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WOODCLIFF LAKE, N.J., Jan. 31, 2018 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (NASDAQ:IDSY), a leading provider of enterprise asset management technology announced today that it has reached an agreement with several divisions of one of the world’s largest automotive manufacturers to purchase I.D. Systems’ PowerFleet® industrial vehicle management solution. These new orders include products and services totaling $2.8 million and will be deployed in four U.S. sites in 2018.
I.D. Systems’ patented PowerFleet® Vehicle Management Systems (VMS) helps improve supply chain safety and productivity by restricting vehicle access to only trained and authorized operators, providing electronic vehicle inspection checklists, and sensing and reporting vehicle impacts. In addition, PowerFleet® reduces fleet maintenance costs by automatically uploading vehicle operational data, reporting equipment problems, scheduling maintenance according to actual vehicle usage rather than by calendar or manual data entry, and helping determine the optimal economic time to replace equipment.
“We are proud that several of the largest automotive manufacturers are I.D. Systems customers and are consistently choosing PowerFleet to help ensure safe and efficient operations in their manufacturing and warehousing operations,” said Chris Wolfe, CEO of I.D. Systems. “We’ve been supporting the automotive industry for many years now, and we continue to deliver innovative and reliable solutions for top manufacturing operations so they can remain safe and drive productivity improvements.”
About I.D. Systems
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Florida, Texas, Germany, and the United Kingdom, I.D. Systems is a leading global provider of wireless M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial vehicles, rental cars, 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.
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; potential contract values; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; emerging new products; and plans, strategies and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. 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, 2016. 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. Unless otherwise required by applicable law, I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether a result of new information, future events, or otherwise.
I.D. Systems Contacts:
Barry Issberner, Vice President of Marketing
Farrell Talbot Consulting for I.D Systems
Erin Farrell Talbot
Liolios Group, Inc.
Released January 31, 2018