MONTVALE, N.J., June 30, 2014 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT, the "Company") announced today that its wholly owned subsidiary Enertec Electronics, Ltd. signed a definitive agreement to acquire 736,341 shares of Micronet Ltd ("Micronet") constituting 3.9% of the issued and outstanding shares of Micronet from Mr. Rafi Katz, Micronet's former CEO. The consideration for the purchased shares is $642,000. After closing of the transaction, the Company's ownership will increase to 62.5% of the issued and outstanding shares of Micronet.
David Lucatz, President and CEO of MICT stated: "Following our recently announced U.S. acquisition and the penetration to new market segments in the growing MRM (Mobile Resource Management) market, we continue to increase our ownership in Micronet. As we focus on this growing multi-billion dollar market, we are committed to become a leading solution provider and enhance our presence in the U.S. and globally."
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies Inc. (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 Ltd and its wholly owned subsidiary Micronet Inc, operate 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 Company's future success in the MRM market, increase presence in the US and ability to become a leading solutions player in the MRM space, further purchases of Micronet shares and the closing of the transaction reported in this press release. 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.