San Diego intends to award electronic fare payment contract to init

Disclosure of inside information acc. to article 17 Regulation (EU) no 596/2014

Chesapeake/Karlsruhe, 14 December 2018.  

The San Diego Metropolitan Transit System (MTS) Board of Directors has authorized the CEO 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 an account based fare collection system. MTS is the public transit agency serving the urbanised areas of San Diego County as well as the rural parts of East County.

The contract is expected to be signed in beginning of 2019. After successful contract closure, init anticipates a total contract value of more than USD 30 million including a 10-year operation and maintenance option.