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Iteris (ITI) Awarded $12.4M Contract from the Research and Innovative Technology Administration

Scottsdale 4/06/2012 03:10 AM GMT (WooEB)

QualityStocks would like to highlight Iteris, Inc. (NYSE Amex: ITI), the market leader in providing Traffic Information Management Solutions to the Intelligent Traffic Management Industry.  Their decades of expertise in traffic management, along with superior services and patented products help: detect, measure, and manage traffic and vehicular performance; minimize traffic congestion and inform and empower clients with solutions to better manage their transportation networks.  The company is headquartered in Santa Ana, California, with offices nationwide and in the Middle East.

In the company’s news yesterday,

Iteris announced it has been awarded the prime contract from the Research and Innovative Technology Administration (RITA) for the National Intelligent Transportation Systems (ITS) Architecture Evolution and Support Program. The five-year award, expected to begin this month, has a ceiling valued at $12.4 million for the duration of the contract.

The contract is an extension of the relationship, calling for a two-year base period valued at approximately $4.9 million, as well as three one-year options that would extend through 2017. If all options are exercised, the total potential value of the contract could reach $12.4 million.

Iteris has a 15-year standing with the federal government, for which the company has provided support in developing the National ITS Architecture and facilitating its implementation across the country.

“The National ITS Architecture Program has been a corner stone of the Federal ITS Program,” Abbas Mohaddes, president and CEO of Iteris stated in the press release. “This program has evolved as ITS has expanded. We are delighted to have the opportunity to continue assisting RITA in both the National Architecture program as well as connected vehicle initiatives. These prestigious and important programs are expected to play a key role in the next phase of ITS evolution and implementation across the county.”

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