init innovation in traffic systems AG
EANS-Adhoc: init innovation in traffic systems AG
init USA wins another
significant contract
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
24.09.2009
Karlsruhe/Chesapeake, September 24, 2009. INIT Innovations in Transportation Inc., the North American subsidiary of Karlsruhe-based telematics specialist init innovation in traffic systems AG, will be awarded another major contract in the Pacific North West of the US. The Board of Tri-Country Metropolitan Transportation District of Oregon (TriMet, located in Portland, Oregon), one of the leading local public transportation providers in the USA with in excess of 100 million passengers per year, now decided to commission init as the prime contractor to provide a turnkey integrated control system with automatic vehicle location and passenger counting function including the implementation of a digital mobile radio system which INIT will build in cooperation with General Electric Transportation, LLC. The contract is going to be concluded within the next weeks.
The contract further involves the equipping of some 1,200 paratransit, fixed route buses, light rail and supervisory vehicles. The order volume amounts to more than 35 Mio. USD. The project is due to start in October 2009 and will initially run for two and a half years. After a successful Automatic Passenger counting project with Trimet this CAD/AVL project constitutes a further milestone in the partnership between INIT and TriMet.
TriMet operates extensive bus lines as well as a light rail and paratransit network in the Portland region, which at over 1 million inhabitants, is one of the fastest growing economic areas in North America. The local public transportation network set up and operated by TriMet is considered one of the most innovative systems in the USA. Portland is the third largest metropolitan region in the Pacific North West, after Seattle, WA and Vancouver, B.C. The transit agencies in these two cities have already chosen INIT as their ITS provider, further expanding INIT´s presence on the West Coast.
Further information:
In its tenth year of existence, INIT Inc., which is headquartered in Chesapeake, Virginia, has thus won more than 20 significant projects and customers on the North American continent.
As a leading global supplier of telematics and electronic fare payment systems for buses and railways, init helps transportation companies provide faster, highly reliable and more efficient public transportation and thus a more attractive service. Today, over 300 local public transportation providers worldwide trust in innovative hardware and software technology from init. In terms of competitive edge, the integrated telematics system MOBILE from init combines the functions of a central Intermodal Transport Control System (ITCS, INIT´s next generation of CAD/AVL) and other software solutions for the preparation, implementation, analysis and optimization of operations with the mobile telematics systems in the vehicle and the electronic fare payment systems. The connection to the vehicles is established by proprietary wireless solutions or via public telecommunication networks.
init products convince due to state-of-the-art technology. Their modular concept and high level of standardization allow them to be used autonomously or, depending on the requirements of the transportation company, to be integrated individually into an intelligent overall solution. A further option are gradual system extensions.
Further inquiry note:
Alexandra Weiß
Investor Relations
Telefon: +49(0)721 6100-102
E-Mail: aweiss@initag.de
Branche: Semiconductors & active components
ISIN: DE0005759807
WKN: 575980
Index: CDAX, Prime All Share, Technologie All Share
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