Additional $2.1 million Purchase Order for its TREQ®-317 On Board Computer to be Shipped in Q3 and Q4 2017
MONTVALE, N.J., May 25, 2017 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), (the "Company"), announced today that its Mobile Resource Management (MRM) subsidiary, Micronet Ltd. ("Micronet"), has received (via Micronet Inc., its wholly owned subsidiary) a additional purchase order from a current customer valued at approximately $2,100,000 for 8,000 units of its TREQ®-317. This significant recurring order received by Micronet, for its rugged Android™ based fix-mount On Board Computer which offers advanced functionality at a competitive price, is expected to be fulfilled during the third and fourth quarters of 2017. A prior purchase order from the same customer, a leading U.S. based bulk material supply chain solutions company, was announced in March 2017 and was also valued at $2,100,000.
"This order puts our MRM division's backlog at over $11.5 million, the highest in its history. Recurring orders of such magnitude illustrate the strong confidence our customers have in our products. This also demonstrates Micronet's increasingly favorable performance in the today's fast changing MRM/Telematics space," said David Lucatz, Chairman and CEO of Micronet Enertec Technologies Inc.
Micronet's rugged computing products enable the purchasing customer to provide optimized transportation planning and performance through a network of electronic links that transacts bulk materials purchases 'just-in-time'. Additionally, the network gives transportation providers instant demand visibility, which cuts down on-site wait times and provides proof of delivery, resulting in faster payment processing.
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) provides high tech solutions for severe environments and the battlefield, including missile defense technologies for Aerospace & Defense and rugged mobile devices for the growing commercial MRM market. MICT designs, develops, manufactures and supplies customized military computer-based systems, simulators, automatic test equipment and electronic instruments, addressing the defense industry. Solutions and systems are integrated into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for the Israeli Air Force, Israeli Navy and by foreign defense entities. MICT's MRM division develops, manufactures and provides mobile computing platforms for the mobile logistics management market in the U.S., Europe and Israel. American-manufactured systems are designed for outdoor and challenging work environments in trucking, distribution, logistics, public safety and construction.
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 expected timing of the delivery of the TREQ®-317 on board computer and such order demonstrating Micronet's increasingly favorable performance in today's fast changing MRM/Telematics 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.