SASKATOON, SK – July 25, 2018 - International Road Dynamics Inc., a Quarterhill Inc. company (TSX: QTRH) (NASDAQ: QTRH), today announced that International Road Dynamics Inc. ("IRD"), has been awarded contracts valued at US $1 million by its partner Total Innovative Security Solutions Inc. (TISSI) in the Philippines to provide Weigh-In-Motion and data collection equipment.
Under terms of the contracts, IRD will supply the equipment for overloaded vehicle control and road monitoring projects. This equipment includes Portable Weigh-In-Motion Axle Weighers and High Speed Virtual Weigh-In-Motion systems. The data collected from the permanent high-speed Weigh-In-Motion systems will include axle and gross vehicle weights, axle spacing, vehicle classification, vehicle side-view images, license plate images and vehicle speed information. Additionally, the contracts include the supply of traffic counters and classifiers for data collection in permanent and temporary applications in the Philippines.
Mr. Randy Hanson, IRD’s President and CEO commented, “IRD has been a long-term products and systems supplier to the Philippines, and these new contracts underline our ongoing commitment and longstanding positive relationship with TISSI.”
IRD is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems (ITS) industry. IRD is a North American company based in Saskatoon, Saskatchewan, Canada with sales and service offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD's products and advanced systems to manage and protect their highway infrastructure.
Quarterhill is focused on the disciplined acquisition, management and growth of companies in dedicated technology areas including, vertical market software and solutions, intelligent industrial systems and innovation and licensing. Quarterhill’s emphasis is on seeking out acquisition opportunities at reasonable valuations that provide a foundation for recurring revenues, predictable cash flows and margins, profitable growth, intimate customer relationships and dedicated management teams. Quarterhill is listed on the TSX and NASDAQ under the symbol QTRH. For more information: www.quarterhill.com
This news release contains forward-looking statements and forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other United States and Canadian securities laws. Forward-looking statements and forward-looking information are based on estimates and assumptions made by Quarterhill or IRD in light of their experience and their perception of historical trends, current conditions, expected future developments and the expected effects of new business strategies, as well as other factors that Quarterhill and IRD believe are appropriate in the circumstances. Many factors could cause Quarterhill's and IRD’s actual performance or achievements to differ materially from those expressed or implied by the forward-looking statements or forward-looking information. Such factors include, without limitation, the risks described in Quarterhill’s March 1, 2018 annual information form for the year ended December 31, 2017 (the "AIF"). Copy of the AIF may be obtained at www.sedar.com
. Quarterhill recommends that readers review and consider all of these risk factors, and notes that readers should not place undue reliance on any of Quarterhill's or IRD’s forward-looking statements. Neither Quarterhill nor IRD has any intention, and undertakes no obligation, to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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