December 17, 2021 13:50 ET | Source: Electronic Transaction Consultants, LLC
Richardson, Texas, Dec. 17, 2021 (GLOBE NEWSWIRE) — On December 16, 2021, Central Texas Regional Mobility Authority (CTRMA), issued an award to Electronic Transaction Consultants, LLC (ETC), a Quarterhill Inc. company (TSX: QTRH) (OTCQX: QTRHF), for ETC to provide electronic toll collection integration and maintenance services to CTRMA in Austin, Texas. The initial term of the contract is six (6) years and has two (2) two-year extension options. The initial six-year term is valued at US$72,791,680, and the contract is subject to customary terms and conditions.
Over the course of the contract, ETC will deliver system replacements at six (6) existing CTRMA facilities and implement brand-new systems at four (4) future CTRMA facilities. ETC’s next-generation smart congestion management systems will improve mobility and alleviate traffic on busy Austin-area roads.
For this project, ETC will implement riteSuite™, its modularized suite of standalone natively integrable subsystems that run on this same cloud-based technology platform, including the following products:
riteSuite™ takes advantage of the power, rich features and flexibility of open-source technologies and the revolutionary design approach attributed to “Big Tech” consumer data companies. Beyond successful system implementation in accordance with CTRMA’s objectives today, this also means a digital infrastructure that promotes the sharing and consumption of all data across multiple platforms and services that may be required for future CTRMA digital objectives.
“We look forward to establishing a partnership with ETC and beginning the important work ahead of us,” stated CTRMA’s Executive Director James Bass. “The Mobility Authority prides itself on delivering best-in-class service, and we are confident ETC will help us exceed those expectations.”
“ETC is honored and excited to be selected as CTRMA’s technology provider,” stated Quarterhill’s new Chief Executive Officer Bret Kidd. “Technology-savvy Austin motorists will expect nothing less than the most advanced systems in the industry and the highest quality of customer service, and ETC is poised to deliver both, in a true partnership with CTRMA.”
ETC systems are architected for responsiveness to changing business needs by integrating seamlessly with the latest in open-source technologies and big data infrastructure, for a lean system that will remain technology relevant for years to come.
About Electronic Transaction Consultants, LLC
ETC is a leading U.S. intelligent transportation systems and smart mobility provider, developing and delivering best-in-class solutions for tolling, congestion management, urban mobility, and multimodal transportation needs. ETC’s passionate and innovative team has been driving the future of mobility since 1999, with many industry firsts, including all-electronic tolling (AET), dynamic pricing, agency interoperability, hosted mobility solutions and machine learning.
For over two decades, ETC has delivered sophisticated solutions to many of the largest toll authorities in the U.S., including statewide programs, county networks and tolling-specific authorities. ETC’s solutions process over two billion transactions annually, totaling over $3 billion in revenues for our customers, incorporating the latest in evergreen open-source and SaaS technologies and Big Data architecture through our innovative riteSuite™ products.
Quarterhill is a growth-oriented company 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 to execute an investment strategy that capitalizes on attractive growth opportunities within ITS – and its adjacent markets – to become a global leader in that industry. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information, visit www.quarterhill.com.
About the Central Texas Regional Mobility Authority
The Central Texas Regional Mobility Authority is an independent government agency created in 2002 to improve mobility in Travis and Williamson Counties in Texas. CTRMA defines its objectives as preserving and enhancing the quality of life in Central Texas, engaging with the communities served, and protecting the environment. CTRMA projects span sections of I-290, I-183, I-71, MoPac, and I-45.
This news release contains forward-looking statements regarding ETC, Quarterhill and their businesses. Forward-looking statements are based on estimates and assumptions made by ETC 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 ETC 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 ETC 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 ETC and/or Quarterhill and/or their businesses. Other factors include, without limitation, the risks described in Quarterhill’s March 11, 2021 annual information form for the year ended December 31, 2020 (the “AIF”). Copies of the AIF may be obtained at www.sedar.com. ETC 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 ETC’s forward-looking statements. ETC 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.