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DAF Trucks N.V. Signs 5-Year Contract Extension for Iteris’ Lane Departure Warning Systems
7/19/2010 -- Contract to Provide Iteris’ LDW System as a Factory Installed Option from 2010 - 2015 --
Santa Ana, Calif. – Iteris, Inc. (NYSE Amex: ITI), a leader in the traffic management market that focuses on the application and development of advanced technologies, today announced that DAF Trucks N.V. (DAF), one of the world’s leading manufacturers of commercial trucks for heavy transport applications, has signed a five-year contract extension to continue to offer Iteris’ Lane Departure Warning (LDW) Systems as a factory-installed option on its heavy trucks. The contract period begins immediately and extends through 2015.
This intelligent system warns the driver if the vehicle unintentionally crosses lane markings on the road. By monitoring steering wheel movement, the system can also discern between intentional lane positioning as opposed to drifting caused by inattention.
“We are delighted to have received this contract extension stemming from a great vote of confidence in Iteris’ technology, our engineering capabilities, and our product support capabilities. With this extension, DAF becomes the third major European OEM to choose Iteris as its LDW supplier since the beginning of the year,” commented Mr. Abbas Mohaddes, president and chief executive officer of Iteris. “I am particularly pleased that the extension with DAF extends through 2015, which will carry us though the initial phase-in of the EU mandate for active safety systems, including LDW. I believe this extension, in addition to extensions we have received from Scania and MAN, positions us as a market leader in preparation for the EU mandate of active safety for commercial vehicles in 2013 and 2015.”
In addition to Iteris’ LDW product, the Company offers a broad suite of vision and radar-based active safety products as well as software solutions to the commercial vehicle market. These include Iteris’ Forward Collision Warning (FCW) systems and the Iteris SafetyDirect™ software system. The FCW scans the roadway up ahead for vehicles or other objects in your lane and provides a warning to the driver whenever the headway gap to the vehicle ahead falls below a designated safe following distance, while the Iteris SafetyDirect system analyzes real-time driver performance data captured by Iteris’ LDW system and can relay this information directly to fleet operators through integration with the truck’s existing fleet communications system. The SafetyDirect system can provide an immediate warning to fleet operators if their drivers are having difficulty staying in their lanes; often a first indicator of driver drowsiness or other potential problems. The combination of Iteris’ active safety products and software solutions create a best-in-class suite of active safety products available to the commercial truck market worldwide.
AutoVue LDW System
Iteris’ LDW system is a small, integrated unit consisting of a camera, onboard computer, and sophisticated image processing algorithms. The system’s camera tracks visible lane markings and its algorithms detect when a vehicle drifts toward an unintended lane change. If this occurs, the system automatically emits a distinctive rumble strip or other audible warning, alerting the driver to make a correction. LDW is a proven, reliable technology that is well-positioned to become an integral part of any comprehensive vehicle safety solution. A pioneer in vehicle safety technology, Iteris developed the world’s first production Lane Departure Warning System and is available as an OEM option in passenger cars and as an OEM and aftermarket option on heavy trucks worldwide.
About DAF
DAF Trucks N.V. is a wholly owned subsidiary of the North American corporation PACCAR Inc. DAF Trucks’ core activities are focused on the development, production, marketing and sale of medium and heavy-duty commercial vehicles. In its 80 years, DAF Trucks has earned a reputation for developing, manufacturing, selling, and servicing industry leading transport equipment. The constant drive to engineer and manufacture the highest quality transport solutions has become a trademark for the company. Delivering added value to its customers has always been the cornerstone of DAF’s success. In a market of about 168,000 registrations in the over 15 ton segment, DAF achieved a market share in the European Union (including Norway and Switzerland) of 14.8%. In the 6 to 15 ton segment DAF’s EU market share was 9.3% in a market of almost 50.000 truck registrations.
About Iteris, Inc.
Iteris, Inc. is a leader in the traffic management market 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 and driver safety solutions to customers worldwide. Iteris is headquartered in Santa Ana, California with offices throughout North America and in Europe and Asia. 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 performance, acceptance, and expected benefits of our technology including our AutoVue Lane Departure Warning, Forward Collision Warning, and SafetyDirect systems, our market opportunities both domestically and abroad, and our strategies and our future prospects. These statements are subject to change and we undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to the market acceptance of our technologies and of the products that incorporate our technologies; commercial vehicle and automotive production schedules and agendas including DAF’s production schedules; the timing and successful completion of customer qualification of our products and the risks of non-qualification; market acceptance of our LDW system and the vehicles that incorporate our systems; our ability to specify, develop, complete, introduce, market, and transition our products and technologies to volume production in a timely manner; the potential unforeseen impact of product offerings from competitors and other competitive pressures; and the general economic and political conditions and specific conditions in the markets we address, including the general economic slowdown and volatility in the automotive and commercial vehicle sector. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on 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).
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Media Contact:
Iteris Investor Relations
Brett Maas, 646-536-7331
brett@haydenir.com
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