Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Iteris, Inc. (ITI) Awarded $12.4M Contract From The Research And Innovative Technology Administration

|Includes: Iteris, Inc (ITI)

Iteris Inc., provider of traffic management solutions, today 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.

Today's announced 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."

For more information visit iteris.com

Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net