Los Angeles County Metropolitan Transportation Authority Board Authorizes Negotiation of Contract Modifications of up to $4.5 Million for Iteris` Services for the Metro Orange Line Extension

Wed Jan 28, 2009 8:00am EST
 
[-] Text [+]
--Iteris Positioned to Continue Engineering and Design of the Project With an
Aggregate Value of up to $10.5 Million--
SANTA ANA, Calif.--(Business Wire)--
Iteris, Inc. (NYSE Alternext US:ITI) leader in the traffic management market
that focuses on the application and development of advanced technologies, today
announced that the Los Angeles County Metropolitan Transportation Authority
(Metro) authorized Metro's CEO to negotiate the modification of its contract
with Iteris, Inc. for further design development and engineering support
services during construction for the Metro Orange Line (MOL) Extension Project,
as well as for final design services to support acceleration of the MOL
Extension Project, potentially increasing the total contract value from
approximately $6.0 million to $10.5 million. 

The MOL is a fourteen-mile-long dedicated transitway operated by Metro in the
San Fernando Valley. The MOL Extension Project is a four-mile extension of the
MOL extending from the existing Canoga Park-and-Ride lot to the Chatsworth
Metrolink Station. The Project includes: busway, new station platforms at the
Canoga Park-and-Ride lot, new stations at Sherman Way (with park-and-ride),
Roscoe Boulevard, Nordhoff Street, and the Chatsworth Metrolink Station; bikeway
and transportation enhancements/greenway; and an over-crossing/grade-separation
over active railway tracks and Lassen Street, providing direct access into the
Chatsworth Metrolink Station. 

Metro's original contract, awarded to Iteris in April 2007, covered
environmental engineering reports and preliminary engineering. A contract
extension would expand Iteris' contribution through the development of
design/build documents and assistance to the design/build contractor during the
construction phase of the project, which could last through 2012. 

"We are very pleased to have the opportunity to continue our support of the
Metro Orange Line Extension Project with the design and engineering support
services," said Abbas Mohaddes, Iteris' president and chief executive officer.
"This important advanced transit system is an exceptional demonstration of
Iteris' transit design and management capabilities. We believe Iteris is
well-positioned to contribute its proven expertise as similar infrastructure
projects are implemented around the country, which we expect will ultimately
benefit Iteris and our shareholders alike." 

Metro Project Manager Hitesh Patel commented, "Metro is pleased with Iteris'
contributions to environmentally clear and complete preliminary engineering for
the Metro Orange Line Extension Project." Mr. Patel continued, "The decision not
only to proceed, but also to accelerate the Metro Orange Line Extension Project
will help to relieve traffic congestion and provide much needed sustainable
transportation in our urbanized areas." 

About Iteris, Inc.

Iteris, Inc. is a leader in the traffic management market focused on the
development and application of advanced technologies that reduce traffic
congestion, minimize the environmental impact of traffic congestion, and improve
the safety of surface transportation systems infrastructure. Combining outdoor
image processing, traffic engineering, and information technology, Iteris offers
a broad range of Intelligent Transportation Systems and driver safety solutions
to customers worldwide. Iteris is headquartered in Santa Ana, California, with
offices throughout the United States, Europe, and Asia. Investors are encouraged
to contact us at 888-329-4483, or at www.iteris.com. 

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 success and timing of this project and our
future prospects. 

Important factors that may cause such a difference include, but are not limited
to our ability to specify, develop, and complete our technologies in a timely
manner; budget constraints and changing governmental priorities; the timing and
successful completion of this contract; the potential unforeseen impact of
product offerings from competitors and other competitive or governmental
pressures; and the general economic, political conditions, and specific
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). 







Iteris Investor Relations
Brett Maas, 646-536-7331
brett@haydenir.com
or
Trade Relations
Kelly May, 949-270-9668
ksm@iteris.com



Copyright Business Wire 2009

 

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