Iteris Initiates Review of Strategic Alternatives
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Board has Engaged Moelis & Company as Financial Advisor to Assist in its Review
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 initiated a comprehensive review of strategic alternatives to maximize shareholder value.
“Given Iteris participates in a large and dynamic market with multiple opportunities, the Iteris Board of Directors has decided to initiate a comprehensive review of strategic alternatives to maximize shareholder value,” said Tom Thomas, Chairman of the Board of Iteris. “To assist in this strategic review, Iteris has retained Moelis & Company as its financial advisor to review the Company’s strategy and propose potential, additional opportunities to enhance our value and market position.”
Joe Bergera, President and CEO of Iteris added, “Over just the past two years, we have rationalized Iteris’ product portfolio, optimized the Company’s capital structure, and improved our operations. This strategic review will ensure we continue to have the right strategy to deliver both the best solutions for our customers and the strongest returns for our shareholders.”
No assurances can be given regarding the outcome or timing of the review process. Iteris does not intend to make any further public comment regarding the review until it has been completed or the Company determines that disclosure is required or beneficial.
In addition to Moelis & Company serving as financial advisor to Iteris, Latham & Watkins LLP is serving as the Company’s legal advisor.
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: potential impacts on our business and our stock price of consideration or consummation of any strategic alternatives; 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).
For investor inquiries:
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
For media inquiries:
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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