Micronet Enertec Technologies, Inc. Announces the Receipt
of the Indian Government’s Approval for its Indian Joint Venture.
EMERSON, NJ - May 13, 2013 - Micronet Enertec Technologies, Inc. (NASDAQ: MICT) announced today that Amertec Systems PVT Ltd, a joint venture between its wholly owned subsidiary, Enertec Electronics Ltd, and Amtek Defense Technologies Limited, received the Indian government authorities’ clearance and approval pursuant to the local Indian Foreign Direct Investment (FDI) regulations for the consummation of their joint venture.
Amtek Defense Technologies is controlled by Amtek Auto Ltd (AMTEKAUTO.BO), a leading Indian industrial group. This approval enables Enertec Electronics Ltd to own its portion of the equity and subscribe for 26% of the share capital of Amertec, which is located in New Delhi. Amertec is an operational company with approved production capabilities that will operate as Enertec’s arm in the Indian market.
David Lucatz, President and CEO of Micronet Enertec Technologies, said, "We’re pleased to establish a joint venture with a local reputable industrial group such as Amtek as part of our strategy to expand our sales into the large and growing Indian market.”
”There is an increased demand for our solutions in India. We are well positioned to benefit from our successful execution in the aerospace and defense markets as we penetrate this multi-billion dollar market. We’re confident that this joint venture will contribute to the long term growth of Micronet Enertec and look forward to working closely with our new Indian partners”
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc., formerly known as Lapis Technologies, Inc., operates through two companies, Enertec Systems 2001 Ltd ("Enertec"), its wholly-owned subsidiary, and Micronet Ltd ("Micronet"), in which it has a controlling interest. Micronet operates in the growing commercial Mobile Resource Management (MRM) market, mainly in the United States. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments. Enertec operates in the Defense and Aerospace markets and designs, develops, manufactures and supplies various customized military computer-based systems for missile defense systems, command and control and others. The company's products, solutions and services are designed to perform in severe environments and battlefield conditions.
Miri Segal Scharia
Managing Partner Global Accounts & IPOs
Hayden/ MS-IR LLC
Micronet Enertec Technologies, Inc.