MICT Subsidiary Micronet Receives $2 Million Order
for Electronic Logging Devices (ELD) Mandate Compliance Solution
Montvale, NJ, April 13, 2016 -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced that its Mobile Resource Management subsidiary, Micronet Ltd, has received a $2 million blanket purchase order for its A-317 rugged Android tablet. The performance and delivery of the order is planned to take place within 12 months from successful completion of final product technical acceptance, pursuant to the pilot plan agreed by the parties and thereafter meeting agreed delivery quality requirements.
The A-317 provides among other an Electronic Logging Device (ELD) Mandate compliance solution for a major telematics company for use by local and long haul fleets. It is designed to provide paperless compliance solution for the U.S. Department of Transportation’s (DOT) Federal Motor Carrier Safety Administration’s (FMSCA) final rule, which requires the use of ELDs by commercial truck and bus fleets. The A-317 capabilities include electronic driver logs to comply with FMSCA’s hours of service regulations, documents vehicle inspections, back-office functionality as well as recording data abilities needed for fuel tax filing.
Shai Lustgarten, CEO of Micronet Ltd the MRM subsidiary of MICT said: “The ELD mandate represents a potentially multibillion dollar market in total as it requires the compliance of millions of vehicles in the U.S. and Canada over the next years. This market may create additional opportunities for us to offer effective solutions to fleet operators worldwide and may provide significant engine growth for us. We strongly believe that this is a tremendous opportunity for us to demonstrate our abilities to assist customers with telematics solutions for compliance with the ELD mandate. Our customer is well known for its high quality solutions for fleet operators, we are confident that our A-317 tablet, with its processing power and ability to be removed from the cab, is an excellent match for them, based on our durable, reliable in-cab device.
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 the expected market potential created by the ELD mandate, and expected new opportunities for the Company and anticipated Company growth resulting from the ELD mandate. 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.
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)