SANTA ANA, Calif.--( BUSINESS WIRE )-- Iteris, Inc. (NASDAQ: ITI), the world's trusted technology ecosystem for smart mobility infrastructure management, today announced that its Board of Directors has authorized a new stock repurchase program that permits the purchase of up to $10 million of the Company's common stock. The prior share repurchase program is being terminated and replaced with this new authorization. Under the new plan, management has discretion in determining the conditions under which shares may be purchased from time to time, including block trades. "We are committed to strategically allocating capital to investments we believe can generate value for our shareholders," said Douglas Groves, CFO of Iteris. "The stock buyback program demonstrates our confidence in the future growth of the Company and the undervalued price of our stock." Repurchases will be made in accordance with applicable securities laws in the open market, in privately negotiated transactions or through other means.