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WOODCLIFF LAKE, N.J., May 21, 2013 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for securing, tracking and managing high-value enterprise assets, today announced that it has been awarded a contract by a leading publicly-held transportation services company to deploy I.D. Systems' VeriWise™ Track and Trace system on a diverse fleet of cargo-carrying assets, including dry vans, flatbeds, and refrigerated trailers. The contract covers a total of approximately 1,000 assets for a three-year term. The contract is not expected to materially impact revenue for the current quarter, but will increase the company's recurring revenue stream.
VeriWise Track and Trace provides real-time GPS location data via cellular communications and web-based software to improve the security and efficiency of freight transportation fleets. The system is designed for quick, flexible installation on virtually any asset, with patented power management technology to provide exceptionally long battery life and maintenance-free operation.
Under the contract, I.D. Systems will integrate Track and Trace data into the customer's existing cloud-based Transportation Management System.
Jeffrey Jagid, I.D. Systems' chairman and CEO, said, "This contract reflects the unique position of our VeriWise Track and Trace system in the competitive marketplace. It provides our customers with an affordable, easily installed, high quality, effective means of tracking and managing virtually any type of transportation asset. In addition, we can help our customers integrate the data we collect into their legacy management systems. This customer has been growing rapidly within a lean operational framework, and Track and Trace is a best-practice technology that will help the customer proactively manage its assets."
About I.D. Systems
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems is a leading global provider of wireless solutions for securing, controlling, tracking, and managing high-value enterprise assets, including 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.
"Safe Harbor" Statement
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; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. 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, 2012. 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. I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
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Released May 21, 2013