- Indiana Department of Transportation commits to a four-year,
long-term Technical Construction Services agreement with IRD with
no limit to the number of Quantity Purchase Awards to be
released
- Agreement complements previous $5.5
million electronic equipment, software and services
agreement awarded in March
2022
- Under the agreement, IRD will provide system installation
and civil works necessary for ongoing operation of Traffic Data
Collection and Virtual Weigh-in-Motion enforcement
systems.
SASKATOON, SK, April 19,
2022 /PRNewswire/ - International Road Dynamics Inc.
("IRD"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH)
(OTCQX: QTRHF), announced today the award of a four-year Quantity
Purchase Agreement (the "Agreement") valued in excess of an
estimated $10.8 million from the
Indiana Department of Transportation ("INDOT"). The Agreement is a
task order-based contract with no limit to the number of Quantity
Purchase Awards ("QPA") to be released. All financial information
in this press release is reported in Canadian dollars, unless
otherwise indicated.
Under the Agreement, IRD will be issued task orders to provide
necessary labor, tools, test equipment, transportation and
incidentals required to build, reconstruct, test and maintain 143
Automated Traffic Recorder systems, 56 Weigh-in-Motion ("WIM")
systems and 23 Virtual Weigh-in-Motion ("VWIM") systems operated by
INDOT. The solutions supplied under this Agreement will provide
high-accuracy traffic and load data to the State for planning,
roadway design, and weight compliance purposes. These systems aid
INDOT's efforts to preserve road and bridge conditions and improve
motorist safety. The system data will be reviewed by INDOT to
provide recommendations for possible legislative changes regarding
the state's enforcement policies.
IRD will provide INDOT with complete technical construction
services for the State's VWIM sites to provide maximum performance.
These services include all required tasks associated with
maintaining the VWIM sites to extend WIM sensor lifetimes, maintain
weighing accuracy and ensure reliability of machine vision
technology. IRD's ongoing involvement with installation,
construction and maintenance will ensure the best possible
performance and continuous operation of INDOT's VWIM systems.
Mr. Rish Malhotra, IRD President & CEO, noted "We are proud
to be selected by the Indiana Department of Transportation for a
second long-term agreement this year. This is an important project
to support the State's safety, mobility and environmental
objectives. The systems being supported protect road infrastructure
from damage by overloaded vehicles and provide information that
factors into the future of the State's enforcement operations.
IRD's Field Operations and Support team have extensive experience
managing systems from initial deployment through end-of-life and
are essential to delivering projects such as this one. These
capabilities are key to IRD's continued growth and leadership
position in North America and
ensure that our ITS solutions deliver superior value with
unparalleled performance to all our customers."
About IRD
IRD is a dynamic technology company engaged
in developing key components and advanced systems for the next
generation of transportation networks. Together with subsidiaries
PAT Traffic and IRD Europe (ICOMS Detections, SensorLine and VDS),
IRD supplies Intelligent Transportation Systems (ITS) to private
corporations, transportation agencies and highway authorities
around the world. IRD's systems make highways safer, greener and
more efficient. Known globally as a trusted partner providing
sales, service and installation support on major ITS projects for
over 40 years, IRD contributes to creating smarter cities by
empowering engineering and urban planning professionals to access
reliable traffic data. For more information, please visit
www.irdinc.com
About Quarterhill
Quarterhill is a leading provider of
tolling and enforcement solutions in the Intelligent Transportation
System (ITS) industry, as well as, through its Wi-LAN Inc.
subsidiary, a leader in Intellectual Property licensing. Our goal
is global leadership in ITS, by organic growth of the Electronic
Transaction Consultants, LLC and International Road Dynamics Inc.
platforms and by continuing an acquisition-oriented investment
strategy that capitalizes on attractive growth opportunities within
ITS and its adjacent markets. Quarterhill is listed on the TSX
under the symbol QTRH and on the OTCQX Best Market under the symbol
QTRHF. For more information, please visit www.quarterhill.com
Forward-Looking Information
This news release contains
forward-looking statements regarding IRD, Quarterhill and their
businesses. Forward-looking statements are based on estimates and
assumptions made by IRD and/or Quarterhill in light of their
experience and perception of historical trends, current conditions,
expected future developments and the expected effects of new
business strategies, as well as other factors that IRD and/or
Quarterhill believe are appropriate in the circumstances. The
forward-looking events and circumstances discussed herein may not
occur and could differ materially as a result of known and unknown
risk factors and uncertainties affecting IRD and/or Quarterhill,
including: potential risks and uncertainties relating to the
ultimate geographic spread of the novel coronavirus ("COVID-19");
the severity of the disease; the duration of the COVID-19 outbreak;
actions that may be taken by governmental authorities to contain
the COVID-19 outbreak or to treat its impact; the potential
negative impacts of COVID-19 on the global economy and financial
markets and any resulting impact on IRD and/or Quarterhill and/or
their businesses. Other factors include, without limitation, the
risks described in Quarterhill's March 20,
2022 annual information form for the year ended December 31, 2021 (the "AIF"). Copies of the AIF
may be obtained at www.sedar.com. IRD and Quarterhill recommend
that readers review and consider all of these risk factors and
notes that readers should not place undue reliance on any of IRD's
forward-looking statements. IRD has no intention, and undertakes no
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
View original
content:https://www.prnewswire.com/news-releases/ird-announces-agreement-with-the-indiana-dot-valued-at-10-8-million-301527431.html
SOURCE Quarterhill Inc.