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WOODCLIFF LAKE, N.J. and PLANO, Texas, June 19, 2014 (GLOBE NEWSWIRE) -- I.D. Systems (Nasdaq:IDSY), a leading provider of wireless M2M asset management solutions, has entered into a contract with one of the largest truckload carriers in North America to deploy its VeriWise™ Intermodal Cellular container management system on a fleet of intermodal containers. The contract is valued at more than $700,000 over five years.
"This order represents the first large-scale fleet deployment of our new Intermodal Cellular solution," said Kenneth Ehrman, I.D. Systems' president and interim CEO. "This system is designed to maximize container fleet utilization and minimize idle time by providing visibility of loading/unloading events and generating real-time data on load status throughout the shipment cycle. The system has demonstrated the ability to reduce shipment cycle times by an average of 72 hours per container per month, and increase shipment volume and revenue by 10%—without increasing fleet size.
"Our customer tested the VeriWise Intermodal Cellular system extensively and found its simple installation and reliability compelling, as well as its tracking and reporting capabilities. Deploying our VeriWise system on domestic intermodal containers gives our customers real-time visibility of the critical 'last mile' of shipments, identifies when unloading is taking longer than expected, and provides quick alerts on empty containers. With this information, containers can be turned around quicker, deadheading can be minimized, chassis rental costs can be reduced, and revenue per container can be maximized."
The VeriWise™ Intermodal Cellular system features:
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 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, 2013. 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 Investors Matt Glover/Michael Koehler Liolios Group, Inc. IDSY@liolios.com; 949-574-3860 For Trade Media Todd Felker EVP Marketing, I.D. Systems email@example.com; 972-398-7303
Released June 19, 2014