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WOODCLIFF LAKE, N.J., Aug. 11, 2014 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless M2M asset management solutions, has been awarded United States patent number 8,762,009 for an automatic method of sensing, recording and reporting vehicle impacts. The patent is applicable to all of the company's business segments: vehicle management systems (VMS) for industrial trucks, rental fleet management systems, and transportation asset management systems for trailers, containers, chassis and other cargo assets.
"We believe this patent gives our solutions a significant advantage over our competitors and will help I.D. Systems extend its market leadership," said Kenneth Ehrman, I.D. Systems' chairman and CEO. "In the VMS market, reducing the risks and costs of industrial truck accidents is often a key factor in our customers' return on investment, and we include impact management as a standard feature in our VMS implementations. In the rental fleet market, impact management can help rental companies identify vehicle damage—a significant cost when undetected—and charge customers back if needed. Similarly, in the transportation asset market, impact management helps identify collisions and damage that might otherwise be overlooked. Beyond our core markets, we believe our impact sensing patent is relevant in any application where end users are concerned with detecting impacts on mobile assets."
I.D. Systems has more than 75 patents issues and pending related to its wireless M2M asset management systems.
Application Example: Industrial Trucks
Industrial truck safety infractions are perennially among the top 10 violations cited by the U.S. Occupational Safety and Health Administration (OSHA)1, and industrial vehicle accidents are a common concern in manufacturing facilities, distribution centers and other supply chain environments.
When installed on industrial trucks, most impact sensors must be manually configured, tested and adjusted over time to find a fixed threshold that generates an acceptable volume of impact "events." This process is labor intensive and results in an arbitrary threshold of questionable value. In contrast, I.D. Systems' patented impact management system automatically sets and adjusts itself, and quickly determines what activity is within a normal range for each vehicle and what activity constitutes an actual impact event. This reduces the cost and effort of implementing impact sensing—delivering immediate value for the end user—and provides a more realistic, less arbitrary definition of what constitutes a true impact event.
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.
1 For 2013 data, refer to https://www.osha.gov/Top_Ten_Standards.html
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; expectations for growth of the business; and plans, strategies and objectives of management for future operations. 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 Financial Press Matt Glover/Michael Koehler Liolios Group, Inc. IDSY@liolios.com (949) 574-3860 For Trade Press Greg Smith Vice President email@example.com (201) 996-9000
Released August 11, 2014