International Road Dynamics Inc. (USA) - Press Release: International Road Dynamics Inc. (IRD), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRHF), announced today that the company has been awarded a contract for three Virtual Weigh-In-Motion ("VWIM") systems for the Indiana Department of Transportation ("INDOT") valued at $1.9 million. The new systems will be used by INDOT for infrastructure protection and planning purposes. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.
IRD will supply and supervise the installation of the VWIM systems on newly paved sections of I-69 and I-465. The VWIM sites will provide high-accuracy traffic and load data to the State for planning, roadway design, and weight compliance purposes. VWIM systems provide a streamlined, efficient, and cost-effective solution for weight monitoring and enforcement and will support INDOT's efforts to preserve roads and bridges against premature wear.
The VWIM sites will be monitored using IRD's Virtual Weigh Station software, an industry-leading, web-based solution for remotely viewing vehicle records. IRD's iSINC roadside WIM controller forms the core of the system, acquires data from the weigh-in-motion sensors, and determines vehicle class and weight compliance. All three sites will be equipped with cameras to provide an overview of the checkpoint locations and capture license plate numbers to aid in law enforcement efforts.
"We are pleased to see INDOT once again select IRD's Virtual Weigh Station solution for newly commissioned VWIM sites in the state," said Rish Malhotra, IRD President and CEO. "VWIM systems were introduced in the late 1990s to help state DOTs cope with ever-increasing commercial vehicle traffic, and this technology continues to be essential to their plans for vehicle data collection and weight enforcement. With a proven software platform, coupled with advanced roadside electronics, IRD continues to lead the commercial vehicle compliance and enforcement market with trusted solutions."
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, Sensor Line 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.
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.
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, without limitation, the risks described in Quarterhill's March 22, 2023 annual information form for the year ended December 31, 2022 (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.