IRD Partnership Awarded US $3.3 Million Commercial Vehicle Enforcement Systems Contract in Ukraine
SASKATOON, SK, Sept. 28, 2020 /PRNewswire/ - International Road Dynamics Inc. ("IRD" or the "Company"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRHF), announced today that its partnership with SEA Electronics LLC (SEA) has been awarded a US $3.3 million commercial vehicle enforcement systems contract in Ukraine. Under the terms of the contract, IRD will provide high-speed virtual Weigh-In-Motion (WIM) systems for six sites in Ukraine. These systems will provide commercial vehicle enforcement, traffic monitoring, and reporting capability through a web-based application.
This contract expands on IRD's existing partnership with SEA, a Ukraine-based supplier and manufacturer of electrical equipment, including traffic control systems. IRD and SEA recently deployed a WIM pilot project for the Ukrainian road agency, Ukravtodor, at six sites where IRD was chosen to supply the roadside equipment and WIM processing software to collect real-time traffic data and support the enforcement of overweight and over-dimension commercial vehicles, as well as vehicles that are potentially in violation of local operating regulations.
The pilot project WIM sites revealed that over 40% of commercial vehicles were overloaded. Building on the success of the pilot project, SEA will be installing six additional virtual WIM sites for the State Enterprise Financing of Infrastructure Projects (FinInPro). These new sites will utilize IRD's WIM systems and Virtual Weigh Station (VWS) software for vehicle monitoring and enforcement on 16 traffic lanes. IRD's VWS software provides real-time and historical data that includes vehicle weight, vehicle overview images, license plate numbers and vehicle dimensions. This data is then monitored for safety and regulation enforcement. Additionally, the system will be equipped with a wrong-way detection feature, an added safety feature aimed at deterring vehicles from travelling the wrong way (opposite traffic flow).
Mr. Rish Malhotra, IRD's President and Chief Executive Officer commented, "We are pleased to build on the success of the pilot program and to expand both our partnership with SEA Electronics and our presence in Ukraine. FinInPro's selection of SEA, and IRD's monitoring and enforcement technology, is a forward-looking decision that will assist Ukraine in meeting road safety and infrastructure preservation goals, thereby benefiting vehicle operators, passengers and the broader public."
About IRD
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 ICOMS Detections, IRD supplies Intelligent Transportation Systems (ITS) to private corporations, transportation agencies and highway authorities around the world. For more than 40 years, IRD's systems have been making highways safer, greener and more efficient. Known globally as a trusted partner providing sales, service and support on major ITS projects, IRD is helping to shape smarter cities by empowering engineering and urban planning professionals with access to reliable and actionable traffic data. For more information: www.irdinc.com
About Quarterhill
Quarterhill is a growth-oriented company in the Intellectual Property and Intelligent Transportation System (ITS) industries. Our goal is to pursue an investment strategy that capitalizes on attractive market trends in both 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. For more information: www.quarterhill.com
Forward-Looking Information
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 February 27, 2020 annual information form for the year ended December 31, 2019 (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.
SOURCE International Road Dynamics
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