Ford to Upgrade I.D. Systems' Wireless Industrial Vehicle Management Technology Throughout North America
WOODCLIFF LAKE, N.J., June 1, 2011 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, has finalized an agreement with Ford Motor Company (NYSE: F) to upgrade its wireless industrial vehicle management systems currently deployed on fleets of material handling equipment at Ford plants across North America. I.D. Systems has received purchase orders under this agreement and will begin shipping product against these orders in the second quarter of 2011.
I.D. Systems' wireless vehicle management system is designed to enhance the safety, security, maintenance, and utilization of industrial equipment. The system improves safety and security by restricting vehicle access to trained, authorized operators and providing electronic safety checklists. The system helps reduce maintenance expenses by automatically uploading vehicle data, reporting checklist issues in real time, basing maintenance schedules on actual vehicle usage rather than calendar time, and helping determine the optimal economic time to replace equipment. In addition, the system can help improve equipment utilization and reduce the total cost of fleet ownership by ensuring equipment is in the proper place at the right time and streamlining work flow.
For Ford's system upgrade in North America, I.D. Systems will implement its latest generation of hardware and software, which includes expanded on-vehicle memory for data processing, enhanced functionality for vehicle control, and new capabilities for managing and analyzing the performance of vehicle batteries and battery-charging systems.
Ford Europe also recently expanded its deployments of I.D. Systems' wireless industrial vehicle management technology.
"We are excited to bring our latest, most powerful vehicle management capabilities, including state-of-the-art battery management, to Ford Motor Company," said Jeffrey Jagid, I.D. Systems' chairman and chief executive officer. "It is gratifying that Ford continues to derive significant value from our solutions and has chosen to invest in a system upgrade across its North American manufacturing operations."
About I.D. Systems:
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
"Safe Harbor" statement:
This press release contains forward looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2009. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, I.D. Systems. I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
CONTACT: For Financial Press Ned Mavrommatis Chief Financial Officer firstname.lastname@example.org For Trade Press Greg Smith VP Marketing email@example.com Phone: 201-996-9000; Fax: 201-996-9144Source: I.D. Systems, Inc.
Released June 1, 2011