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WOODCLIFF LAKE, N.J. and PLANO, Texas, Oct. 10, 2013 (GLOBE NEWSWIRE) -- Asset Intelligence, a leading provider of M2M transportation asset management solutions and a subsidiary of I.D. Systems, Inc. (Nasdaq:IDSY), has executed a two-year contract renewal with Knight Transportation, Inc. (NYSE:KNX), one of North America's largest truckload carriers, to extend its deployment of VeriWise™ trailer management systems. A mix of VeriWise solutions—including VeriWise Track and Trace, VeriWise Dry Van with cargo sensing, and VeriWise Reefer—is installed on Knight's fleet of dry vans, chassis, and refrigerated trailers. Knight operates a fleet of approximately 9,000 trailers and has been an Asset Intelligence customer since 2000.
Under the contract, Asset Intelligence will also develop additional system capabilities for Knight, including:
Steve Grover, Vice President Business Process Improvement at Knight, said, "Our VeriWise trailer management systems are fully integrated into our daily operations, helping us run a lean operation, minimize costs, and optimize customer service—giving Knight critical competitive advantages. VeriWise provides us with real-time visibility of our many different types of cargo-carrying assets, and the systems have consistently delivered effective, reliable results to meet our demanding requirements."
"Knight has been a key Asset Intelligence customer and partner for many years, helping our solutions stay at the cutting edge of technical innovation," said Doug Hoehn, senior vice president at I.D. Systems. "We are excited to continue working with Knight and expanding their ability to get mission-critical asset information that drives significant operating efficiencies across their trailer fleet."
About VeriWise™ Solutions
VeriWise asset tracking systems combine sensor, wireless, and web technologies to provide real-time visibility and control of trailers and their cargo. The systems automatically identify, analyze, and respond to critical transportation issues to improve the efficiency and security of logistics operations.
VeriWise Track & Trace is a low-cost, 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, easy, 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.
VeriWise Dry Van is an advanced trailer monitoring system with patented full-length cargo detection sensors and solar charging technology. The system reports reliable, uninterrupted trailer location and loaded/unloaded status—even if the trailer is disconnected from tractor power for an extended period—resulting in faster trailer turns, increased asset utilization, improved cargo security, and optimal fleet efficiency.
VeriWise Reefer is a refrigerated trailer management solution, which has been integrated with both Thermo King and Carrier, the world's leading reefer manufacturers. It allows users to manage temperature set points remotely and react to problems quickly, with real-time alerts based on automatic exception data analysis.
About Knight Transportation
Phoenix-based Knight Transportation, Inc. is one of North America's largest truckload carriers, with a fleet of over 8,500 trailers and 2012 revenue of more than $936 million. The company provides dry vans, refrigerated trailers, and intermodal and brokerage services. With a diverse customer base and a network of service centers across the United States, Knight strives to offer customers and drivers personal service and attention as "Your Hometown National Carrier," while providing integrated, large-scale freight transportation services. Knight has been recognized among Forbes' "200 Best Small Companies" for 15 consecutive years. For more information, please visit www.driveknight.com.
About I.D. Systems and Asset Intelligence
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems is a leading global provider of wireless solutions for securing, controlling, tracking, and managing high-value enterprise assets, including rental cars, industrial vehicles, trailers, containers, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. For more information, please visit www.id-systems.com.
Asset Intelligence, an I.D. Systems subsidiary 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.
Cautionary Note Regarding Forward-Looking Statements
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, 2012. 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.
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Released October 10, 2013