Iteris Board of Directors Unanimously Rejects Unsolicited Proposal from Rekor Systems
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SANTA ANA, Calif.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that its Board of Directors has reviewed and unanimously rejected the non-binding, unsolicited proposal disclosed today by Rekor Systems (NASDAQ: REKR) to acquire Iteris for consideration consisting of approximately 17% cash and 83% Rekor shares at current stock prices.
“After a careful and thorough review, conducted in consultation with our independent advisors, the Iteris Board unanimously concluded that the unsolicited proposal significantly undervalues the Company and is not in the best interests of our shareholders,” said Tom Thomas, Chairman of the Board of Iteris. “The Board is always looking for ways to maximize value for our shareholders, but Rekor’s proposal does not reflect Iteris’ intrinsic value, including the significant long-term opportunities ahead of us.”
Joe Bergera, President and CEO of Iteris added, “Benefitting significantly from favorable, long-term trends, Iteris’ financial performance and momentum are accelerating. We are confident that we have the right strategy in place to continue our success, which will deliver profitable growth and increase shareholder value in 2021 and beyond.”
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook.
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 Company’s anticipated demand and growth opportunities, conversion of bookings to revenue, the impact and success of new solution offerings, the Company’s recent acquisition, our future performance, growth and profitability, operating results, and financial condition and prospects. Such statements are subject to certain risks, uncertainties, and assumptions that are difficult to predict and 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, federal, state and local government budgetary issues, spending and scheduling changes, funding constraints and delays, including in light of the COVID-19 pandemic; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; our ability to replace large contracts once they have been completed; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to achieve anticipated benefits from our sale of our Agriculture and Weather Analytics segment; our ability to successfully complete and integrate acquired assets and companies; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing product and service offerings; risks related to our ability to recruit and/or retain key talent; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments, and such competitors’ patent coverage and claims; any softness in the markets that we address; adverse effects of the COVID-19 pandemic on our vendors and our employees; and the impact of general economic and political conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial activities, such as the COVID-19 pandemic, import/export tariffs, terrorist activities or armed conflicts in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as 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).
Sard Verbinnen & Co
John Christiansen/Matt Reid
Tel: (415) 618-8750/(310) 201-2040
Senior Vice President, Marketing
Source: Iteris, Inc.
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