Micronet Enertec Technologies Awarded $2 Million in Purchase Orders for its Rugged Tablets
MONTVALE, N.J., Sept. 1, 2015 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) announced that its Mobile Resource Management (MRM) subsidiary, Micronet Ltd., has recently received purchase orders in an aggregate amount of $2 million from three leading fleet and workforce management solutions companies, for its rugged Android tablets. Management expects follow on orders in the near future.
Micronet's rugged tablets will be installed in the following fleets and applications:
- Mobile cement mixers for the Construction Industry
- Heavy equipment
- Oil and Gas fleets
Using Micronet's Android rugged tablets, the global fleet solutions providers are able to provide comprehensive tracking and efficiency improvements to Oil and Gas industry fleets operating trucks and vehicles throughout North America. Each day more than 200,000 Oil and Gas trucks and vehicles operate throughout North America. Only a minority of those are currently equipped with fleet telematics systems.
"The fact that only a small number of the Oil and Gas trucks are equipped with Fleet Management systems combined with our successful penetration of this growing market represents a significant opportunity for our future growth. Micronet offers a comprehensive range of products and tablets throughout the MRM industry and purchase orders such as these validate the quality, diversity and market acceptance of our line of tablets and our ability to provide solutions to many different applications and market verticals," said Shai Lustgarten, Micronet Ltd.'s Chief Executive Officer.
"Receipt of these purchase orders and our expectations of receiving increasing volumes in 2016 demonstrate our proven progress and continued momentum toward establishing Micronet as a major supplier of rugged tablets to the multibillion dollar MRM market. Our portfolio of solutions, combined with our skilled sales team, position us well to increasingly capture business in the local fleet vertical, the largest segment in the MRM space."
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.
Forward-looking Statement
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 installation of our rugged tablets on fleets for the construction industry, heavy equipment fleets and oil and gas fleets, our ability to provide comprehensive tracking and efficiency improvements to the oil and gas industry in North America, our future growth, our strategy and ability to establish Micronet as a major supplier of rugged tablets to the multibillion dollar MRM market, capturing business in the local fleet vertical, the quality, diversity and market acceptance of our line of tablets and our ability to provide solutions to different applications and market verticals.
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.
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