Micronet Enertec Technologies Awarded a $1.4M Purchase Order from a Leading Israeli Defense Contractor

EMERSON, N.J., Oct. 8, 2013 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded a $1.4M follow-on purchase order to provide primary components for integration into an advanced defense airborne system.

The customer is a multi-billion dollar Israeli defense corporation that provides innovative solutions for naval, land, air and space systems. This customer has indicated that MICT may expect follow-on orders over the duration of the program.

David Lucatz, President and CEO of Micronet Enertec Technologies, commented, "Our critical defense components will be installed in a state–of-the-art airborne system. This demonstrates our strong market position as a solution provider and reflects the on-going confidence of our leading Industry customers in the quality and reliability of our products. As threats increase around the world, advanced defense systems such as the one we support, benefit from growing interest and demand. We are proud to take part in strategic programs such as this one, and we're confident that our technologies and solutions will continue to benefit from these trends."

David Lucatz concluded: "We are pleased with the current backlog of our defense sector, which includes sophisticated components  for future state of the art missile defense systems as well as production orders for our previously developed equipment. The defense sector provides MICT with visibility and predictable revenue stream." 

About Micronet Enertec Technologies, Inc. ("MICT")

MICT, formerly known as Lapis Technologies, Inc., is a high technology company that designs, develops, manufactures and sells rugged mobile computing devices and computer based systems for the Mobile Resource Management (MRM) and Aerospace markets.

MICT operates through two subsidiaries, Enertec Systems 2001 Ltd ("Enertec"), its wholly-owned subsidiary, and Micronet, in which it has a controlling interest.  Micronet operates mainly in the growing US commercial MRM market, providing 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. For more information please visit: www.micronet-enertec.com, the content of which is not a part of 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 receipt of additional follow on orders and Enertec continue to benefit from trends in the defense industry.  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, 2012 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.