Over C$5 Million Contract Awarded to Enforcement Solution Provider

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Thursday, March 7, 2024

Will news of a multimillion-dollar state contract send shares of this dually-listed firm higher? This company and its subsidiaries provide tolling and enforcement solutions in the Intelligent Transportation System industry. Through organic growth and an acquisition-oriented investment strategy, they are looking to capitalize on attractive growth opportunities within these markets. 

A leading provider of tolling and enforcement solutions in the Intelligent Transportation System, Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF) announced in a press release today that its wholly-owned subsidiary, International Road Dynamics Inc., has been awarded a C$5.3 million contract by the Tennessee Department of Transportation to install Weigh-In-Motion systems at 28 sites on interstate and state routes across Tennessee. Installation is expected to be completed in May 2025. 

The statewide weight-in-motion systems will capture and record axle weights and gross vehicle weights as vehicles drive over the measurement sites at highway speeds, providing data on commercial vehicle characteristics in specific transit corridors for asset management and design improvements. In addition, the systems will determine if trucks are overloaded so they can be routed to inspection stations for ticketing, thereby reducing excessive highway wear and tear and the number of unsafe vehicles on the road. There is also the potential for future upgrades of the sites with e-screening technology to automate the evaluation of driver and trucking company safety ratings, resulting in enhanced enforcement capabilities and further improvements to highway safety.

U.S. shares closed Wednesday trading up at $1.305, and Canadian shares at $1.79.

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