MONTVALE, N.J., Sept. 19, 2016 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQ: MICT) announced today that its Aerospace and Defense (A&D) wholly owned subsidiary, Enertec Systems 2001 Ltd. (Enertec), was awarded with a $900,000 purchase order as part of the implementation of a previously announced project awarded to the Company in April 2014 by a multibillion dollar Israeli-based Defense and Aerospace contractor for the development, production and supply of a complex Command and Control system that was originally estimated to include revenues in total order of $5.8 million. As of this date the Company received continuing orders related to the project in a total of $4.7 million and expects to receive additional orders as originally estimated.
Zvi Avni, CEO of Enertec said, "As we expected when we announced the contract in April 2016, our customer has placed additional follow on orders for this sophisticated computer based system, which was fully developed by our dedicated R&D team. In fiscal year 2013, we were proud to be selected to develop this mission critical system and this additional order is a direct result of our successful effort."
David Lucatz, President and CEO of Micronet Enertec Technologies (MICT) said, "We are building a solid backlog and pipeline in our Aerospace and Defense business as the marketplace recognizes our capabilities as a dependable and innovative provider of state-of-the-art Command and Control defense systems. We look forward to continuing to apply our expertise toward the success of this project and to winning new opportunities building a solid backlog and pipeline in our Aerospace and Defense business."
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 (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 A&D 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 Company's developed products being integrated in a certain defense system, building the Company's reputation and building of a solid backlog and pipeline in the Company's A&D business. 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, 2015 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.
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SOURCE Micronet Enertec Technologies, Inc.