MONTVALE, N.J., Aug. 3, 2017 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NasdaqCM: MICT) announced today that its Mobile Resource Management (MRM) subsidiary Micronet Ltd., via its wholly owned subsidiary Micronet Inc., received purchase orders valued at approximately $4,300,000 for its recently released TREQr5 product. The orders were received from a current strategic customer, a leading fleet management solutions provider. This order is the largest order received by Micronet since 2012 and brings the Company's backlog to $13.5 million, a record amount for the Company.
"The magnitude of these orders, and the fact that they come from one current customer, serve as further validation that Micronet's next-generation MRM products are what customers are looking for in this robust and growing market. As the deadline for the Electronic Logging Devices (ELD) government mandate nears, Micronet expects more orders for these products. As Micronet's competitive products continue to prove their value to its customers, we plan to focus on greater market share and building long term revenue growth in the MRM space," said David Lucatz, Chief Executive Officer of Micronet Enertec Technologies, Inc.
TREQr5 is an innovative ruggedized telematics Android on-board computer optimized for Internet of Things (IOT) and fleet management applications. The Company expects to fulfill these orders during the following quarters.
The TREQr5 provides a comprehensive suite of fleet management products, which are key assets that help its customers focus on driver safety, efficiency and compliance, ELD and Hours of Service (HOS), driver coaching and fuel reports for local fleets and heavy duty trucks and equipment. TREQr5 improves efficiencies and safety for trucking and other fleet management operations, while also bringing truckers into compliance with the federal ELD mandate set for enforcement by the end of 2017.
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) provides high tech solutions for severe environments and the battlefield, including missile defense technologies for Aerospace & Defense and rugged mobile devices for the growing commercial Mobile Resource Management (MRM) market. MICT designs, develops, manufactures and supplies customized military computer-based systems, simulators, automatic test equipment and electronic instruments, addressing a multi-billion-dollar defense industry. Solutions and systems are integrated into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for the Israeli Air Force, Israeli Navy and by foreign defense entities. MICT's MRM division develops, manufactures and provides mobile computing platforms for the multibillion dollar mobile logistics management market in the U.S., Europe and Israel. American-manufactured systems are designed for outdoor and challenging work environments in trucking, distribution, logistics, public safety and construction.
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 when we discuss the timing of fulfilling the TREQr5 orders, that Micronet's MRM products are what customers are looking for, Micronet's expectations for additional orders and the expectation that Micronet will capture greater market share and build long term revenue growth in the MRM space. 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, 2016 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.