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HACKENSACK, N.J., Aug. 23, 2007 (PRIME NEWSWIRE) -- I.D. Systems (Nasdaq:IDSY) announced today that its Chairman and CEO, Jeffrey M. Jagid, filed an amendment to a Notice of Proposed Sale on Form 144 filed with the U.S. Securities and Exchange Commission on his behalf by UBS Securities. Mr. Jagid recently acquired 54,391 shares of the Company's common stock upon exercise of options pursuant to a 10b5-1 Trading Plan administered by UBS Securities. UBS Securities erroneously and without authorization or direction from Mr. Jagid filed the Form 144 on his behalf. At the time of filing, Mr. Jagid had no intention of selling those shares, and continues to own those shares. Mr. Jagid has amended the Form 144 accordingly.
About I.D. Systems
Based in Hackensack, NJ, I.D. Systems, Inc. is a leading provider of wireless solutions for securing, tracking and managing high-value enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and the people who operate them. 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 about I.D. Systems, visit www.id-systems.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995
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 and that 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 firstname.lastname@example.org For Trade Press Greg Smith, Vice President Marketing email@example.com 201-996-9000 Fax: 201-996-9144
Released August 23, 2007