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HACKENSACK, N.J., March 24, 2008 (PRIME NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY) today announced that it has received purchase orders from the United States Postal Service (USPS) to deploy I.D. Systems' Wireless Asset Net(r) industrial vehicle management system at 16 additional mail distribution facilities. The orders are cumulatively valued at approximately $5.4 million. Fulfillment of these orders will increase the number of USPS facilities deploying the Wireless Asset Net(r) system to 96.
"Following the recent extension of our national contract with the Postal Service, we saw an immediate influx of orders for the Wireless Asset Net(r)," said Peter Fausel, I.D. Systems' executive vice president of sales, marketing and customer support. "Our technology has generated significant economic benefits for the USPS through improved management of their industrial vehicle operations. We look forward to continue working closely with the USPS, one of our core customers, toward achieving their industrial fleet management goals."
The Wireless Asset Net consists of intelligent wireless devices (Vehicle Asset Communicators(r)) installed on powered industrial vehicles (such as forklifts and pallet movers), a patented RF communication system, and client-server software for access control, utilization analysis, real-time location tracking, and many other functions. The system helps improve industrial workplace safety and security by restricting vehicle access to trained, authorized operators and by providing electronic safety inspection checklists. The system helps reduce maintenance expenses by automatically uploading vehicle data, reporting vehicle problems in real time, giving management the option of scheduling maintenance according to actual vehicle usage rather than on a calendar basis, and helping plant management determine the optimal economic time to replace equipment. The system also helps improve productivity by ensuring equipment is in the proper place at the right time and by providing management with unique reports on vehicle utilization.
Based in Hackensack, NJ, I.D. Systems, Inc. is a leading provider of wireless solutions for managing and securing high-value enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The Company's patented Wireless Asset Net system, which utilizes radio frequency identification, or RFID, technology, addresses the needs of organizations to control track, monitor and analyze their assets. For more information, visit www.id-systems.com.
"Safe Harbor" statement: This press release contains forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our 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. These forward-looking statements are subject to risk and uncertainties, including, but not limited to, future economic and business conditions, the loss of any of the Company's key customers or reduction in the purchase of its products by any such customers, the failure of the market for the Company's products to continue to develop, the inability to protect the Company's intellectual property, the inability to manage the Company's growth, the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2006. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update the information contained in this press release.
CONTACT: I.D. Systems, Inc. For Financial Press Ned Mavrommatis, Chief Financial Officer email@example.com For Trade Press Greg Smith, Vice President Marketing firstname.lastname@example.org 201-996-9000 Fax: 201-996-9144
Released March 24, 2008