I.D. Systems Receives Additional Orders from Fortune® 10 Global Industrial Manufacturer
WOODCLIFF LAKE, N.J., Nov. 04, 2016 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (NASDAQ:IDSY), a leading provider of enterprise asset management technology and solutions for the Industrial Internet of Things, has received additional orders from a division of a Fortune® 10 global industrial manufacturer for I.D. Systems’ PowerFleet® Vehicle Management System. The new orders for a third additional site continue the customer’s rollout of VMS in facilities throughout North America. The customer finalized a corporate agreement with I.D. Systems in October 2016 that allows the company’s affiliates to purchase PowerFleet VMS for their facilities.
The new customer chose PowerFleet VMS as it seeks to improve safety, compliance, and accountability for its industrial truck fleet and material handling operations. The company also expects to see improvements in fleet utilization and productivity, as well as cost savings from more efficient operations.
“We are pleased to have won this significant opportunity with another industry leader, further proving the value PowerFleet VMS provides to our global customer base,” stated Kenneth Ehrman, CEO of I.D. Systems. “With employee safety as a top priority for many organizations, including for this new customer, our VMS delivers a safer workplace by controlling access to vehicles, providing in-depth insight into operator behavior, monitoring and identifying safety issues, and helping companies establish best practices in their facilities.”
About PowerFleet® Industrial Vehicle Management Systems (VMS)
I.D. Systems patented PowerFleet® Vehicle Management Systems (VMS) helps improve supply chain safety and productivity by establishing accountability for the use of forklifts and other industrial trucks, ensuring equipment is in the proper place at the right time, streamlining material handling work flow, and providing unique metrics on vehicle utilization. The PowerFleet® VMS also helps reduce fleet maintenance costs by automatically uploading vehicle data, reporting equipment problems electronically, scheduling maintenance according to actual vehicle usage rather than by calendar or manual data entry, and helping determine the optimal economic time to replace equipment. In addition, PowerFleet® helps improve workplace safety and security by restricting vehicle access to trained, authorized operators, providing electronic vehicle inspection checklists, and sensing vehicle impacts.
About I.D. Systems, Inc.
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems is a leading global provider of patented technologies for securing, controlling, tracking, and managing high-value enterprise assets, including industrial vehicles, rental cars, trailers, containers, and cargo. The company’s solutions address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. For more information, visit www.id-systems.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward looking statements within the meaning of the 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; potential contract values; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; emerging new products; and plans, strategies and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. 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, 2015. 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. Unless otherwise required by applicable law, 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.
CONTACTS: I.D. Systems Ned Mavrommatis Chief Financial Officer Phone: 201-996-9000 firstname.lastname@example.org Investor Relations Liolios Group Matt Glover or Michael Koehler Phone: 949-574-3860 IDSY@liolios.com
Released November 4, 2016