CANTON, Mass., June 1, 2015 /PRNewswire/ -- LoJack Corporation (NASDAQ: LOJN), a leader in vehicle theft recovery, today announced that the company has achieved an important milestone by surpassing 10,000 subscriptions under agreement to provide subscribers with a range of services for Construction Equipment, "Main Street" Fleet Vehicles and Inventory Management for Dealerships. With a majority of these subscriptions in the field, and the balance rolling out in the coming months, the benefits of the services are becoming recognized among customers as valuable contributions to their businesses.
"This major milestone serves to validate our strategy to expand the LoJack brand beyond our foundation of Stolen Vehicle Recovery," said Randy Ortiz, President and CEO of LoJack. "We have leveraged our well-known brand and distribution channels in the U.S. to establish telematics offerings that provide subscription-based services to our customers that are relevant on a daily basis."
LoJack's telematics offerings meet the unique requirements of the complicated fleet, construction and dealership industry. The company's key telematics products and solutions include:
- LoJack® Connect for Equipment – ruggedized solution for fleets of construction equipment: LoJack Connect for Equipment allows business owners to precisely track equipment utilization, use real-time and historical data to improve operational efficiencies and asset management, remotely optimize fleet operations and streamline processes.
- LoJack® Fleet Management Powered by TomTom - for "Main Street" fleets: LoJack delivers advanced solutions that help businesses grow and streamline their operations. The recently announced integration with Intuit's QuickBase® with the power of the LoJack Fleet Management platform gives LoJack Fleet Management customers the data, tools and insights to improve efficiencies from lead generation to project completion throughout their on-road fleet of vehicles.
- LoJack® IM1 Inventory Management System – for dealers: The technology enables dealership personnel through tablets, smartphones and other mobile devices, to verify vehicle location, quickly access relevant vehicle information, track test drives and receive early-warning alerts if a vehicle is moved from a geo-fenced location. Currently in pilot phase, LoJack IM1 customers can see streamlined processes that can result in a more efficient dealership and better overall customer service.
In bringing fleet & inventory management to the market, LoJack has collaborated with global solution providers to deliver world-class capabilities to its customers in the U.S. market. Those underlying technologies service over 500,000 subscriptions world-wide.
"Over the next year, LoJack will continue to build on our successful Pre-install strategy with our Stolen Vehicle Recovery business and accelerate our move into telematics, by leveraging the strength of our brand and U.S. distribution," continued Ortiz. "For the first time in LoJack's history, we are establishing a new level of relevance for our customers by providing products and services that can be used every day to manage critical business operations."
About LoJack Corporation
LoJack Corporation, the company that has helped more than nine million people protect their vehicles in the event of theft over the past 25+ years, today provides safety, security and protection for an ever-growing range of valuable assets and people. Leveraging its core strengths, including its well-known brand, direct integration with law enforcement and dealer distribution network, LoJack Corporation is expanding our business to include our traditional vehicle and equipment theft recovery, people at risk and new telematics based products and services. LoJack is delivering new telematics-based solutions for on-road and off-road fleet management, as well as, dealer inventory management. By expanding our brand beyond stolen vehicle recovery, LoJack Corporation is committed to creating a new level of value for its dealer, licensee, customer and investor communities by delivering innovative offerings and multiple technologies in expanding geographies.
Safe Harbor Regarding Forward-Looking Statements
From time to time, information provided by the Company or statements made by its employees may contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws, which involve risks and uncertainties. You can identify these statements by use of the words "assumes," "believes," "estimates," "expects," "will," "intends," "plans," "projects" and similar expressions that do not relate to historical matters. Any statements in this news release that are not statements of historical fact are forward-looking statements, including, but not limited to, statements concerning (a) the Company's markets, including the telematics space, (b) the Company's strategic initiatives and plans for growth and future operations, including with respect to the Company's telematics, fleet management, and inventory management initiatives, and (c) the expected timing of new product launches. Such forward-looking statements are based on a number of assumptions and involve a number of risks and uncertainties, and accordingly, actual results could differ materially. Factors that may cause such differences include, but are not limited to: (1) market acceptance of the Company's products and services, including fleet management, inventory management and other telematics solutions; (2) the Company's ability to achieve the expected benefits of its strategic alliances with TomTom and Trackunit; (3) delays or other changes in the timing of new product introductions or purchases by the Company's customers; (4) the presence of competitors with greater technical, marketing, and financial resources; (5) the Company's ability to promptly and effectively respond to technological change to meet evolving customer needs; (6) the Company's ability to successfully expand its operations, including through the introduction of new products and services; (7) the Company's ability to obtain financing from lenders and to satisfy or obtain waivers for covenant requirements under its credit facility; (8) the outcome of ongoing litigation involving the Company; (9) the rate of growth in the industries of the Company's customers; (10) the Company's customers' ability to access the credit markets, including changes in interest rates; (11) changes in general economic or geopolitical conditions; (12) conditions in the automotive retail market and the Company's relationships with dealers, licensees, partners, agents and local law enforcement; (13) financial and reputational risks related to product quality and liability issues; and (14) the Company's ability to re-enter the Brazilian market and trade tensions and governmental regulations and restrictions in the Company's international markets. For a further discussion of these and other significant factors to consider in connection with forward-looking statements concerning the Company, reference is made to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 and the Company's other filings with the Securities and Exchange Commission. Readers should not place undue reliance on any forward-looking statements, which only speak as of the date made. Except as required by law, the Company undertakes no obligation to release publicly the result of any revision to the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
©2015 LoJack Corporation. All rights reserved. LoJack and the LoJack logo are trademarks or registered trademarks of LoJack Corporation in the United States and other countries. Intuit and QuickBase are trademarks and service marks of Intuit Inc., registered in the United States and other countries. TomTom, the "Hands" logo, among others, are Trademarks owned by TomTom N.V. or one of its subsidiaries.
SOURCE LoJack Corporation