-Order expected to be fulfilled by the end of Q3 2017
-TREQr5 is ruggedized on-board computer optimized for Internet of Things and Fleet Management
MONTVALE, N.J., May 1, 2017 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (Nasdaq: MICT) announced today that its Mobile Resource Management (MRM) subsidiary Micronet Ltd., via its wholly owned subsidiary Micronet Inc., received a purchase order valued at approximately $1,060,000 for its recently released TREQr5 product from a leading fleet management solutions provider. This order is a follow-on to an order announced at the end of December 2016 from the same customer for a similar amount.
TREQr5 is an innovative ruggedized telematics android on-board computer optimized for Internet of Things (IOT) and fleet management applications. The Company is expecting to fulfill the order by the end of Q3 2017.
"The TREQr5 is gaining momentum in the market, as evidenced by this repeat order form a current customer. Building upon the success of the TREQr5, later this year we plan to launch additional products that deploy our hardware in innovative ways, enabling us to capture more market share in the growing MRM space," said Ken Wiesner, Chief Executive Officer of Micronet Inc.
The TREQr5, and Micronet's other technologies and services, provide a comprehensive suite of fleet management products, which are key assets that help its customers focus on driver safety, efficiency and compliance, Electronic Logging Devices (ELD) and Hours of Service (HOS), driver coaching and fuel reports for local fleets and heavy duty trucks and equipment.
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) operates through two primary companies, Enertec Systems 2001 Ltd its wholly-owned subsidiary, and Micronet Ltd., in which it has a controlling interest. Micronet operates in the growing commercial 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 when we discuss the timing of fulfilling the TREQr5 order, that TREQr5 is gaining momentum in the market and our plan to launch additional products that deploy our hardware in innovative ways, enabling us to capture more market share in the growing MRM space. 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, 2016 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.
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SOURCE Micronet Enertec Technologies, Inc.