May 28, 2013

 

Micronet Enertec Technologies, Inc. Purchased Additional 3%
of Micronet & Increased Ownership to 51%.
Company Exercised its Right Pursuant to the Call Option.

EMERSON, NJ - May 28, 2013 – Micronet Enertec Technologies, Inc. (NASDAQ: MICT) announced today that the Company, via its wholly owned subsidiary Enertec Electronics, exercised its right pursuant to the call option granted under the agreement signed on September 7 2012 and purchased an additional 3% of the issued and outstanding shares of Micronet. The Company paid a total amount of $311,608 increasing Micronet Enertec ownership to 51% of the issued and outstanding shares of Micronet.

David Lucatz, President and CEO of Micronet Enertec Technologies, said: “­­­­­­­­­­­­­­­­We are pleased with Micronet’s operations and achievements in the growing  Mobile Resource Management (MRM) market, and as part of our strategy we intend to continue to increase our ownership and global involvement in this dynamic market.”

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.

Micronet Enertec Technologies, Inc. Forward-looking Statement.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as “expect,” “believe,” “intend,” “plan,” “continue,” “may,” “will,” “anticipate,” and similar expressions are intended to identify forward-looking statements.  Actual results may differ materially from those projected in any forward-looking statement.  More detailed information about the risk factors affecting the Company’s performance is contained under the heading “Risk Factors” in the Company’s annual report filed with the SEC, which is available on the SEC’s web site, www.sec.gov.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analyses only as of the date hereof.  The Company neither intends to, nor assumes any obligation to, update or revise these forward-looking statements in light of developments that differ from those anticipated.

Contact information:
Miri Segal Scharia

Managing Partner Global Accounts & IPOs
Hayden/ MS-IR LLC
Tel: 917-607-8654
msegal@ms-ir.com

Dina Shir
Micronet Enertec Technologies, Inc.
Tel: +972-544-652806
dina@micronet-enertec.com

 

Copyright Micronet Enertec Technologies, Inc 2013