WOODCLIFF LAKE, N.J., and PLANO, Texas, Dec. 11, 2014 (GLOBE NEWSWIRE) -- The Asset Intelligence subsidiary of I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless M2M asset management solutions, has executed a contract with one of the world's largest furniture makers to deploy its VeriWise™ Track and Trace trailer management system on a fleet of approximately 2,300 trailers. Financial terms were not disclosed; however, the company expects the contract to contribute to its recurring revenue stream commencing in the fourth quarter of 2014.
The VeriWise Track and Trace system provides real-time GPS location data—via cellular communications and web-based software—to improve the security and efficiency of freight transportation fleets. The system is designed for quick, flexible installation on virtually any type of trailer, with patented power management technology for exceptionally long, maintenance-free battery life.
"We are delighted to add one of the world's preeminent furniture producers to our customer base," said Kenneth Ehrman, chairman and CEO of I.D. Systems. "The value proposition of our Track and Trace system, with its quality, ease of installation and low maintenance, makes it a very cost-effective trailer tracking solution for large-scale logistics operations, like furniture distribution. We see this contract for our Track and Trace system as another validation of the product's unique position in the competitive marketplace."
About I.D. Systems and Asset Intelligence
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Germany and the United Kingdom, I.D. Systems is a leading global provider of wireless M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets, including industrial vehicles, rental cars, containers, trailers, and cargo. The company's patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. For more information, please visit www.id-systems.com.
Asset Intelligence, an I.D. Systems subsidiary based in Plano, Texas, is a leading provider of trailer and container tracking solutions for manufacturers, retailers, shippers and freight transportation providers. It offers a full range of solutions to improve safety, security and productivity throughout global supply chains.
Cautionary Note Regarding Forward-Looking Statements
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, 2013. 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.
Source:I.D. Systems, Inc.