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PLANO, Texas, Sept. 8, 2010 (GLOBE NEWSWIRE) -- Asset Intelligence, a leading provider of supply chain asset tracking solutions and a subsidiary of I.D. Systems, Inc. (Nasdaq:IDSY), today announced that its VeriWise(TM) Track & Trace system has been purchased by ContainerPort Group (CPG), a leading provider of cargo transportation services. CPG will deploy the system on a fleet of container chassis for an initial contract term of five years.
VeriWise Track & Trace is an easy-to-deploy asset tracking system that provides real-time data to improve the utilization, efficiency, and security of trailer and container fleets. It is designed for quick, flexible installation on a wide range of cargo-carrying assets, with patented power management technology to provide exceptionally long battery life and years of maintenance-free operation.
CPG, based in Cleveland, Ohio, provides a service network of approximately 20 facilities across the Midwest and East Coast of the United States. The company's intermodal cargo transportation services include containerized freight shipping, cargo terminal operations, rail operations, container and chassis maintenance, and warehousing and logistics.
"ContainerPort Group chose VeriWise Track & Trace for its value, ease of installation, and reliability," said CPG President Richard Coleman. "With our recent acquisition of another container management business, it became essential for us to optimize the control and efficient utilization of our expanding fleet of cargo-carrying assets. We needed a system that could be mounted quickly in an unobtrusive location on our chassis, yet could still communicate reliably, without relying on line-of-sight connectivity to a satellite.
"We tested several other solutions and concluded that VeriWise Track & Trace was the most robust solution available, with a unique covert mounting option, essentially maintenance-free life cycle, and reliable cellular communications. We expect the system will provide us with immediate real-time visibility of our assets, even when they are in remote customer facilities or rail yards, and significantly increase the utilization of our chassis fleet."
"We are very pleased to add ContainerPort Group to our base of successful customers," said Darryl Miller, Chief Operating Officer of I.D. Systems. "VeriWise Track & Trace is an ideal solution for CPG's application--it's an affordable, simple, effective system for basic asset tracking that can quickly drive cost and inefficiency out of container fleet operations."
About I.D. Systems and Asset Intelligence
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
Asset Intelligence, a subsidiary of I.D. Systems based in Plano, Texas, is a leading provider of trailer and container tracking solutions for manufacturers, retailers, shippers and freight transportation providers. It offers a full range of solutions to improve safety, security and productivity throughout global supply chains.
"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 the acquisition. 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, 2009. 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.
CONTACT: I.D. Systems, Inc. Todd Felker, EVP Marketing 972-398-7303 firstname.lastname@example.org
Released September 8, 2010