Micronet Enertec Technologies, Inc. Awarded a $2.6 Million
Missile Defense System Support Project Over $4 Million
of New Purchase Orders Received To Date in 4Q 2013
EMERSON, N.J., Nov. 12, 2013 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQ: MICT), announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded a $2.6 million valued order for the development and initial production of a computer-based test, diagnosis and simulation system to support the newest version of an advanced missile defense system.
The purchase order is from a multi billion Israeli-based defense contractor working in partnership with a major US contractor in the international marketing of a state of the art missile defense system. The initial order is for $2.6 million, and it will be executed and delivered in fiscal years 2014 and 2015. Also, this customer has indicated that follow-on production orders are expected to be issued in 2016 and beyond.
David Lucatz, President and CEO of Micronet Enertec Technologies, said, "Our continuous efforts and focus on missile defense systems has led to several recent awards, including this current one, and we are proud to be selected to develop this mission critical system. Our computer-based solution which utilizes our most advanced design capabilities will ensure the combat readiness of one of the most advanced and critically important missile defense systems in the world."
Mr. Lucatz continued, "Following the development phase of this project, we expect to receive additional production orders over the life time of the combat system. Our strategy continues to focus on the missile defense niche due to increasing threats of missile attacks throughout the world. We believe we are well positioned with our unique expertise in missile technologies, and we expect the segment to be a major contributor to our growth and success in the coming years."
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.