International Road Dynamics Inc.
TSX : IRD

International Road Dynamics Inc.

March 24, 2006 09:47 ET

IRD Receives US $4.1 Million Multi-Year Contract; New Recurring Revenue Business Model Builds Growth in North American Market

SASKATOON, SASKATCHEWAN--(CCNMatthews - March 24, 2006) - International Road Dynamics Inc. (TSX:IRD) (IRD) announced today that it has received notice of award for a multi-year contract with the North Carolina Department of Transportation for the supply, installation, operation and maintenance of truck pre-clearance sites in the State. The contract with the State has a value of approximately US $4.1 million over a period of eight years. IRD will also generate an additional revenue stream from enrollment fees paid by program participants.

Under the contract, IRD will supply and install up to ten new pre-clearance sites in the State at existing Truck Weigh Stations. These systems will allow vehicles enrolled in the TransExpress program to bypass the weigh stations following a check of their credentials and safety history in the State. Under the voluntary program, trucks elect to carry an electronic identification transponder and pay an annual fee to be included in the program. The enrollment of the carriers and the collection of fees will be the responsibility of IRD. The State DOT verifies and authorizes trucks to participate after a background check.

The IRD team for the project includes the North Carolina office of PBS&J for local civil engineering services, and T&H Electric as a local installation contractor.

Mr. Terry Bergan, President and CEO of IRD notes, "This is an important new contract for our company, and an example of how we are extending our market presence and growing our business through innovative partnerships with our customers. This multi-year contract will provide IRD with a strong and recurring revenue stream from the both the State contract and enrollment fees, and it opens the door to similar partnerships in other regions. We are also exploring additional value added services that can be included in programs such as TransExpress to provide added functionality for users."

"As one of the leading providers of technologies and solutions for the global Intelligent Transportation Systems market, we are working closely with our customers and partners to improve the safety and efficiency of transportation infrastructure in North America, and around the world," Mr. Bergan concluded.

"Expanding the TransExpress program in North Carolina will improve safety and mobility on our interstates, and save time and money for participating drivers and companies," N.C. Department of Transportation Secretary Lyndo Tippett said.

Additional information on the project can be found on the North Carolina DOT's Website at: https://apps.dot.state.nc.us/pio/releases/

IRD is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems (ITS) industry. IRD is a North American company based in Saskatoon, Saskatchewan with sales and service offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD's products and advanced systems to manage and protect their highway infrastructures.

The Company's shares trade on the Toronto Stock Exchange under the symbol IRD.

Contact Information

  • International Road Dynamics Inc.
    Terry Bergan
    President & CEO
    (306) 653-6600 or U.S. (303) 355-5998
    or
    International Road Dynamics Inc.
    Francine Senecal-Lepage
    Investor Relations
    (306) 653-6603
    (306) 653-6609 (FAX)
    Email: irdir@irdinc.com
    Website: www.irdinc.com