February 18, 2022 06:25 ET | Source: Electronic Transaction Consultants, LLC
Richardson, Texas, Feb. 18, 2022 (GLOBE NEWSWIRE) — On February 15, 2022, Electronic Transaction Consultants, LLC (ETC), a Quarterhill Inc. company (TSX: QTRH) (OTCQX: QTRHF), signed a contract with the Alameda County Transportation Commission (Alameda CTC) to provide an interim electronic toll collection system and maintenance services for Interstate 680 (I-680) Express Lanes in California. The initial term of the contract is two (2) years. The contract is subject to customary terms and conditions and valued at ~US$4M for the implementation, with amendments for maintenance to follow
Over the short term of the integration contract, ETC will reuse existing infrastructure along with the integration of ETC’s latest all-overhead lane solution to launch the express lanes into revenue service in 2022. This approach enables Alameda CTC to rapidly put a cost-effective interim solution in place and deliver the anticipated value of the I-680 Express Lanes to their customers, while the toll agency finalizes procurement plans for the expansion of the roadway network and integration of a permanent tolling solution.
For this project, ETC will also implement riteSuite™, its modularized suite of standalone natively integrable subsystems that run on a unified cloud-based technology platform, including the following products:
riteSuite™ takes advantage of the power, rich features and flexibility of evergreen open-source technologies and the revolutionary design approach pioneered and maintained by major consumer data companies.
“ETC is thrilled to continue serving as Alameda CTC’s trusted technology provider,” stated Chief Executive Officer Kevin Holbert. “Motorists in Alameda County have become accustomed to being served by well-run seamless systems over the years, and we look forward to helping maintain this high standard, while the Commission is charting the course towards its next comprehensive technology evolution.”
ETC’s next-generation smart congestion management systems will improve traffic flow throughout the busy I-680 corridor and generate vital revenue to support Alameda CTC’s customer-centric mobility initiatives.
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 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, via organic growth of the Electronic Transaction Consultants, LLC (ETC) and International Road Dynamics, Inc. (IRD) 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, visit www.quarterhill.com
About the Alameda CTC
The Alameda County Transportation Commission (Alameda CTC) serves as the congestion management agency and transportation authority for the County of Alameda and is responsible for the planning, programming and allocation of federal, state, regional and local funding for transportation improvements throughout the County. Its mission is to plan, fund and deliver transportation programs and projects that expand access and improve mobility to foster a vibrant and livable Alameda County.
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.
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