Init innovation in traffic systems SE: Sound Transit intends to award electronic fare payment contract to init
September 07, 2018 at 02:10 am EDT
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DGAP-Ad-hoc: init innovation in traffic systems SE / Key word(s): Incoming Orders
init innovation in traffic systems SE: Sound Transit intends to award electronic fare payment contract to init
07-Sep-2018 / 08:04 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Chesapeake/Karlsruhe, 07 September 2018. The Central Puget Sound Regional Transit Authority (Sound Transit) is a public transit agency serving the urban areas of King, Pierce and Snohomish counties in the U.S. state of Washington. Sound Transit serves as the contracting and procurement agency for the ORCA fare card system. ORCA Agencies include Community Transit (Snohomish County), Everett Transit, King County Metro (Seattle), Kitsap Transit, Pierce Transit (Tacoma), Sound Transit, and Washington State Ferries.
The Operations and Administration Committee of the Sound Transit Board of Directors has recommended to contract with INIT Innovations in Transportation, Inc. - a wholly owned US subsidiary of init innovation in traffic systems SE (ISIN DE 0005759807) - for delivery and operation of their next generation ORCA system, to provide their customers with flexible, convenient and secure electronic fare payments. The award is subject to confirmation by the ORCA Joint Board and the Sound Transit Board of Directors. Provided that these boards approve, the contract is expected to be signed shortly after the final Board approval. After successful contract closure, init anticipates a four-year contract initially valued at approximately $ 50m with eleven additional one-year operations and maintenance options for a final total amount exceeding $ 90m, which would be the largest order in its group history.
Contact:
Person making the notification:
Simone Fritz
Investor Relations
ir@initse.com
07-Sep-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
init innovation in traffic systems SE
Käppelestraße 4-10
76131 Karlsruhe
Germany
Phone:
+49 (0)721 6100 0
Fax:
+49 (0)721 6100 399
E-mail:
ir@initse.com
Internet:
www.initse.com
ISIN:
DE0005759807
WKN:
575980
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
init innovation in traffic systems SE is a Germany-based provider of solutions to the public transport industry. The Company develops and supplies integrated planning, dispatching, telematics and ticketing systems for buses and trains. The Company's solutions for planning, operating and optimizing public transportation include intermodal transport control systems, real time passenger information, electronic ticketing, planning and dispatching and automatic passenger counting. It operates through subsidiaries in Austria, Germany, the United States, Canada, the United Arab Emirates, Finland, the United Kingdom, Switzerland and Singaport, including INIT GmbH, initplan GmbH, INIT Inc and initperdis GmbH.
INIT INNOVATION IN TRAFFIC SYSTEMS SE 
