Micronet Enertec Technologies, Inc. Awarded $3.3 Million Missile Defense System Contract
First Production Order after a Long Development Effort; Customer Indicated Repeated Orders are Expected to be Issued during 2014-2015
Jun 13, 2013, 09:47 ET
EMERSON, N.J., June 13, 2013 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQ: MICT), announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded a contract valued at $3.3 million for initial production units for the fire control computer for the newest version of an advanced missile defense system.
Enertec's contract is from a global aerospace corporation that developed and integrates the missile defense weapon and cooperates with a major U.S. aerospace contractor in the international marketing of the system. The initial order is for $3.3 million, with its revenues expected to be recognized during fiscal years 2013-2014. In addition, the customer indicated that repeated orders are expected to be issued during 2014-2015.
David Lucatz, President and CEO of MICT, said, "This project represents a major milestone for us. Our computer system will be integrated into the batteries of one of the most advanced and critically important defense systems in the world. Moreover, this is the first production order after a long development phase and we expect many more orders during the next decade as we reap the benefits of this development effort. The increasing threat of missile attacks in certain regions is increasing interest in advanced Missile Defense systems. We are excited about participation in this state-of-the-art system and believe that it will make a significant contribution to our growth and success."
About Micronet Enertec Technologies, Inc.("MICT")
MICT, 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. For more information please visit: www.micronet-enertec.com
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.
SOURCE Micronet Enertec Technologies, Inc.
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