MONTVALE, N.J., Dec. 11, 2015 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), a developer and manufacturer of rugged computers, tablets and computer-based systems for the commercial Mobile Resource Management (MRM) – Fleet Management (FM) market, reports that the U.S. Department of Transportation's Federal Motor Carrier Safety Administration (FMCSA) announced yesterday the publication of the final rule and implementation schedule of its Electronic Logging Mandate.
The FMCSA mandate requires interstate commercial truck and bus companies to use Electronic Logging Devices (ELDs) in their vehicles to record their compliance with the safety rules that govern the number of hours a driver can work. Implementation of rule compliance will begin immediately, and full enforcement of the regulations will commence in 2017. With full implementation of the rules, industry analysts anticipate that the number of ELD-equipped trucks on the road will increase from 1 million today to approximately 2.7 million in 2017.
Shai Lustgarten, Chief Executive Officer of the MRM subsidiary, Micronet Ltd, stated, "We have worked closely with our customers in order to adapt our Rugged Tablets to the ELD requirements. Our comprehensive products are among the most competitive solutions in the market, positioning MICT as one of the preferred providers of hardware compliant with the mandate. Our A-317 platform is a rugged, Android™ based, cabin-mount tablet offering advanced functionality to assist drivers and their employers in complying with the new regulations. We expect to see increased demand for our products as commercial truck and bus companies transition to ELDs in advance of the 2017 enforcement date."
About Micronet Enertec Technologies, Inc.
Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) operates through two primary companies, Enertec Systems 2001 Ltd its wholly-owned subsidiary, and Micronet Ltd, in which it has a controlling interest. Micronet operates in the growing commercial 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 implementation and enforcement of the Electronic Logging Mandate rules and regulations by the FMCSA, the impact of these rules, regulations and their implementation on the number of ELD-equipped trucks on the road, increased demand for our products as commercial truck and bus companies transition to ELDs in preparation for the 2017 enforcement date and the competitive advantage of our products over other solutions in the 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, 2014 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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