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.”
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.
Miri Segal Scharia
Managing Partner Global Accounts & IPOs
Hayden/ MS-IR LLC
Micronet Enertec Technologies, Inc.