International Road Dynamics Inc. (USA) - Press Release: International Road Dynamics Inc. (IRD), a Quarterhill Inc. (Quarterhill) company (TSX: QTRH) (OTCQX: QTRHF), announces that the company has been awarded two contracts for approximately $2.4 million for Virtual Weigh-In-Motion (VWIM) systems for the Illinois State Toll Highway Authority (Illinois Tollway). Under the contracts, three new VWIM systems will be installed at two sites for use by the Illinois State Police to monitor commercial vehicles for weight, size and tire violations. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.
The project includes the installation of new VWIM sites on I-294 and I-88. Each site consists of Weigh-In-Motion sensors, iSINC® Weigh-In-Motion controllers, IP cameras, over-height detection sensors, and the Tire Anomaly and Classification System (TACS™). The TACS installations are the largest to date for IRD, with six lanes of TACS in one direction on I-294 northbound and three lanes in each direction on I-88 (eastbound/westbound). When completed, these sites will expand IRD's footprint of VWIM systems on the Illinois Tollway network from two to five.
The Weigh-In-Motion sensors will be used to screen for overweight vehicles, and the TACS systems will identify vehicles that are unsafe due to flat, missing, or mismatched tires. IRD's Virtual Weigh Station (VWS) web-based software will provide law enforcement officers with remote access to real-time data, including vehicle images, vehicle record data, and reporting. The TACS systems will be integrated with the VWS to display the locations of the tire anomalies on vehicle records. Under the contract, IRD will provide Illinois Tollway and ISP personnel with training on the operation of the systems.
"We are thrilled to be working with the Illinois Tollway to deliver this cutting-edge network of VWS systems," said IRD President and CEO Rish Malhotra. "Our technology has been proven in the previous VWIM deployments, and we are confident that the Illinois Tollway will see the same benefits in terms of pavement preservation, improved safety, reduced congestion, and lower costs. The scope of the tire safety screening component of the system is the largest we've booked to date and is an indication of the value the system provides and the confidence that experienced users have in the accuracy of TACS."
Given IRD's key partnership with Illinois Tollway and to maximize value to the State and enhance margins, IRD will be expanding its scope of work on this project wherein IRD's Construction Services unit will oversee the electrical and construction work, installing new conduits, power cables, junction boxes, and electric handholes, and overseeing site preparation.
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: 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 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.