MONTVALE, N.J., Nov. 13, 2015 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced today that its wholly-owned subsidiary, Enertec Systems (2001) Ltd., has received an initial $1.85 million purchase order for the development and manufacture of a Mobile Command & Control Center from an Israeli Multinational Aerospace Contractor. The centers will be used in rugged and difficult terrains for the control and monitoring of advanced weapon systems.
Assuming successful deployment, the Company expects to receive significant orders of the Mobile Command & Control Centers in the future.
David Lucatz, President and CEO of Micronet Enertec Technologies, Inc. stated, "We are pleased to have this opportunity to work with one of our largest customers on the development and production of Mobile Command & Control Centers for missile deployment in rugged environments. This is a breakthrough project for Enertec which could become a main growth engine for Enertec's future. The Command and Control Mobile Centers are required for the field operation of many weapon systems, including missiles, our long time area of expertise. We expect to begin production for this initial project in early 2016 with ongoing demand for our products and solutions based on the continued threat of missile attacks throughout the world. Given the preliminary interest in this product, we anticipate significant follow on orders for this mobile solution from the existing as well as new customers."
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) operates through two primary companies, Enertec Systems 2001 Ltd. ("Enertec"), its wholly-owned subsidiary, and Micronet Ltd. ("Micronet"), 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 additional orders for the Mobile Command & Control Centers in the future, the Command and Control Mobile Centers being a growth engine for Enertec's future, timing for the commencement of production for this project and the continuing demand for our products and solutions. 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, 2014 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.