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WOODCLIFF LAKE, N.J., June 18, 2012 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for securing, tracking and managing high-value enterprise assets, today announced that one of its Fortune 500 customers is rolling out I.D. Systems' PowerBox™ Vehicle Management System (VMS) for industrial trucks. Based on the success of an initial system deployment in the southeast United States, the customer has ordered the PowerBox VMS for fleets of material handling equipment at multiple U.S. plants. The orders are valued at more than $450,000 over three years.
"We are gratified that another world Fortune 500 manufacturer has achieved benefits from our wireless vehicle management technology that merit expanding our system across their enterprise," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "We look forward to continue being a part of our customer's best practices for workplace safety, material handling efficiency and asset utilization."
Vehicle Management Systems help improve workplace safety and security by restricting vehicle access to trained, authorized operators, providing electronic safety inspection checklists, and sensing vehicle impacts. A wireless VMS helps reduce fleet maintenance costs by automatically uploading vehicle data, reporting vehicle 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, a wireless VMS helps improve supply chain productivity by establishing accountability for the use of equipment, ensuring equipment is in the proper place at the right time, streamlining material handling work flow, and providing unique metrics on equipment utilization.
PowerBox is a remotely hosted system designed for fast, simple deployment and benefit achievement. The system is extensively pre-configured so it can start delivering value as soon as hardware is installed on vehicles. PowerBox features a combination of RF and cellular technologies for cost-effective wireless data communications. With browser-accessible software, insightful dashboards, and automatically emailed reports, PowerBox also provides unique visibility into fleet performance and opportunities for improvement.
PowerBox is offered as a subscription service, with no upfront capital investment required. According to an independent analysis of average VMS financial benefits, the PowerBox system can typically return positive cash flow in less than one year.
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, 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.
"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, 2011. 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 Phone: 201-996-9000 For Trade Press Greg Smith VP Corp. Comm. email@example.com Phone: 201-996-9000Source: I.D. Systems, Inc.
Released June 18, 2012