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Iteris and Prime Report a 62 Percent Reduction in Lane Departure Related Accidents
4/28/2010 -- Iteris’ Lane Departure Technology Significantly Reduced Lane Departure Related Accidents --
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 and Prime, Inc., a refrigerated, flatbed and tanker truck fleet based in Springfield Missouri, today announced that after carefully tracking the effectiveness of Iteris’ AutoVue® Lane Departure Warning (LDW) system over the past four years, Prime has reduced rollover and run-off-road accidents by more than 62 percent.
Prime now has over 4,000 trucks equipped with the Iteris LDW and has been tracking the miles of both the trucks equipped and not equipped since January 2006. Over that time, the trucks that were equipped with Iteris’ LDW systems accumulated 761 million miles, while the non-equipped trucks accumulated 902 million miles. Performance was tracked based on a calculation of the number of accidents per million miles. The per-million-mile rate for run-off-road and roll-over accidents was 62 percent less on the trucks equipped with Iteris’ LDW system. Prime estimates this computes to 84 fewer accidents. Using the Federal Motor Carrier Safety Administration’s $91,000 average estimated cost per large truck accident, this could have resulted in a savings of approximately $7.6 million.
"The investment Prime has made to install Iteris' Lane Departure Warning systems in our fleet of trucks has really paid off," said Robert Low, founder and president of Prime, Inc. “There has been a significant reduction in run-off-road and rollover accidents in the trucks that are equipped with Iteris’ AutoVue LDW system."
"I believe there is no greater testament to the validity of our LDW system to save lives, make our highways safer, and provide a positive financial return than the results Prime has achieved over the last four years, said Mr. Abbas Mohaddes, president and chief executive officer of Iteris. “We are committed to helping truck fleets achieve a measurable return on investment through our active safety portfolio and I believe Prime’s experience is further proof that fleet-wide deployment of our LDW system can produce extremely positive results.”
Iteris’ 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 Original Equipment Manufacturer (OEM) option in passenger cars and as an OEM and aftermarket option on heavy trucks worldwide.
Research conducted by the American Association of State Highway and Transportation Officials (AASHTO) revealed that 58 percent of total automotive-based fatalities were related to lane departures in 2006. The organization estimates that a lane departure crash occurs every 21 minutes in the United States. Iteris’ AutoVue Lane Departure Warning systems and Safety Direct software are part of a comprehensive suite of active safety driver assistance features designed to help reduce the number of motor vehicle crashes and the severity of crash-related injuries.
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 System and Prime’s Inc.’s accident experience as well as estimated benefits. These benefits can, may and will vary from fleet customer to fleet customer and 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; 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 tha may affect our forward looking staements, 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 Contacts:
Iteris Investor Relations
Brett Maas, 646-536-7331
brett@haydenir.com
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