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WOODCLIFF LAKE, N.J., June 22, 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, cars, and light and heavy duty truck fleets, has been selected by Rusken Packaging to outfit its private fleet with the PowerFleet LV-500 solar tracking solution and the PowerFleet LV-710 Freight Camera.
The Alabama-based company will utilize PowerFleet’s LV-500 solar tracking solution coupled with the LV-710 Freight Camera to help maintain visibility of location and load status for its full fleet of trailers with deliveries starting in June of 2020. PowerFleet’s leading logistics solutions will better enable Rusken to eliminate manual yard checks and improve operating efficiencies through its powerful IQ analytics portal with robust utilization reporting.
“The past few months have proven that now, more than ever, transparency and efficiency are the best defense against supply chain vulnerabilities,” said Jeff Bowman, Corporate Logistics Director of Rusken Packaging. “PowerFleet’s reliable, next generation solutions give us the confidence that we are future proofing our business and ensuring we’re always able to deliver the best quality of service to our customers. We look forward to using the cutting-edge PowerFleet technology to ensure optimal asset utilization throughout our organization.”
The PowerFleet LV-500 is the industry’s first multi-powered asset tracking solution, leveraging solar panels, supercapacitors and long-lasting primary batteries for unmatched service life and critical event visibility. The LV-500 combines advanced wireless sensor technology, a cloud-based application, and analytics to increase turns, utilization and profit.
This solution will be deployed in conjunction with the PowerFleet LV-710, which combines a high-definition camera, image recognition processor, door sensor and ‘cargo-area’ environmental sensors for true freight visibility and condition. The pairing of these two solutions will offer Rusken Packaging greater insight and quality control through the supply chain with imagery, environmental sensors, and real-time updates.
“Rusken’s strong growth over the last decade is testament to a clear focus on their products, customers and staff,” explains PowerFleet Chief Product Officer, Elizabeth Elkins. “We are thrilled that PowerFleet’s technology is a cornerstone in Rusken’s innovative approach to drive continuous visibility and top-quality service in their customer focused regional transit model.”
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 Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), which may include information concerning our beliefs, plans, objectives, goals, expectations, strategies, anticipations, assumptions, estimates, intentions, future events, future revenues or performance, capital expenditures and other information that is not historical information. Forward-looking statements 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. When used in this press release, the words “seek,” “estimate,” “expect,” “anticipate,” “project,” “plan,” “contemplate,” “plan,” “continue,” “intend,” “believe” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. We believe there is a reasonable basis for our expectations and beliefs, but there can be no assurance that we will realize our expectations or that our beliefs will prove to be correct. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this press release. Important factors that could cause our actual results to differ materially from those expressed as forward-looking statements herein include, but are not limited, to: future economic and business conditions; the ability to recognize the anticipated benefit of the acquisition of Pointer; the loss of any of our key customers or reduction in the purchase of our products by any such customers; the failure of the markets for our products to continue to develop; the possibility that we may not be able to integrate successfully the business, operations and employees of I.D. Systems and Pointer; our inability to adequately protect our intellectual property; our inability to manage growth; the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions; changes in laws and regulations or changes in generally accepted accounting policies, rules and practices; changes in technology or products, which may be more difficult or costly, or less effective, than anticipated; risks and uncertainties related to the novel coronavirus COVID-19 and the responses thereto (such as voluntary and in some cases, mandatory quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities) on our business, results of operations, access to sources of liquidity and financial condition which depend on highly uncertain and unpredictable future developments, including, but not limited to, the duration and spread of the COVID-19 outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions resume; and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2019. There may be other factors of which we are currently unaware or which we currently deem immaterial that may cause our actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date they are made and are expressly qualified in their entirety by the cautionary statements included in this press release. Except as may be required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances occurring after the date they were made or to reflect the occurrence of unanticipated events, or otherwise.
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Released June 22, 2020