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WOODCLIFF LAKE, N.J., May 12, 2014 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless M2M asset management solutions, has received a purchase order valued at approximately $200,000 from Southeast Industrial Equipment, Inc., one of the largest dealers of material handling equipment in the southeast United States. The order is for initial deployment of I.D. Systems' PowerBox™ wireless vehicle management system (VMS) on a fleet of lift trucks in a manufacturing plant of one of the world's leading appliance manufacturers, a new end user of I.D. Systems' solutions.
Southeast Industrial Equipment provides a wide range of lift trucks, heavy equipment, maintenance services, and training programs for customers throughout North Carolina, South Carolina, Georgia, and Virginia. The company distributes several leading brands of industrial vehicles, including Toyota forklifts, Genie aerial platforms, Cushman utility vehicles, and Terex construction equipment.
"We are pleased to expand our relationship with Southeast Industrial Equipment, a key strategic partner for I.D. Systems, and add to our customer base another global manufacturer that operates a large fleet of industrial vehicles around the world," said Kenneth Ehrman, president and interim CEO of I.D. Systems. "This is a good example of our strategy to expand revenue growth through strategic channel partners, focusing on end users with a global enterprise of manufacturing and distribution facilities, representing new opportunities for growth."
About Vehicle Management Systems
A Vehicle Management System (VMS) helps improve workplace safety and security by restricting vehicle access to trained operators, providing electronic vehicle inspection checklists, and sensing vehicle impacts. A wireless VMS also 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 time, 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, and providing unique fleet utilization metrics.
The PowerBox VMS is a cloud-hosted system designed for rapid deployment and benefit achievement, with no need to interface with a site's data network or IT support organization. The system is extensively pre-configured for easy installation. It features a combination of local radio frequency and cellular technologies for cost-effective, autonomous wireless data communications. With Internet browser-based dashboards and automatically emailed reports, PowerBox provides unique visibility of, and control over, fleet performance. The system is offered as a subscription service, with no upfront capital investment required.
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; 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 May 12, 2014