MONTVALE, N.J., May 15, 2014 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM:MICT), a developer and manufacturer that integrates and globally markets 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 its subsidiary Micronet, received accumulated $1.4 million in orders for its new A317 rugged mobile computing device from a new MRM customer.
The new MRM customer is a leading U.S-based service provider specializing in student transportation solutions, enabling important safety features such as location information, student boarding, and drop-off monitoring and control. This customer estimates that there are approximately 470,000 school buses in the U.S, and they see growing demand for advanced solutions to monitor student and driver safety compliance.
The new Micronet A317 device features a 7" touch-screen display and is offered in two main product configurations, one is designed to interface with third-party telematics units, while the other is an "all-in-one" device with built-in cellular, GPS, and vehicle engine CAN-bus interfaces. The initial delivery is scheduled to start at the end of the second and third quarters this year, and follow-on orders are expected in 2014 and 2015.
"These are very important orders for the company. Following the acquisition of a majority interest in Micronet, we launched a strategic plan to expand into new market segments, particularly the largest and fastest growing Local Fleet vertical. Over the past year, we've implemented this strategy, launched new products, and strengthened our sales and marketing team in the U.S. to better penetrate these new verticals and geographies," Stated David Lucatz, Chief Executive Officer of Micronet Enertec Inc. "Thus far, our latest A300 series tablet line has been enthusiastically accepted by customers and users. In fact, only a month ago, we announced $400,000 in orders for A307 tablets from new customers in Mexico and Chile. We view that order along with new orders announced today as great examples of how our strategy is now paying off. We are confident that we will continue to grow our MRM business as the demand to our products increases."
Micronet Enertec Technologies, Inc.
MICT (MICT) Inc, 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 timing of delivery of the orders discussed above, receipt of follow on orders, and timing thereof, if at all, future growth of the company's MRM business and demand to the company's products. 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, 2013 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.
SOURCE Micronet Enertec Technologies, Inc.