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PLANO, Texas, Dec. 7, 2010 (GLOBE NEWSWIRE) -- Asset Intelligence (AI), a leading provider of transportation asset management solutions and a subsidiary of I.D. Systems, Inc. (Nasdaq:IDSY), today announced that Forward Air Corporation (Nasdaq:FWRD) has selected AI's VeriWise™ Track & Trace system to monitor and manage its cargo trailers. Forward Air has retro-fitted Track & Trace on its current trailer fleet and is deploying the system on all new trailers as they are acquired.
Forward Air is a leading provider of time-definite surface transportation and related logistics services for the expedited freight market in North America. With flexible sources of capacity and a network of terminals at 85 U.S. and Canadian airports, the company provides cost-effective, reliable transportation for freight that must be delivered at a specific time. Forward Air sells its services to a wide range of wholesale customers, including third-party logistics providers, freight forwarders, customs brokers, and airlines.
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.
"To maintain our position as a recognized leader in providing expedited, time-definite transportation, everything we do is focused on making safe, on-time, low-cost, damage-free deliveries to our customers," said Jeff Woods, Forward Air's Senior Vice President of Logistics. "After extensive testing, we deployed the VeriWise Track & Trace system because it provides us with reliable, affordable visibility and control of our trailer fleet, and helps ensure we exceed our customers' service expectations. By providing real-time trailer analytics, eliminating manual yard checks, and improving our dispatch efficiency, Track & Trace has improved our trailer fleet utilization by 15%, allowing for a significant reduction in our trailer-to-tractor ratio, and ultimately adding more than $500,000 to our bottom line profits each year."
"We are delighted to strengthen our long-term relationship with Forward Air," said Darryl Miller, Chief Operating Officer of I.D. Systems. "The unique asset management capabilities of our Track & Trace system, as well as the ease and flexibility of its installation, fit perfectly with Forward Air's continuing commitment to provide the most efficient, reliable, cost-effective expedited freight services in North America."
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: I.D. Systems, Inc. Todd Felker, EVP Marketing 972-398-7303 email@example.comSource: I.D. Systems, Inc.
Released December 7, 2010