impact southern California for some time and will make roads significantly safer and more efficient for residents and commuters,” said Steven Bradley, associate vice president, Transportation Systems at Iteris. “Iteris is excited to begin a new phase of the project to support safe mobility during construction.”

Iteris is leading numerous ITS design and communication infrastructure projects nationwide, enabling smart mobility and smart communities. Iteris’ Transportation Systems business unit provides advanced design, real-time data analytics and actionable informatics to safely improve mobility within communities and ready the roadways for connected/autonomous vehicles in smart cities.

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 , LinkedIn and .

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 timing, budget for the project, impact, and benefits of the awarded contract, newly awarded contract, and the design, integration and maintenance services. 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 deliver services timely and in a cost-effective manner; government funding and budgetary issues and delays; impact of influences and variances of general economic, political, environment, and other conditions; and the potential impact of product and service offerings from competitors and such competitors’ patent coverage and claims. 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).

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