Micronet Enertec Technologies, Inc. Awarded a $2.6 Million Missile Defense System Support Project
Over $4 Million of New Purchase Orders Received To Date in 4Q 2013
EMERSON, N.J., Nov. 12, 2013 /PRNewswire/ — Micronet Enertec Technologies, Inc. (NASDAQ: MICT), announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded a $2.6 million valued order for the development and initial production of a computer-based test, diagnosis and simulation system to support the newest version of an advanced missile defense system.
The purchase order is from a multi billion Israeli-based defense contractor working in partnership with a major US contractor in the international marketing of a state of the art missile defense system. The initial order is for $2.6 million, and it will be executed and delivered in fiscal years 2014 and 2015. Also, this customer has indicated that follow-on production orders are expected to be issued in 2016 and beyond.
David Lucatz, President and CEO of Micronet Enertec Technologies, said, “Our continuous efforts and focus on missile defense systems has led to several recent awards, including this current one, and we are proud to be selected to develop this mission critical system. Our computer-based solution which utilizes our most advanced design capabilities will ensure the combat readiness of one of the most advanced and critically important missile defense systems in the world.”
Mr. Lucatz continued, “Following the development phase of this project, we expect to receive additional production orders over the life time of the combat system. Our strategy continues to focus on the missile defense niche due to increasing threats of missile attacks throughout the world. We believe we are well positioned with our unique expertise in missile technologies, and we expect the segment to be a major contributor to our growth and success in the coming years.”
About Micronet Enertec Technologies, Inc. (“MICT”)
MICT (NASDAQ: MICT) Inc., 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.
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 timing of execution of the order discussed above, receipt of additional follow on orders and production orders, the ability of our computer-based solution to ensure combat readiness of missile defense systems and the future contribution of our focus on the missile defense niche to our business. 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, 2012 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.
SOURCE Micronet Enertec Technologies, Inc.