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MICT: Shai Lustgarten Appointed CEO of Micronet Ltd.

Companies mentioned in this article: Micronet Enertec Technologies, Inc.

MONTVALE, N.J., July 3, 2014 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (MICT) announced today that its subsidiary, Micronet Ltd., has appointed Mr. Shai Lustgarten as CEO of Micronet Ltd., effective July 1, 2014.

Mr. Lustgarten was formerly Executive VP of Business Development for Micronet Enertec Technologies since late 2013. Prior to joining Micronet Enertec, he served from 2008 to 2013 as VP Sales, Marketing & CMO of TAT Technologies Group, a world leading supplier of electronic systems to the commercial and defense markets. Previously, Mr. Lustgarten was CEO of T.C.E. Aviation Ltd in Belgium.

Mr. Lustgarten served as the assistant to the Military Attachee at the Embassy of Israel in Washington, DC, from 1993 to 1997, and he holds a B.Sc of Business Management & Computer Science from the University of Maryland.

"We are excited to now have Shai in the primary role at Micronet following our recent acquisition of Mobile Resource Management/Field Management business division of U.S.-based Beijer Electronics Inc.," commented David Lucatz, Chief Executive Officer of Micronet Enertec Technologies, Inc. "We are already seeing new orders resulting from this combination in the U.S., our largest target MRM market, and we look for Shai to build on this momentum in the U.S. and abroad. His proven track record and leadership in sales and marketing will prove invaluable going forward as we expand our business 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.

Forward-looking Statement

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.