EMERSON, N.J., Feb. 6, 2014 /PRNewswire/ -- Micronet Enertec Technologies Inc (NASDAQ: MICT), announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded a $2 million project for the development and supply of a generic computer-based test, diagnosis and simulation system designated to support a vast range of advanced missile defense systems.
The project was received from a leading multi-billion dollar Israeli-based Aerospace and Defense integrator partnering with a major U.S contractor for the development and global marketing of the state-of-the-art missile defense system. The customer has indicated that follow-on production orders are expected in 2015 currently estimated at a value of $4 million.
David Lucatz, President and CEO of Micronet Enertec Technologies, said, "We are proud to be selected to develop this mission critical system. Our computer-based solution which utilizes our most advanced design capabilities is responsible for the combat readiness of this state-of-the-art and critically important missile defense systems."
Mr. Lucatz continued, "Following the development phase of this project, we expect to receive additional production orders over the time life of the combat system. Our strategy continues to focus on the missile defense niche due to the increasing threats of this nature throughout the world. We believe that we are well positioned with our unique know-how and expertise in missile technologies, and expect this segment of the market 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
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 future growth and rates of growth, new market entry, pursuing new opportunities, expansion of the company's brand, broadening distribution and addition of new channels. 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.
