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WOODCLIFF LAKE, N.J., June 14, 2012 (GLOBE NEWSWIRE) -- Swift Transportation Company (NYSE:SWFT) has entered into a contract with I.D. Systems (Nasdaq:IDSY), a leading provider of wireless solutions for securing, tracking and managing high-value enterprise assets, to deploy the company's VeriWise™ transportation asset management system on domestic intermodal containers. The contract is valued at approximately $3.1 million over five years.
The VeriWise solution, engineered by I.D. Systems' Asset Intelligence subsidiary, is designed to improve the efficiency and security of transportation fleets by providing real-time data via on-asset sensors, satellite communications, and web-based software. The system's capabilities include motion detection to identify the start and end of each drive segment, a patented cargo sensor that monitors the full length of a container to determine its load status, and patented power management technology for long, maintenance-free battery life.
Swift Transportation (www.swifttrans.com) is a leading provider of transportation solutions and one of the largest truckload carriers in North America, with 34 major terminals and 2011 revenue of more than $3.3 billion. Swift has earned "Carrier of the Year" and similar awards from numerous Fortune 500 customers.
Swift's transportation management offerings include a broad spectrum of services and equipment, including general, dedicated and cross-border transportation, temperature-controlled, flatbed and specialized trailers, intermodal rail services, and non-asset based freight brokerage and logistics management.
"We pride ourselves on squeezing every ounce of efficiency out of our transportation services," said Swift President Richard Stocking. "Deploying the VeriWise system on our domestic intermodal container fleet gives us real-time visibility of that critical 'last mile.' It tells us when and where containers are taking longer than expected to unload, and enables us to quickly pinpoint empty containers. With this information, we can turn containers around quicker, minimize deadheading, reduce chassis rental costs, and maximize the revenue generated by each container. Collectively, these efficiencies will help us achieve a significant gain in overall asset utilization and profitability."
Mike Ruchensky, Swift's Vice President and CIO, added, "We integrate the critical data provided by VeriWise directly into our enterprise systems, so everything we need to manage our container fleet is at our fingertips, in one place, for real-time decision-making. The net effect is a significant increase in the velocity and security of container shipments in our supply chain, which helps provide an optimal financial return on our assets."
Darryl Miller, Chief Operating Officer of I.D. Systems, said, "We worked closely with Swift to deliver a superior solution for intermodal container management. From a design standpoint, this VeriWise product is a true game-changer. The system has an unprecedented ability to provide accurate cargo sensing, with reliable power and satellite communications, even on containers with corrugated walls. We believe that this innovative solution can become a standard in the intermodal transportation industry."
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.
About Swift Transportation Company:
Swift is based in Phoenix, Arizona. As of March 31, 2012, Swift operated a tractor fleet of approximately 14,546 units comprised of 10,524 tractors driven by company drivers and 4,022 owner-operator tractors, a fleet of 51,000 trailers, and 6,400 intermodal containers from 34 major terminals positioned near major freight centers and traffic lanes in the United States and Mexico. Swift offers customers the opportunity for "one-stop shopping" for their truckload transportation needs through a broad spectrum of services and equipment. Swift's extensive suite of services includes general, dedicated and cross-border U.S./Mexico/Canada service, temperature-controlled, flatbed and specialized trailers, in addition to rail intermodal and non-asset based freight brokerage and logistics management services, making it an attractive choice for a broad array of customers. For more information, visit www.swifttrans.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, CFO firstname.lastname@example.org 201.996.9000 For Trade Press Todd Felker, EVP Marketing email@example.com 972.398.7303Source: I.D. Systems, Inc.
Released June 14, 2012