I.D. Systems and C&D Technologies Enter Agreement to Market New Wireless Battery Management System for Industrial Vehicles
HACKENSACK, N.J. and BLUE BELL, Pa., Jan. 8 /PRNewswire-FirstCall/ -- I.D. Systems, Inc. (Nasdaq: IDSY), a leading provider of wireless solutions for improving industrial resource management, and C&D Technologies, Inc. (NYSE: CHP), a leading producer and marketer of electrical power storage and conversion systems, today announced that they have entered into a strategic agreement to market a new generation of wireless technology for managing the batteries that power industrial trucks. The I.D. Systems-developed system will be marketed under both the C&D Technologies and I.D. Systems names. The two companies made the announcement at the ProMat material handling exhibition in Chicago, which opened today.
The new system is based on I.D. Systems' Wireless Asset Net(R) platform, which utilizes radio frequency identification (RFID) technology to control, track, monitor, and analyze material handling vehicles and other industrial assets. In busy manufacturing and distribution facilities, such vehicles typically require multiple batteries to sustain productivity throughout the workday. These batteries represent a significant capital investment and the changing/recharging process they require can significantly reduce productivity.
The new system will integrate automated battery change management, in-depth battery and charger data collection, and advanced management tools for remote system monitoring and analysis. I.D. Systems and C&D Technologies expect these functions will provide users with many benefits, including:
* more efficient battery swaps, at the optimal frequency, to reduce vehicle/operator down time and increase productivity; * more timely, detailed battery/operator usage data to enable management to right-size its battery fleet and reduce capital costs; * improved visibility of, and control over, battery temperature and depth-of-discharge data to extend battery life and further reduce capital costs.
"We are very excited to partner with I.D. Systems," said D'Arcy O'Neill, C&D's vice president of sales. "The combination of C&D's innovative industrial motive power systems and I.D. Systems' Wireless Asset Net is a natural fit, where our ability to generate detailed battery and charger information is significantly enhanced and competitively differentiated by the real-time visibility and control afforded by I.D. Systems' industry-leading wireless technology."
"Our vision with the C&D team for this technology development is groundbreaking," stated Rick Muntz, I.D. Systems' executive vice president of sales, marketing, and customer satisfaction. "Together, we are responding to an explicit market need to reduce the significant costs and inefficiencies associated with industrial vehicle batteries. We look forward to working vigorously with C&D to establish and capitalize on the new system's benefits for owners and operators of industrial vehicle fleets."
About I.D. Systems
Based in Hackensack, NJ, I.D. Systems, Inc. is a leading provider of wireless solutions for managing and securing high-value enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The Company's patented Wireless Asset Net(R) system, which utilizes radio frequency identification, or RFID, technology, addresses the needs of organizations to control track, monitor and analyze their assets. For more information, visit www.id-systems.com.
About C&D Technologies, Inc.
C&D Technologies provides solutions and services for the switchgear and control (utility), motive (material handling), telecommunications, and uninterruptible power supply (UPS) as well as emerging markets such as solar power. C&D Technologies engineers, manufactures, sells and services fully integrated reserve power systems for regulating and monitoring power flow and providing backup power in the event of primary power loss until the primary source can be restored. C&D Technologies' unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. C&D Technologies is headquartered in Blue Bell, PA. For more information, visit www.cdtechno.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and that are subject to risk and uncertainties, including, but not limited to, future economic and business conditions, the loss of any of the Company's key customers or reduction in the purchase of its products by any such customers, the failure of the market for the Company's products to continue to develop, the inability to protect the Company's intellectual property, the inability to manage the Company's growth, the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2005. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update the information contained in this press release.
SOURCE I.D. Systems, Inc.
Released January 8, 2007