Quarterhill Partners with New Jersey Department of Transportation to Support Statewide Traffic Monitoring Systems
Rhea-AI Summary
Quarterhill (OTCQX: QTRHF) announced a multi-year contract with the New Jersey Department of Transportation to maintain and modernize statewide traffic-monitoring systems.
Services include maintenance, inspection, repair, calibration, installation oversight for approximately 95 WIM sites and 50 TVS sites, supporting traffic data, freight mobility, safety initiatives, and federal reporting.
Positive
- Multi-year maintenance contract secured with NJDOT
- Supports approximately 95 WIM and 50 TVS sites in New Jersey
- Scope includes maintenance, calibration, repairs, and installation oversight
Negative
- No financial terms disclosed, limiting investor assessment of revenue impact
News Market Reaction – QTRHF
In the Mar 24 session, QTRHF gained 6.04%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Multi-year contract will help maintain and modernize
Under the partnership, Quarterhill will provide maintenance, inspection, repair, calibration, and installation oversight for
Services under the contract include:
- Maintenance and calibration of statewide traffic-monitoring systems
- Repairs and system upgrades to support reliable performance
- Support for traffic-data collection and reporting infrastructure
- Installation oversight for monitoring equipment and sensors
"We value our collaboration with NJDOT and the opportunity to continue supporting the systems that help monitor roadway activity across the state," said Chuck Myers, CEO of Quarterhill. "By working closely with transportation agencies such as NJDOT, we can help ensure traffic-monitoring infrastructure remains accurate, reliable, and ready to support planning, freight movement, and safety initiatives for years to come."
As Quarterhill continues to broaden its SaaS portfolio across ITS applications, this collaboration positions the Company to support future system enhancements and evolving data-driven transportation programs in
For more information, please visit Quarterhill.com.
About Quarterhill
Quarterhill is a global leader in the Intelligent Transportation System (ITS) industry, advancing mobility through smart infrastructure solutions that reduce congestion, improve roadway safety, and create more sustainable travel. Each year, Quarterhill's platforms process billions of transactions, perform compliance and safety inspections on millions of commercial vehicles, and enable transportation agencies worldwide to optimize thousands of lanes of traffic to improve travel for everyone. Leveraging advanced artificial intelligence and machine learning technologies, Quarterhill's platform delivers automation and predictive insight to help agencies manage transportation networks more efficiently. By working in close partnership with governments, communities, and industry leaders, Quarterhill is building today's connected roadways while shaping the next generation of intelligent, resilient mobility. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information, please visit: www.quarterhill.com
Forward-looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements relate to future events, conditions or future financial performance of Quarterhill based on future economic conditions and courses of action. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", "plan", "goal", "expect" and similar expressions.
Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand for Quarterhill's products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; and other risks set forth in the Company's most recent annual information form available on SEDAR+ at www.sedarplus.ca. The Company believes the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Material factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill's ability to execute on its business plan; demand for Quarterhill's products and services; operating assumptions; and financial projections and cost estimates. Quarterhill 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.
View original content:https://www.prnewswire.com/news-releases/quarterhill-partners-with-new-jersey-department-of-transportation-to-support-statewide-traffic-monitoring-systems-302722886.html
SOURCE Quarterhill Inc.