Order from a leading ELD compliant U.S. telematics service provider and includes $45,000 in annual recurring revenue
MONTVALE, N.J., April 8, 2019 /PRNewswire/ -- MICT, Inc. (MICT), (the "Company"), announced today that Micronet Ltd., has received two purchase orders totaling $1,300,000 to supply and deliver its 4th generation SmartHub hardware platform. Micronet Ltd., an entity in which MICT has an ownership stake of approximately 39.53%, received the purchase orders from a leading U.S. telematics service provider, and a current Micronet customer.
The 4th generation SmartHub hardware platform is a rugged Android™-based fix-mount on board computer, offering advanced functionality at a competitive price. Installed in the driver's cabin, the SmartHub hardware platform enables monitoring and management of vehicle fleets including Android™-based advanced computing assignments such as follow-up of tasks, two-way communication with the fleet manager, remote vehicle and engineering equipment diagnostics, monitoring behavior, and drivers' hours of services.
"New orders from current customers are the best testament of Micronet's valuable solutions in the Mobile Resource Management (MRM) market. Micronet's latest technologies, including its next-generation SmartHub, are finding traction with customers that are leaders in the industry. We are also pleased to see Micronet's customers signing on for its annual SaaS based services, which generate annual recurring revenue for Micronet," stated MICT's CEO David Lucatz.
About MICT, Inc.
MICT, Inc. (MICT), via 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.
For more information please visit: www.mict-inc.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 its belief that new orders from current customers are the best testament to Micronet's valuable solutions in the MRM market, that Micronet's latest technologies are finding traction with its customers and that Micronet's SaaS based services generate annual recurring revenue. 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, 2018 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.