Date: Oct 31, 2011 Source: (
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SANTA ANA, Calif. --October 31, 2011 -- Iteris, Inc. (NYSE Amex: ITI), a leader in traffic management solutions, has signed a definitive agreement to acquire all of the outstanding capital stock of Berkeley Transportation Systems, Inc. (BTS), a privately-held company based in Berkeley, California.
BTS is a leader in transportation performance measurement. Its state-of-the-art Performance Measurement System (PeMS) leverages BTS' real-time data collection, diagnostic, fusion, and warehousing platform to aggregate and compute performance measures. This information is used to analyze how a transportation system is performing based on pre-determined measures of effectiveness such as stops, delays, and travel time. The PeMS system provides users with an extensive set of reporting tools that allow for visualization and animation.
Since its inception in 1998, BTS has been involved in more than twenty projects and deployments, with customers ranging from the California DOT, Caltrans, and the Alaska Dept. of Transportation to the Transportation Research Board and Attikes Diadromes S.A. who operates the Attica Tollway in Greece.
"BTS is a pioneer and leader in performance measurement systems and their capabilities are a perfect complement to our iPerform™ software as well as our performance measurement and management initiative as a whole," said Abbas Mohaddes, president and CEO of Iteris. "I believe this acquisition provides a key technology and a strong base from which to grow this area of our business, and is consistent with our growth strategy and to become the leader in providing information management solutions for intelligent traffic management."
Karl Petty, president and CEO of BTS commented, "We see tremendous opportunities in combining forces with Iteris to deliver performance measurement solutions to their large customer base. This includes expanding the capabilities of our products with Iteris' iPerform software to take performance measurement to new heights."
The transaction, subject to certain conditions, is expected to close within the week. For further details please refer to our September 30, 2011 form 10-Q to be filed with the SEC on or before November 14, 2011.
About Berkeley Transportation Systems, Inc.
Berkeley Transportation Systems is a privately held transportation systems consultant firm. The founders of BTS have been active in many ITS areas, but the focus of the company is on transportation data systems. BTS was formed in 1998 by Dr. Petty. Since then it has expanded to a hard-working, dedicated team of 11 computer science and transportation engineering specialists. BTS customers include state DOTs, academic institutions, and other transportation consultant firms. For more information, go to www.bt-systems.com.
About Iteris, Inc.
Iteris, Inc. is a leader in traffic management focused on the development and application of advanced technologies that reduce traffic congestion, minimize the environmental impact of traffic congestion, and improve the safety of surface transportation systems infrastructure. Combining outdoor image processing, traffic engineering, and information technology, Iteris offers a broad range of Intelligent Transportation Systems solutions to customers worldwide. Iteris is headquartered in Santa Ana, California with offices throughout North America and in Europe and the Middle East. Investors are encouraged to contact us at 888-329-4483 or at www.iteris.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the consummation of the acquisition, the anticipated benefits of the acquisition, and our future prospects.
Important factors that may cause such a difference include, but are not limited to our ability to efficiently integrate, manage, and operate BTS as an Iteris company; our ability to successfully integrate BTS product offerings with our iPerform software and other performance measurement activities; budget constraints and changin product and service offp;our ability to satisfy the closing conditions of the acquisition and retain the key employees of BTS after the closing, and the general economic, political, and specific conditions in the markets Iteris and BTS address. F Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website (www.sec.gov).
For Information, Contact:
Scott Liolios or Cody Slach
Investor Relations
Liolios Group, Inc.
Tel 949-574-3860
ITI@liolios.com
