- Second contract in Ukraine this year further expands IRD’s international presence
SASKATOON, SK, Dec. 8, 2020 /PRNewswire/ – International Road Dynamics Inc. (“IRD” or the “Company”), a Quarterhill Inc. (“Quarterhill”) company (TSX: QTRH) (OTCQX: QTRHF), announced today that it has been awarded a follow-on contract to provide high-speed, Virtual Weigh-In-Motion (VWIM) systems for four sites in Ukraine. These systems will provide commercial vehicle enforcement, traffic monitoring, and reporting capabilities through a web-based application. The contract is valued at approximately $2.0 million. All financial figures are in U.S. dollars unless otherwise specified.
In September 2020, IRD, in partnership with SEA Electronics LLC (“SEA”), was awarded a $3.3 million contract by the Financing of Infrastructural Projects (FinInPro) State enterprise in Ukraine to provide VWIM systems at six sites. Under the terms of the new contract, IRD and SEA will supply and install VWIM systems at four additional sites for the Ukrainian road agency, Ukravtodor. Ukravtodor will utilize IRD’s roadside equipment and VWIM processing software to collect real-time traffic data and support the enforcement of overweight and oversized commercial vehicles, as well as vehicles that are potentially in violation of local operating regulations.
Mr. Rish Malhotra, IRD’s President and Chief Executive Officer commented, “We are pleased to expand our international presence in Ukraine and to have earned the confidence of the Ukrainian road agency, Ukravtodor, based on our past projects completed jointly with SEA. At a number of sites in Ukraine, where our VWIM systems are now in operation, the traffic data being generated has already begun to improve road safety and will ultimately help Ukraine meet its infrastructure preservation goals. These additional VWIM sites will ensure broader coverage of the country’s road network, extending the benefits across the nation.”
IRD’s VWIM systems provide 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 deployed systems will be equipped with a wrong-way detection feature with both front and rear license plate images, an added safety feature aimed at deterring vehicles from travelling the wrong way (opposite traffic flow).
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. 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. For more information: www.irdinc.com.
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.
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