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DaimlerChrysler Venture Invests in Odetics Subsidiary

28 January 2000

DaimlerChrysler Venture Invests in Odetics Subsidiary; Iteris and DaimlerChrysler Venture GmbH Cooperating to Bring In-Vehicle Sensors to Consumer Market

    ANAHEIM, Calif.--Jan. 27, 2000--Odetics Inc. Thursday announced that DaimlerChrysler Venture (DCV) GmbH, a wholly owned subsidiary of DaimlerChrysler AG , has made an investment in Odetics' 93% owned subsidiary, Iteris Inc.
    DCV has invested $3.75 million that will convert into approximately 2.5% of Iteris Common Stock upon completion of Iteris's initial public offering previously announced on Dec. 20, 1999.
    As part of the agreement, DCV will support and facilitate the adoption of Iteris's AutoVue in-vehicle sensor into DaimlerChrysler's commercial vehicles and passenger cars and will cooperate with Iteris on bringing personalized traveler information to DaimlerChrysler's customer base.
    This venture is the first investment of its kind made by DCV in North America. It is seen as a model for future investments and technology cooperations in areas intended to complement DaimlerChrysler's core businesses.

    Iteris Inc.

    Iteris designs, develops, markets and implements software- based solutions that improve the safety and efficiency of vehicle transportation. Iteris is a leading provider of video sensor systems and transportation management and traveler information systems for the intelligent transportation systems (ITS) industry.
    Iteris Inc., formerly Odetics ITS, is a subsidiary of Odetics Inc. . Iteris's headquarters are located in Anaheim. For more information about Iteris Inc. see the company's Web site at www.iteris.com. DaimlerChrysler Venture GmbH
    DaimlerChrysler Venture GmbH, a wholly owned subsidiary of DaimlerChrysler AG, was established in 1997. DCV sponsors innovative business founders in high-tech areas, related to DaimlerChrysler's core businesses, by providing venture capital, individual consulting and assistance.
    DCV acts as a partner holding a minority share, a silent partnership or in the form of a shareholder loan. For more information about DaimlerChrysler Venture, contact Dr. Marianne Tumpen the managing director at marianne.tuempen@daimlerchrysler.com. Odetics Inc.
    Odetics' mission is to nurture and develop companies that can be spun-off to stockholders. The Odetics' companies are leading suppliers of communications equipment for the television broadcast, video security, telecommunications and intelligent transportation systems markets.
    Odetics' headquarters are located in Anaheim, with additional operations in Europe and Asia. For more information about the company, its subsidiaries and divisions, see the Web site at www.odetics.com.

    Important Notice:

    This release contains statements, which may be deemed to be forward looking. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors such as: short product lives, technological shifts, current technical issues that cannot be resolved on a timely basis, component availability, competition (including new and directly competitive products from others), pricing pressures, incorrect assumptions regarding market demand, and the significant uncertainty of market acceptance of new products by both distributors and end-user customers.
    Investors are strongly encouraged to review the risk factors set forth in Odetics Inc.'s Annual Report for the fiscal year ended March 31, 1999, on Form 10-K and Quarterly Report for the quarter ended Sept. 30, 1999, on Form 10-Q filed with the SEC.