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PLANO, Texas, April 12, 2011 (GLOBE NEWSWIRE) -- Asset Intelligence, a leading provider of supply chain asset tracking solutions and a subsidiary of I.D. Systems, Inc. (Nasdaq:IDSY), today announced that it has executed a contract with Buchanan Hauling and Rigging, Inc. to deploy its VeriWise™ Track & Trace asset management system on Buchanan's fleet of flatbed trailers. The initial term of the contract is five years.
Buchanan specializes in transporting automotive parts, steel, and machinery using a variety of flatbed and specialty trailers. The company is based in Fort Wayne, Indiana, with additional facilities in Indianapolis, Indiana, Pittsburgh, Pennsylvania, and Laredo, Texas.
VeriWise Track & Trace is an easy-to-deploy asset tracking system that provides real-time data to improve the efficiency and security of trailer and container fleets. It is designed for quick, flexible installation on a wide range of cargo-carrying assets, with patented power management technology to provide exceptionally long battery life and years of maintenance-free operation.
"We selected VeriWise Track & Trace for its proven reliability and cost-effectiveness in monitoring trailer location and status in real time," said Buchanan's President and CEO, Geary Buchanan. "In addition, we found Track & Trace unique in its ability to be installed quickly in a covert location on our flatbeds, which will keep our implementation and support costs at a minimum."
Daniel Rutherford, Buchanan's Chief Financial Officer, added, "VeriWise Track & Trace has met or exceeded our return on investment expectations. It has eliminated the need for our terminal managers to conduct daily yard checks, enabled us to focus much more on maintaining trailer operating condition and uptime, and significantly reduced the cost and time we spend on roadside service failures. In addition, Track & Trace saves us time, fuel, and money by helping us optimize trailer inventory, pick-up locations, and truck dispatching."
"We are happy to have Buchanan join our growing list of clients," said Darryl Miller, Chief Operating Officer of I.D. Systems. "It is gratifying that the cost-effectiveness and easy installation of Track & Trace enables transportation companies like Buchanan to realize significant cost reductions and customer service benefits essentially right out of the box."
About I.D. Systems and Asset Intelligence
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, baggage, 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.
Asset Intelligence, a subsidiary of I.D. Systems based in Plano, Texas, is a leading provider of trailer and container tracking solutions for manufacturers, retailers, shippers and freight transportation providers. It offers a full range of solutions to improve safety, security and productivity throughout global supply chains.
"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 the acquisition. 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: Todd Felker, EVP Marketing firstname.lastname@example.org Phone: 972-398-7303Source: I.D. Systems, Inc.
Released April 12, 2011