Iteris Initiates $3 Million Stock Repurchase Program

The board of directors of Iteris, Inc. ITI has authorized the company to repurchase up to $3 million of its common stock over the next 12 months. "The recent divestiture of our Vehicle Sensors business has further strengthened our balance sheet and provided us with multiple options to drive shareholder value," said Abbas Mohaddes, president and CEO of Iteris. “Reinvesting in Iteris through this buyback program has presented itself as one of those options that we believe is a prudent use of cash, and demonstrates confidence in our growth opportunities and ability to generate positive cash flows. To further drive shareholder value we intend to pursue our broader strategic plan, which includes using our strong balance sheet to support both organic initiatives and strategic acquisitions.” Under the stock repurchase program, the company is authorized to repurchase up to $3 million of its issued and outstanding common shares from time to time in open-market and privately negotiated transactions and block trades, in accordance with federal securities laws, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. There is no guarantee as to the exact number of shares, if any, that will be repurchased by the company. The share repurchase program may be modified, terminated, or extended by the company at any time without prior notice.