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WOODCLIFF LAKE, N.J., Feb. 20, 2020 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (NASDAQ: PWFL), a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicles and truck fleets, has announced that its subsidiary, Pointer, is working in tandem with Mobileye to install Pointer telematics units on traffic lights in the streets of Jerusalem. The negotiation follows the joint pilot between both companies.
Pointer's telematics units transmit the status of the traffic light in real time to the Mobileye Autonomous Experimental Vehicles. The units enable direct communication between the traffic light and the vehicle and provide an additional data layer from the vehicle’s sensors.
Once installed on the traffic lights in Jerusalem, Pointer's telematics units will transmit the traffic light status every 0.4 seconds. Events will be recorded in real-time on the experimental vehicles in order to verify the traffic light color. The contact between both companies encompasses hundreds of telematics units and over 86,000 daily broadcasts.
Ilan Goldstein CEO Pointer, PowerFleet Group noted, "The traffic light network will offer an additional layer of data for autonomous vehicles moving on Israeli roads today, as well as those moving worldwide in the future.
The Mobileye experimental vehicles will be able to receive traffic light alerts (red, yellow and green) both through car cameras and through the traffic light telematics units. We expect the experiment to be extended to other regions of the country as well as to other markets around the world. Pointer is pleased to join Mobileye on this pioneering project."
Yossi Hadad, Vice President and VP of Software Integration and Advanced Systems at Mobileye: "As part of the company's safety concept, we aim to produce redundancy (data duplication) mechanisms to verify the reliability of information received in autonomous vehicle systems. To that end, we are exploring the use of additional sources of information and technologies that are available to us, while maintaining uncompromising security."
PowerFleet® Inc. (NASDAQ: PWFL; TASE: PWFL) is a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicles and truck fleets. The company is headquartered in Woodcliff Lake, New Jersey, with offices located around the globe. PowerFleet’s patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. Our offerings are sold under the global brands PowerFleet, Pointer, and Cellocator. For more information, please visit www.powerfleet.com, the content of which does not form a part of this press release.
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 PowerFleet’s 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 PowerFleet’s 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 ability to recognize the anticipated benefits of the acquisition, which may be affected by, among other things, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for PowerFleet’s products to continue to develop, the possibility that PowerFleet may not be able to integrate successfully the business, operations and employees of I.D. Systems and Pointer, the inability to protect PowerFleet’s 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 PowerFleet’s, I.D. Systems’ and Pointer’s filings with the Securities and Exchange Commission, including I.D. Systems’ annual report on Form 10-K for the year ended December 31, 2018, Pointer’s annual report on Form 20-F for the year ended December 31, 2018 and PowerFleet’s registration statement on Form S-4 filed with the Securities and Exchange Commission on May 24, 2019, as amended on July 1, 2019 and July 23, 2019, could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, PowerFleet. Unless otherwise required by applicable law, PowerFleet 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.
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Released February 20, 2020