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WOODCLIFF LAKE, N.J., Nov. 27, 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 US Trailer Holdings LLC has executed a contract with I.D. Systems' Asset Intelligence subsidiary to deploy its VeriWise™ Track and Trace asset management system on a portion of their trailer fleet. The contract includes new VeriWise units in addition to services for existing VeriWise units already installed on US Trailer Holdings' trailer fleet.
VeriWise Track and Trace provides real-time GPS data via cellular communications and web-based software to improve the security and efficiency of freight transportation fleets. The system 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 maintenance-free operation.
US Trailer Holdings was formed by Wood Creek Capital Management, LLC in June 2012 to acquire certain trailer assets from GE Trailer Fleet Services, a long standing Asset Intelligence customer. As part of the transaction, US Trailer Holdings purchased VeriWise devices already deployed on the trailers and entered into a new service contract for VeriWise fleet monitoring of these devices. US Trailer Holdings' equipment manager, Quest Capital Group LLC (www.questcapgroup.com), will coordinate with Asset Intelligence on the installation of the new VeriWise units and integrate the system with US Trailer Holdings' customers.
"Based on the historical performance of VeriWise technology and the proven economic benefits it has generated, we are expanding deployment of the Track and Trace system on our US Trailer Holdings fleet," said Jordan L. Ayers, managing director of Quest Capital Group. "The system enables us to track our trailer fleet efficiently and cost-effectively, which helps us offer our customers the most flexible, cost-effective menu of asset management solutions possible. In addition to economic value and reliable quality, one of the most important attributes of the Track and Trace system is its ability to be installed quickly and easily on virtually any type of transportation asset. That's critical for us, since Quest manages a large and diverse portfolio of intermodal, rail and marine equipment."
I.D. Systems' COO, Darryl Miller, said, "It is gratifying to be able to transition our relationship from GE Trailer Fleet Services to US Trailer Holdings. This new contract significantly increases the total number of assets we will be tracking for US Trailer Holdings, including the existing VeriWise units acquired from GE. We are proud to play a key role in US Trailer Holdings' ability to provide affordable, effective transportation asset management to its customers."
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, CFO email@example.com 201.996.9000 For Trade Press Todd Felker, EVP Marketing firstname.lastname@example.org 972.398.7303Source: I.D. Systems, Inc.
Released November 27, 2012