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WOODCLIFF LAKE, N.J., April 28, 2014 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless M2M asset management solutions, has been awarded two United States patents: number 8,676,670 for a mobile asset data management system, primarily for industrial vehicles, and number 8,671,063 for a wireless vehicle rental system with remotely controlled vehicle access. I.D. Systems now holds more than 60 patents related to its wireless M2M asset management systems.
"We are delighted to be awarded these important patents, which we believe provide our company with significant protections against competitors in our industrial fleet management and rental fleet management business segments," said Kenneth Ehrman, I.D. Systems' president and interim CEO. "We believe patent 8,676,670 is especially strong, because its filing date precedes the development of a number of competing systems, and because it addresses many functional aspects of wireless industrial vehicle management."
Patent 8,676,670 covers a broad range of essential processes utilized by wireless vehicle management systems (VMS) for industrial trucks, such as forklifts and tow tractors. The following list summarizes, but does not definitively describe or limit, some of these now-patented processes:
Patent 8,671,063 covers essential processes in managing a car rental remotely and wirelessly. These processes include monitoring vehicle mileage and fuel levels, tracking the location of vehicles while they are on a rental lot, automatically updating vehicle readiness in the rental system, and enabling remote rental check-outs. The patent also covers a method to avoid radio frequency interference from multiple vehicles communicating wirelessly in the same area.
This is I.D. Systems' third patent award pertaining specifically to wireless rental car management. The company's first patent application for an automated vehicle rental system was filed in 1999. I.D. Systems expects that the newly awarded patent will help it further penetrate the rental car market, as well as serve as a barrier to competition.
About I.D. Systems
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems, Inc. is a leading global provider of wireless M2M 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. PowerFleet® is a registered trademark of I.D. Systems. For more information, visit www.id-systems.com.
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; potential barriers to competition; 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.
CONTACT: For Financial Press Matt Glover/Michael Koehler Liolios Group, Inc. IDSY@liolios.com (949) 574-3860 For Trade Press Greg Smith Vice President firstname.lastname@example.org (201) 996-9000
Released April 28, 2014