Micronet Enertec Technologies, Inc. Awarded a Three Stage $5.8 Million Project for Computer Based Command and Control Defense Systems
Montvale, N.J., April 18, 2016 -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced today that its Aerospace and Defense (A&D) wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded a $5.8 million project for the production of computer-based Defense Command and Control systems. The customer – a multibillion dollar Israeli based Defense and Aerospace contractor – has also indicated that they expect to place the additional orders in 2016.
Zvi Avni, CEO of Enertec said, "We are beginning to realize the benefits of Enertec’s strategic focus on Command and Control defense systems, with this win being the largest order ever received and a significant demonstration of our ability to handle a complex Command and Control project. In fiscal year 2013 we were proud to be selected to develop this sophisticated mission critical system and this order is a direct result of this multi-year development effort.”
David Lucatz, President and CEO of Micronet Enertec Technologies (MICT) said, “In addition, in November 2015 we announced the receipt of a $1.8 million purchase order for the development and manufacture of a deployable Mobile Command & Control Center for Defense systems, a new line that is based on our proven expertise in Command and Control technologies. The project is progressing well and we expect follow on production orders from existing and new customers. We are encouraged by the growing backlog and pipeline in our Aerospace and Defense business as we continue to build our reputation as a dependable and innovative provider of state-of-the-art Command and Control defense systems.”
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT)operates through two primary 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 receipt of additional and future purchase orders for the Mobile Command and Control Centers and their delivery schedule, the Command and Control Mobile Centers being a growth engine, timing for the commencement of production for this project, the continuing demand for our products and solutions from existing and new customers and our ability to handle complex Command and Control projects.
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, 2015 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)