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WOODCLIFF LAKE, N.J., Jan. 20, 2011 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless asset management solutions, today announced that Ford Motor Company (NYSE:F) is expanding its deployment of I.D. Systems' wireless Vehicle Management System (VMS) to industrial truck fleets at two manufacturing plants in the United Kingdom and a third facility in Romania. The system was previously implemented at Ford plants in Spain and Germany, as well as across all Ford manufacturing facilities in North America.
I.D. Systems' German subsidiary, I.D. Systems GmbH, facilitated Ford Europe's expansion of the system by integrating it into the lease financing for the vehicles on which the system will be installed. I.D. Systems GmbH will manage the expansion project, and I.D. Systems' United Kingdom subsidiary, didBOX Ltd., will install and support the two new deployments in the U.K.
Ford's acquisition of I.D. Systems' VMS was also facilitated by a major European lift truck manufacturer, which ordered portions of the system on Ford's behalf. To optimize the ease and speed of vehicle hardware installation, I.D. Systems will provide a cable harness designed especially for the manufacturer's lift trucks.
Ford representatives are convinced that I.D. Systems' wireless technology, which Ford calls their Industrial Vehicle Electronic Control System, has demonstrated an ability to enhance workplace safety, help reduce operating costs, and improve the overall utilization of material handling equipment.
"We are gratified by Ford's decision to expand its use of our patented wireless vehicle management technology, and view it as a reflection of the many quantifiable benefits our system provides for manufacturing operations," said Jeffrey Jagid, I.D. Systems chairman and chief executive officer. "We are also pleased about the positive impact this new business will have on our continued growth in Europe."
I.D. Systems' wireless VMS for industrial vehicles is designed to enhance the safety, security, maintenance, and utilization of industrial equipment. The system improves safety and security by restricting vehicle access to trained, authorized operators and by providing electronic safety inspection checklists. The system helps reduce maintenance expenses by automatically uploading vehicle data, reporting problems identified on checklists in real time, basing maintenance schedules according to actual vehicle usage rather than on a calendar basis, and helping management determine the optimal economic time to replace equipment. In addition, the system can help improve equipment utilization and reduce the total cost of fleet ownership by ensuring equipment is in the proper place at the right time and streamlining work flow through automated messaging.
About I.D. Systems:
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, 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.
"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, 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: For Financial Press Ned Mavrommatis Chief Financial Officer firstname.lastname@example.org Phone: 201-996-9000; Fax: 201-996-9144 For Trade Press Greg Smith VP Marketing email@example.comSource: I.D. Systems, Inc.
Released January 20, 2011