IRD Announces Two Expansion Contracts Valued at $3.3 Million
- IRD will supply a commercial vehicle electronic screening (E-Screening) system in South Dakota that incorporates tire safety screening to identify unsafe vehicles
- Two Weigh-in-Motion (WIM) systems in Nebraska will be upgraded to include E-Screening and tire safety screening to improve the efficiency and effectiveness of Nebraska’s commercial vehicle safety program
Saskatoon, SK – November 3, 2022 – International Road Dynamics Inc. (IRD), a Quarterhill Inc. (Quarterhill) company (TSX:QTRH) (OTCQX:QTRHF), announced today that it has been awarded two separate contracts with a combined value of $3.3 million for advanced E-Screening systems that incorporate IRD’s Tire Anomaly and Classification System (TACS™). The two contracts are with the South Dakota Department of Transportation and the Nebraska Department of Transportation, respectively, and they represent an expansion of IRD’s relationship with both state agencies. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.
The South Dakota Department of Transportation is implementing a fifth IRD E-Screening system in the State at the Tilford Port of Entry. The E-Screening system incorporates TACS to identify vehicles that are unsafe due to missing, mismatched or underinflated tires. In addition, the E-Screening system will also provide vehicle screening capabilities to detect unsafe brakes.
In Nebraska, the State’s Department of Transportation will upgrade the Waverly eastbound and North Platte westbound mainline WIM systems to include E-Screening and TACS. IRD’s technology will improve the efficiency and effectiveness of Nebraska’s commercial vehicle safety program by targeting non-compliant and high-risk vehicles for inspections and enforcement.
“With the addition of TACS and E-Screening to weigh stations, these State agencies are able to more efficiently process commercial vehicles while, at the same time, improving both productivity for motor carriers and road safety for drivers,” said Rish Malhotra, IRD President & CEO. “Expansion opportunities such as these for our screening technologies are growing as states work to reduce regulatory costs and meet nationwide goals for technology deployment, making our TACS and E-Screening solutions important growth drivers for IRD in the commercial vehicle enforcement space.”
IRD’s advanced E-Screening system screens commercial vehicles for safety and enforcement criteria while they are traveling upstream from highway weigh stations. E-Screening offers enforcement agencies a way to interface with both government screening databases and third-party programs for verification of credentials and safety status, ensuring minimal disruption of commercial vehicles for regulatory purposes and enabling users to focus on potentially high-risk or non-compliant commercial vehicles. By improving the efficiency of inspection, the use of E-Screening systems is also intended to result in reduced vehicle emissions, congestion and delay.
TACS screens commercial vehicles to identify those which are unsafe due to missing or underinflated tires. TACS is fully integrated with IRD’s E-Screening and Virtual Weigh Station software for automated screening, ease of use, and remote access. Since its launch, TACS has flagged over 800,000 tire safety issues for inspectors, making it one of the most effective technologies for improving commercial vehicle safety.
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. For more information: www.ird-staging.2webworks.com
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. For more information, please visit 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 March 20, 2022 annual information form for the year ended December 31, 2021 (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.
For more information:
Call IRD Head Office at +1-306-653-6600 or email email@example.com
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IRD Corporate Office
International Road Dynamics Inc.
702-43rd Street East
Canada S7K 3T9