MONTVALE, N.J., Nov. 10, 2014 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) (the "Company"), announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded two purchase orders from a global aerospace corporation, for an aggregate amount of more than $1.1 million. One purchase order in the amount of $500,000 is for additional production units of the fire control computer for the newest version of an advanced missile defense system. The other purchase order, in the amount of $640,000, is for the development of a computer-based test and simulator system to ensure the combat readiness of a critical missile system. The Company anticipates delivery of both orders during calendar year 2015 and expects to receive follow-on orders for both projects. The award is from a global aerospace corporation who is marketing the system in cooperation with a major US Aerospace contractor.
Zvi Avni, CEO of Enertec Systems 2001 Ltd, said: "As threats from missile attacks are growing, we identify significant interest and demand for advanced Missile Defense Systems. Our decision years ago to focus on this sophisticated market is paying off by generating a stream of orders thanks to the unique capabilities and expertise provided by our R&D team."
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) operates through two 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 the potential growth of the Company's aerospace and defense business segment, the Company's business strategy and plans for future operations.
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, 2013 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.