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MAN Nutzfahrzeuge AG Signs 3-Year Contract Extension for Iteris’ AutoVue Lane Departure Warning Systems
2/1/2010 -- Contract to Provide Iteris' LDW System as a Factory Installed Option from 2010-2012 --
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 European heavy truck manufacturer, MAN Nutzfahrzeuge AG, has signed a three-year contract extension to continue to offer Iteris' AutoVue(R) Lane Departure Warning (LDW) Systems as a factory installed option on its heavy trucks and buses. The new contract covers 2010 through 2012.
According to the National Center for Statistics and Analysis (NCSA), an office of the National Highway Traffic Safety Administration (NHTSA), in 2007, 12 percent of all motor vehicle traffic fatalities reported involved large trucks and 75 percent of those fatalities were occupants of other vehicles. Driver distraction, leading to lane change or roadway departure crashes, is a major cause of commercial vehicle accidents and potentially the most avoidable. Iteris' innovative AutoVue LDW system is an active safety product designed to warn drivers when they drift from their lane unintentionally. It has also been found to help drivers recognize the onset of fatigue and as an aid in warning drivers when they drift due to distraction.
MAN Nutzfahrzeuge is using the AutoVue LDW System from Iteris for the MAN Lane Guard System. The Lane Guard System is an automatic system designed to help drivers stay in their lanes on motorways and dual carriageways. If the driver leaves their specified lane without indication, a warning is issued. This feature is providing increased safety on long monotonous journeys for MAN trucks and buses. MAN has indicated that if drivers steer their vehicles back into their lane before a response time of one second has elapsed, this would reduce their accident rate in these kinds of situations by 49 percent.
"I am proud to announce that MAN Nutzfahrzeuge AG has chosen to extend its contract to continue to provide Iteris' AutoVue LDW Systems in their vehicles," said Mr. Abbas Mohaddes, Iteris' president and chief executive officer. "To date, MAN Nutzfahrzeuge has installed over 5500 AutoVue LDW systems in its Lane Guard System for MAN trucks and buses worldwide - providing proven technology that directly increases roadway safety. I believe that this contract extension is an important first step in solidifying our European LDW heavy truck business and gives Iteris a strong competitive foundation as the expected demand for LDW and other active safety technology expands."
AutoVue LDW System
Iteris' AutoVue 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 certain passenger cars and as an OEM and aftermarket option on heavy trucks worldwide.
About MAN Nutzfahrzeuge Group
Based in Munich, Germany, the MAN Nutzfahrzeuge Group is the largest company in the MAN Group and one of the leading international providers of efficient commercial vehicles and innovative transport solutions. In fiscal year 2008, the company, with some 36,000 employees, generated a turnover of EUR 10.6 billion with sales of more than 96,000 trucks and over 7,200 buses and bus chassis under the MAN and NEOPLAN brands.
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 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; vehicle and automotive production schedules and agendas; 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 sector. Further information on Iteris, Inc., including additionalctors 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). ### Iteris Investor Relations
Brett Maas, 646-536-7331
brett@haydenir.comor
Iteris Trade Relations
Kelly May, 949-270-9668
ksm@iteris.com
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