EMERSON, N.J., May 14, 2013 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQ: MICT) announced today that Amertec Systems Pvt Ltd ("Amertec"), a joint venture between its wholly-owned subsidiary, Enertec Electronics Ltd, and Amtek Defense Technologies Limited, received the Indian government's clearance and approval pursuant to the local Indian Foreign Direct Investment (FDI) regulations for the consummation of their joint venture.
Amtek Defense Technologies is controlled by Amtek Auto Limited (NSE: AMTEKAUTO, BSE: 520077), one of the largest integrated component manufacturers in India. This approval enables Enertec Electronics Ltd to subscribe for 26% of the share capital of Amertec, which is located in New Delhi. Amertec is an operating company with approved production capabilities that will operate as Enertec's arm in the Indian defense market.
David Lucatz, President and CEO of Micronet Enertec Technologies, said, "We're pleased to establish a joint venture with an internationally-recognized Indian industrial group such as Amtek as part of our strategy to expand our sales into the large and growing Indian defense market."
"There is an increased demand for our solutions in India. We believe we are well-positioned to benefit from our successful execution in the aerospace and defense markets as we penetrate this multi-billion dollar Indian market. We're confident that this joint venture will contribute to the long-term growth of Micronet Enertec and look forward to working closely with our new Indian partner."
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc., formerly known as Lapis Technologies, Inc., 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.
Micronet Enertec Technologies, Inc. Forward-looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "believe," "intend," "plan," "continue," "may," "will," "anticipate," and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. More detailed information about the risk factors affecting the Company's performance is contained under the heading "Risk Factors" in the Company's final prospectus filed with the SEC relating to the offering described therein, which is available on the SEC's web site, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analyses only as of the date hereof. The Company neither intends to, nor assumes any obligation to, update or revise these forward-looking statements in light of developments that differ from those anticipated.
Miri Segal Scharia
Managing Partner Global Accounts & IPOs
Hayden/ MS-IR LLC
Micronet Enertec Technologies, Inc.
SOURCE Micronet Enertec Technologies, Inc.