MONTVALE, N.J., June 17, 2014 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (Nasdaq: MICT), announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded $3 million in cumulative follow-on orders for computer-based test, diagnosis and simulation systems to support the newest version of advanced missile defense systems. These orders follow the initial $2.6M order announced on November 12, 2013.
The purchase order is from a multi-billion Israeli-based defense contractor working in partnership with a major US contractor in the international marketing of a state of the art missile defense system. The $3 follow on orders will be executed and delivered in fiscal years 2014 and 2015. Also, this customer has indicated that additional follow-on production orders are expected to be issued in 2016 and beyond.
David Lucatz, President and CEO of Micronet Enertec Technologies, stated: "Our momentum continues in our aerospace business, and we view these orders as a strong vote of confidence in our engineering capabilities. This remains a powerful growth engine for our business. Our continuous efforts and focus on missile defense systems has led to several recent awards, including the ones announced today. Our computer-based solution utilizes our most advanced design capabilities to ensure the combat readiness of one of the most advanced and critically important missile defense systems in the world."
Mr. Lucatz continued, "While these follow-on orders actually came earlier than originally planned, we expect to receive additional production orders over the lifetime of the combat system. Our aerospace strategy continues to focus on the missile defense niche due to increasing threats of missile attacks throughout the world. We are well positioned with our unique expertise in missile technologies, and we expect this segment to be a major contributor to our growth and success in the coming years."
About Micronet Enertec Technologies, Inc.
MICT (MICT) Inc, operates through three companies, Enertec Systems 2001 Ltd ("Enertec"), its wholly-owned subsidiary, and Micronet Ltd ("Micronet") and its wholly owned subsidiary Micronet Inc. 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, our solution ensuring combat readiness of the above mentioned missile defense system, our strategy, and the missile technologies segment being a major contributor to our growth and success in the coming years. 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.