SASKATOON, SK, Sept. 10, 2020 /PRNewswire/ - International Road Dynamics Inc. ("IRD" or the "Company"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRHF), announced today that it has been awarded a contract to provide end-to-end support and maintenance services for five Weigh-In-Motion (WIM) systems located in New York State for their Commercial Vehicle Electronic Screening Program. This service agreement is valued at $2.0 million for a 5-year period. All financial figures are in US dollars unless otherwise stated.
IRD will be working as a subcontractor to Intelligent Imaging Systems (IIS), which carried out the installation and will maintain the Commercial Vehicle E-Screening portions of the systems within the State. These systems utilize weight compliance and credential data to perform a pre-clearance function, determining which vehicles bypass an inspection site and which vehicles should be detained for further inspection/enforcement activities.
IRD's contract provides for the maintenance of the WIM systems located in New York, Orange, Rensselaer, and Saratoga counties. Maintaining these systems is a vital element in support of commercial vehicle enforcement operations that play a pivotal role in infrastructure preservation and asset management throughout New York State advancing the safety of the general traveling public.
Mr. Rish Malhotra, IRD's President and CEO commented, "IRD has been a long-term systems and service supplier to the New York State Department of Transportation, and we are pleased to be working with IIS to expand our ongoing relationship with the State. IRD continues to sign significant new agreements within our service and maintenance markets, increasing recurring revenue in our business. Such contracts add to the predictability and stability to our future financial performance."
IRD is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems 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 infrastructures. For more information: www.irdinc.com.
Quarterhill is a growth-oriented company in the Intellectual Property and Intelligent Transportation System (ITS) industries. Our goal is to pursue an investment strategy that capitalizes on attractive market trends in both 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: www.quarterhill.com.
About Intelligent Imaging Systems
Intelligent Imaging Systems Inc. (IIS), along with its sister company, Drivewyze, is a leader in Connected Truck Services and is on a mission to revolutionize transportation and safety. IIS is a supplier and integrator of some of the industry's most advanced imaging systems available, providing transportation and law enforcement agencies with the tools to be more efficient and effective in their commercial vehicle enforcement efforts. Intelligent Imaging Systems' core markets are transportation safety and security, and law enforcement and public security, and commercial truck parking. For more information: www.intelligentimagingsystems.com
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 February 27, 2020 annual information form for the year ended December 31, 2019 (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.
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