Long-term contract bolsters recurring
revenue stream
OTTAWA, July 25, 2017 /PRNewswire/ - Quarterhill Inc.
("Quarterhill") (TSX:QTRH) (NASDAQ:QTRH), announces today that its
wholly owned subsidiary, International Road Dynamics Inc. ("IRD"),
has been awarded a new five-year contract valued at up to
$5.0 million with the British
Columbia Ministry of Transportation and Infrastructure for the
continuation of maintenance and services for the Weigh2GoBC
Program.
Under terms of the contract, IRD will provide ongoing
maintenance and technical support services for a five-year
period. The contract also includes options for enhancements
and upgrades and for the provision of Weigh2GoBC software,
hardware, and implementation services to be deployed to additional
sites to expand the system network.
"We are pleased to receive this long-term commitment for the
Weigh2GoBC Program," said Terry Bergen
President and CEO of IRD. "This contract adds to our
recurring revenues and supports our corporate strategy of growth in
our Maintenance and Service business."
Weigh2GoBC is a network of Weigh-In-Motion and Automatic Vehicle
Identification ("AVI") technologies designed to enable more
efficient movement of commercial vehicles throughout the
province. Once a commercial vehicle (equipped with a
transponder) in the Weigh2GoBC Program has been initially checked
at a Weigh2GoBC enabled station, it can be given a bypass at all
subsequent inspection stations for up to the next 24 hours.
Since 2009, the Weigh2GoBC Program has resulted in over
$23 million in savings for carriers
with respect to driver time and fuel. The number of green lights
(or bypasses) issued to drivers is more than 1.3 million which
translates into 1.5 million kilograms of Greenhouse Gas ("GHG")
savings. Every bypass saves 1.12 kilograms of GHG.
IRD provided the on-site technology, software, integration, and
maintenance/service for all the Weigh2GoBC sites. There are 11
locations throughout the province, and the Ministry has plans for
additional sites.
About IRD
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.
About Quarterhill
Quarterhill is a diversified investment holding company focused
on growing its business by acquiring technology companies in the
Industrial Internet of Things ("IIoT") segment across multiple
verticals. Quarterhill targets companies with a broad range of
products and services that capture, analyze and interpret data, and
that have strong financial performance, excellent management teams,
strong intellectual property underpinnings and significant
opportunities to develop long-term recurring and growing revenue
streams. Quarterhill is listed on the TSX and NASDAQ under the
symbol QTRH. For more information: www.quarterhill.com.
Forward-looking Information
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 in light of its experience and its perception
of historical trends, current conditions, expected future
developments and the expected effects of new business strategies,
as well as other factors that Quarterhill believes are appropriate
in the circumstances. Many factors could cause Quarterhill'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 its February 10, 2017 annual information form for the
year ended December 31, 2016 (the
"AIF"). Copies of the AIF may be obtained at www.sedar.com or
www.sec.gov. 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 forward-looking
statements. Quarterhill has no 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.
All trademarks and brands mentioned in this release are the
property of their respective owners.
SOURCE Quarterhill Inc.