OTTAWA, Sept. 26, 2017 /PRNewswire/ - Quarterhill Inc.
("Quarterhill') (TSX:QTRH) (NASDAQ:QTRH), announced today that its
wholly owned subsidiary, International Road Dynamics Inc. ("IRD"),
has been awarded a new five-year contract valued at US $4.23 million with the Oklahoma Department of
Transportation ('"ODOT") for Traffic Monitoring Systems ("TMS")
maintenance and service.
Under this agreement, IRD will provide installation, repair,
service, and calibration at 95 TMS locations across the state.
ODOT traffic monitoring systems currently consist of 23
Weigh-in-Motion ("WIM") and 72 Automatic Vehicle Classification
("AVC") stations.
All systems installed in Oklahoma are solar powered and accessible via
cellular modem. Traffic data collected at these stations
include vehicle volume, speed, type, direction of travel, and time
of travel. Weigh-in-Motion locations also collect valuable axle
weight data that can be used to estimate vehicle loading on the
associated highways and infrastructure.
This contract is a "turnkey" services agreement, with IRD
responsible for all equipment, materials, labor, and technical
expertise to successfully install, repair, maintain, and operate
all WIM and AVC systems. IRD solutions allow the customer to
receive a complete package of services and data from one
experienced vendor. IRD provides a comprehensive program that
includes the design, manufacturing, installation, collection of
data, post-processing of data, report generation, and maintenance
of data collection systems.
Mr. Terry Bergan, IRD's President
and CEO, commented: "We are pleased that Oklahoma has selected IRD for their
installation and service needs, extending our more than 25-year
relationship with the State. This contract award is another
successful example of how we are building our base of recurring
service, maintenance, and data provision revenues, a key component
of our value-enhancing strategies."
The Oklahoma Department of Transportation is a multi-modal
transportation agency whose mission "is to provide a safe,
economical and effective transportation network for the people,
commerce and communities of Oklahoma."
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.