MONTVALE, N.J., July 17, 2014 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced today that its wholly-owned subsidiary, Enertec Systems 2001 Ltd, received a $1.2 million purchase order for a computer-based test, diagnosis and simulation system to support a state-of-the-art missile defense system.
The purchase order is from an Israeli defense contractor that has partnered with a U.S defense contractor in marketing this advanced Missile Defense System worldwide. The $1.2 million order is a follow-on order and will be delivered in fiscal year 2015, and this customer has indicated that additional follow-on orders are expected to be issued in fiscal 2015 and over the service life of the missile defense system.
David Lucatz, President and CEO of Micronet Enertec Technologies Inc, stated: "Our momentum in the aerospace segment continues to deliver new revenue opportunities for us. Our strong R&D expertise in Missile Defense Systems has led to numerous recent orders for our equipment that is designed to ensure the combat readiness of some of the most advanced and critically-important missile defense systems in the world. Increasing missile attack threats and recent unfortunate events have increased interest around the globe in the combat-proven missile defense solutions that we support."
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (MICT), operates through three companies, Enertec Systems 2001 Ltd ("Enertec"), its wholly-owned subsidiary, its majority owned Micronet Ltd ("Micronet") and Micronet's wholly-owned subsidiary Micronet Inc. 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 and receipt of follow-on orders. 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.