MONTVALE, N.J., Oct. 19, 2016
MONTVALE, N.J., Oct. 19, 2016 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQ-CM: MICT) announced today that its Mobile Resource Management (MRM) subsidiary has commenced shipments of the TREQr-5 innovative rugged Telematics On-Board Computer (OBC) for IOT and fleet management applications. By the end of FY 2016 Micronet expects to ship more than $1M of this product to a US based global telematics service provider.
First shipments follow an intensive development period concluded by successful acceptance tests conducted by the company and the first TREQr-5 customer.
Using Micronet's Android powered innovative TREQr-5, MRM and telematics service providers are able to positively impact driver safety and driver behavior, increase fleet efficiency, integrate with the IT and logistic system of corporations and meet federal compliance requirements.
TREQr-5 supports a broad array of real-time, connected applications for verticals where safety and security are paramount including the use of commercial service vehicles, public safety, commuter transportation and other enterprise vehicle deployments.
The fully customizable Open Operating System TREQr-5 connects directly to heavy duty and light duty vehicle CAN bus interfaces, providing access to engine diagnostic data in addition to supporting advanced fleet telematics functionalities including vehicle location and speed, and supporting the interfaces and functionalities required to identify driver and monitor driver behavior metrics like speed, harsh braking, cornering and excessive acceleration. Micronet's TREQr-5 also provides a secure WIFI Hot Spot enabling the driver and mobile workers to connect multiple smart devices, laptops, and tablets.
"It is gratifying that the launch of the TREQr-5 matches the increasing market demand for driver's safety, fleet efficiency and regulatory mandate solution. Enabling unprecedented computer power in a compact OBC provides a powerful solution for smaller fleet owners, local commercial and security fleets that represent the largest opportunity in the MRM market. As a result of its unique features we strongly believe that the TREQr-5 will become a 'best seller' in a short period of time. The TREQr-5 compliments our comprehensive portfolio of solutions that position us well to increasingly capture business in all MRM verticals," said Shai Lustgarten, Micronet Chief Executive Officer.
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQ-CM: MICT) operates through two companies, Enertec Systems 2001 Ltd ("Enertec"), its wholly-owned subsidiary, and Micronet Ltd ("Micronet"), in which it has a controlling interest. Micronet operates in the growing commercial Mobile Resource Management (MRM) market, mainly in the United States. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments. Enertec operates in the Defense and Aerospace markets and designs, develops, manufactures and supplies various customized military computer-based systems for missile defense systems, command and control and others. The Company's products, solutions and services are designed to perform in severe environments and battlefield conditions. For more information please visit: www.micronet-enertec.com, the content of which is not incorporated by reference into this press release.
Forward Looking Statement
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. These forward-looking statements include, but are not limited to, those statements regarding the Company's expected sales and shipments of its TREQr-5 units, the use and functions of the TREQr-5 units, Micronet's establishment as a major supplier of rugged telematics solutions and tablets and the potential size of the MRM market. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2015 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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SOURCE Micronet Enertec Technologies, Inc.