* First Purchase agreement for Micronet’s New A317 All-In-One Tablet. Recently Certified On Verizon Wireless Network.
Micronet Awarded $4 Million Purchase Agreement
for School Bus Fleets
Montvale, NJ, May 4, 2015 -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced that its Mobile Resource Management (MRM) subsidiary, Micronet Ltd, entered into a three-year purchase agreement with a leading U.S. based K-12 school bus fleet and workforce management solutions company, for Micronet's A317 All-In-One, rugged Android tablet. Pursuant to the agreement, subject to certain product development milestones, orders for the first year may exceed $4 million, and management expects increased volumes for each of the following two years.
Utilizing Micronet's Android All-In-One A317 rugged tablets, the U.S - based customer is able to provide comprehensive tracking and efficiency to yellow bus fleet operations, manage the time and attendance of K-12 fleet drivers, improve vehicle maintenance by using the engine diagnostics and fault code alerts, optimize bus routes, and manage student ridership through the single, scalable, integrated, telematics tablet.
Each school day nearly 500,000 school buses transport approximately 30 million children to and from school and school-related activities. So far only a minority of those buses are currently equipped with fleet telematics systems.
Verizon Wireless recently certified Micronet’s A317 All-In-One Tablet to operate on Verizon Wireless’ Network.
"Verizon's recent approval of our All-In-One A317 opens the door for many additional applications in the growing MRM market. We believe Micronet offers a comprehensive range of products and tablets throughout the MRM industry and a significant purchase agreement such as this one, for the K-12 school bus industry, validates the quality, diversity and market acceptance of our line of tablets to provide solutions to many different applications," said Shai Lustgarten, Micronet Chief Executive Officer.
"It is gratifying to enter into a purchase agreement of this size, which demonstrates our continued momentum and proven progress toward establishing Micronet as a major supplier of rugged tablets to the multibillion dollar MRM market. Our portfolio of solutions combined with our skilled sales team, position us well to increasingly capture business in the local fleet vertical, the largest segment in the MRM space."
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) 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. For more information, please visit: www.micronet-enertec.com, the content of which is not incorporated by reference into this press release.
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. These forward-looking statements include, but are not limited to, those statements regarding validation of the quality, diversity and market acceptance of our line of tablets to provide solutions to many different applications, establishing Micronet as a major supplier of rugged tablets to the multibillion dollar MRM market, and capturing business in the local fleet vertical, Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2014 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Micronet Enertec Contact Information:
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)