Dallas, Texas 01/22/2014 (FINANCIALSTRENDS) – Iteris Inc (NYSE MKT:ITI) the $76.35 million market capped provider of intelligent technology solutions for traffic management to authorities in U.S and across the globe has been surging ahead at the markets last week on the back of the news that it has been one of the three selected service providers contracted by the Federal Highway Administration for a five year contract.
This “five-year Indefinite Delivery/Indefinite Quantity (IDIQ) contract” has been awarded by the Federal Highway Administration (FHWA) to Iteris Inc (NYSE MKT:ITI) to work on a Traffic Design and Operations Training Services for its personal and can expect to earn close to $17.7 million which is on offer for this five year training contract for all the three service providers.
The three vendors including Iteris Inc (NYSE MKT:ITI) will be awarded fixed price orders to design, develop and deliver training to its personal. These training moduels will include instructor led and distance learning programs which will leverage new age technologies like web cams for providing these services. These trainings will be conducted under the umbrella of the National Highway Institute (NHI) and all “federal, state and local highway and transportation agencies” in U.S can subscribe to this course.
Commenting about the winning of the contract, Abbas Mohaddes, President and CEO of Iteris Inc (NYSE MKT:ITI) has been quoted to have said that, “Our selection by NHI for this prestigious IDIQ contract reflects our continued leadership in the transportation industry and we truly appreciate the confidence afforded to us by FHWA. We have a tremendous track record of developing and conducting training courses that utilize advanced learning and instructional system design techniques. After several years of supporting both FHWA and NHI highway safety and traffic operations training programs, we believe Iteris has developed an excellent approach.”