SASKATOON, April 16, 2019 /CNW/
- International Road Dynamics Inc. ("IRD" or the
"Company"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH)
(NASDAQ: QTRH), announced today that a joint venture ("JV")
comprised of SEA Electronics LLC from Ukraine, International Road Dynamics Inc. from
Canada and Automagistral-Pivden
LLC from Ukraine was awarded a
project for the Design, Supply and Installation of 20 lanes of
Weigh-in-Motion ("WIM") covering six sites on arterial roads around
Kyiv. This turn-key project was
awarded by The State Agency of Automobile Roads of Ukraine (Ukravtodor). The total value of the
contract awarded to the JV partners is US$6.4M and also includes delivery of a
back-office system in addition to related civil works and
communication infrastructure.
The objective of this project is to implement a modular system
comprised of software, hardware and communication infrastructure
for Ukravtodor. The WIM back office system will collect
real-time traffic data and will support the enforcement of
overweight and over-dimension vehicles as well as vehicles that may
be in violation of local operating regulations. The data and
analytics provided by IRD's high speed enforcement systems will
also be used for more substantiated and streamlined planning of
maintenance and repair of the road network.
IRD will supply and supervise the installation of its
state-of-the-art commercial vehicle enforcement solutions
integrating WIM systems with complementary technologies such as
vehicle dimensioning systems and off-scale detection. This
will provide real-time information on a vehicle's length, width,
height as well as lane position in addition to axle load and gross
vehicle weights.
Mr. Randy Hanson, IRD's President
and Chief Executive Officer commented, "IRD is extremely pleased
and honoured to have received this contract. We look forward
to working together with our joint venture partners in delivering
Ukraine's very first integrated
network of weigh in motion systems providing Ukravtodor with our
world class, innovative and effective screening solutions to
improve the overall efficiency and safety of their highway
network."
About IRD
IRD is a highway traffic management
technology company specializing in supplying products and systems
to the global Intelligent Transportation Systems (ITS) 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
infrastructure. For more information: www.irdinc.com
About Quarterhill
Quarterhill is focused on the
disciplined acquisition, management and growth of companies in
dedicated technology areas including, vertical market software and
solutions, intelligent industrial systems, and innovation and
licensing. Quarterhill's emphasis is on seeking out acquisition
opportunities at reasonable valuations that provide a foundation
for recurring revenues, predictable cash flows and margins,
profitable growth, intimate customer relationships and dedicated
management teams. 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 and IRD in light of their experience and their
perception of historical trends, current conditions, expected
future developments and the expected effects of new business
strategies, as well as other factors that Quarterhill and IRD
believe are appropriate in the circumstances. Many factors could
cause 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 Quarterhill's February 28, 2019 annual information form for the
year ended December 31, 2018 (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 or IRD's
forward-looking statements. Neither Quarterhill nor IRD has any
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.
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SOURCE International Road Dynamics