MONTVALE, N.J., March 30, 2017 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced today that its wholly-owned subsidiary, Enertec Systems 2001 Ltd. (Enertec), was awarded 3 purchase orders in the last two weeks from a large private Aerospace & Defense contractor totaling approximately $1,000,000. The contracts are for the development and production of advanced automated testing equipment (ATEs), used to automatically diagnose and test faults in integrated circuits, chips, wafers and other electronic components used for mission-critical Aerospace & Defense applications.
The broader ATE market, which includes applications from the Aerospace & Defense industry, to consumer electronics, automotive, and medical industries, is projected to reach $4.46 billion by 2020.
"We are experiencing an increasing stream of orders from a large Aerospace & Defense contractor, as internal departments within this particular contractor are rapidly winding down and related projects are subcontracted to trusted vendors such as Enertec," stated Zvi Avni, Enertec's Chief Executive Officer.
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 Mobile Resource Management (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 projected size of the ATE market and Enertec's expectation of additional orders for its advanced ATEs. 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, 2015 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.