Iteris Reports Strong Orders for Its Lane Departure Warning System; LDW Sales up 75 Percent Year-Over-Year
ANAHEIM, Calif.--Feb. 2, 20045, 2004--| Commercial Truck Market's Increased Focus on Safety Is Driving Force Behind Growth in Sales |
Iteris, Inc., the operating subsidiary of Iteris Holdings, Inc. (OTCBB:ITRSA)(OTCBB:ITRSB), today announced that fiscal year-to-date sales of its breakthrough Lane Departure Warning System (LDWS) for the U.S. and European commercial truck markets have increased 75 percent compared to the same time period last year.
"We are extremely pleased with Iteris' strong sales of the LDWS in the commercial truck market," said Francis Memole, general manager and vice president of vehicle sensors for Iteris, Inc. "We have exceeded our goals in fiscal 2004, and the continued strength in sales is a strong indication that safety remains a top priority for the trucking industry. With more than 1 billion kilometers of use in commercial trucks in the U.S. and Europe, our LDWS is a proven product that we believe has the potential to become standard equipment on commercial trucks in the near future."
The LDWS was developed by Iteris to address the nation's single largest cause of highway fatalities -- unintended lane changes caused by drowsy or inattentive drivers. According to the National Highway Traffic Safety Administration (NHTSA), more than 1.5 million automobile accidents are caused by distracted or drowsy drivers, a staggering statistic that claims the lives of over 18,000 people every year in the U.S.
Iteris' LDWS has been successful in the European heavy truck market since 2000 when Mercedes began installing the system in its Actros trucks. MAN Trucks, also based in Europe, offers the technology as optional equipment on its new trucks. In the U.S., Freightliner LLC was the first to offer Iteris' LDWS as a factory-installed option. Shortly thereafter, International Truck and Engine Corp., the nation's largest commercial truck and mid-range diesel engine producer became the first company to offer Iteris' LDWS as an aftermarket option.
Building on its success in the commercial truck market, Iteris will begin production of its first North American LDWS passenger car application later this year.
"Over the past couple years, Iteris has enjoyed early success with this safety solution in the Class 8 truck market in Europe, but with nearly 250 million vehicles worldwide, we've always viewed the passenger car market as the biggest market opportunity -- and a key opportunity for Iteris," concluded Memole.
About Iteris
Iteris Inc., is a majority owned subsidiary of Iteris Holdings Inc., and is a leading provider of outdoor machine vision systems and sensors that optimize the flow of traffic and enhance driver safety. It has combined outdoor image processing, traffic engineering, and information technology to offer a broad range of transportation and safety solutions. Iteris Holdings and Iteris Inc. are headquartered in Anaheim, California. Investors are encouraged to contact us at 714-774-5000, or at www.iteris.com.
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