Micronet Enertec Technologies Names Experienced Telematics Executive Kenneth Wiesner Chief Executive Officer of Micronet Inc.
Montvale, NJ, October 4, 2016 -Micronet Enertec Technologies, Inc MICT), a developer and manufacturer of rugged computers, tablets and computer-based systems for the commercial Mobile Resource Management (MRM) market and for the defense and aerospace markets, today announced that Mr. Kenneth Wiesner was appointed as Chief Executive Officer of Micronet Inc., the Company's U.S. based MRM subsidiary.
Mr. Wiesner has considerable experience in the MRM related telematics industry and has held several leadership roles and consulting assignments at both start-ups and midsized companies. Prior to joining Micronet he has had numerous industry successes at senior level positions. As Chief Executive Officer of Enfotrace GPS, a position he held from 2008 to 2011, he oversaw revenue growth from $1.8M to $23M over a three-year period and a successful acquisition of that company by one of the largest U.S. suppliers of aftermarket telematics solutions. Prior to Enfotrace, Mr. Wiesner was CEO at Aircept LLC from 2004 to 2006, a pioneer in the low data location based services industry, where, under his leadership, the company grew revenues from zero to $21 million in four years and achieved positive cash flow in under two years. Mr. Wiesner’s introduction to the telematics and MRM device/solution industry began with his role as COO/Regional Vice President at Teletrac Inc., a position he held from 1995 to 2001, where he was responsible for market expansion and mainstreaming the sales/operational process to drive increased sales. During his tenure at Teletrac, quarterly sales levels more than doubled, allowing for substantial bottom-line increases. Mr. Wiesner has proven expertise improving and streamlining business operations of all sizes to achieve industry leadership.
David Lucatz, Chief Executive Officer of Micronet Enertec Technologies, Inc., stated, “We are very pleased to welcome Kenneth Wiesner as a senior management member in our group. Ken has had a distinguished career in the MRM telematics industry, and has been working with Micronet Inc. in an advisory capacity for the past three months. We believe his sales experience, knowledge of effective business strategy and prior successes in our industry will be invaluable to the future growth of our MRM business and we look forward to working with him.”
Kenneth Wiesner commented, “I am energized by this opportunity to lead Micronet Inc. Over the past three months it has been evident to me that Micronet has industry leading solutions with increasing marketplace interest. The company is at an exciting stage in its development, and I look forward to helping Micronet capture the growth opportunity in front of us.”
As previously announced in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 22, 2016, Mr. Shai Lustgarten will continue to serve as Chief Executive Officer of Micronet Ltd. until September 2017.
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) operates through two primary companies, Enertec Systems 2001 Ltd, its wholly-owned subsidiary, and Micronet Ltd, in which it has a controlling interest. Micronet Ltd. and its fully owned subsidiary, Micronet Inc., operate in the growing commercial 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 future growth of our MRM business, marketplace interest in our products and our potential future growth. The forward-looking statements contained in this press release are subject to 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)