PowerFleet, Inc. (NASDAQ: PWFL), a global leader
and provider of subscription-based wireless IoT and M2M solutions
for securing, controlling, tracking, and managing high-value
enterprise assets such as industrial trucks, tractor trailers,
containers, cargo, and vehicles and truck fleets, has announced a
partnership with Tropical Shipping, a transportation company that
services the Bahamas, Caribbean, South and Central America.
Under the terms of the deal, PowerFleet will equip Tropical’s
entire U.S. chassis fleet with over 2,000 5G Compatible LTE LV-300
next generation asset visibility systems on existing chassis, as
well as new builds.
PowerFleet’s solutions will enable Tropical Shipping’s
operations to improve chassis pool visibility and utilization.
PowerFleet’s asset tracking will also generate better supply chain
resource allocation through real-time in-transit visibility and
more accurate arrival and departure information. Tropical expects
to also increase efficiency in maintenance management for more
reliable service for time-sensitive customer needs.
“Tropical Shipping is committed to partnering with our customers
to ensure the well-being of shipments across our entire
supply-chain,” said Doug Vogt, Tropical’s VP of Operations and
Equipment. “We are extremely impressed with PowerFleet’s full suite
of operating functionality and the overall ease of use. The robust
reporting and analytics within PowerFleet’s solution will help us
improve the on-time service and cargo tracking to our customers and
the destinations that we serve.”
PowerFleet CEO, Chris Wolfe, added: “We are beyond excited to
work with Tropical to improve efficiencies across terminals.
PowerFleet is a trusted resource for companies like Tropical that
operate in areas with unpredictable and turbulent weather. Our
enterprise asset management and operational and analytics tools
allow our partners to protect materials under their watch and make
sure they get to where they need to go.”
To learn more about the latest PowerFleet solutions, visit
www.powerfleet.com.
About PowerFleetPowerFleet® Inc. (NASDAQ: PWFL;
TASE: PWFL) is a global leader and provider of subscription-based
wireless IoT and M2M solutions for securing, controlling, tracking,
and managing high-value enterprise assets such as industrial
trucks, tractor trailers, containers, cargo, and vehicles and truck
fleets. The company is headquartered in Woodcliff Lake, New Jersey,
with offices located around the globe. PowerFleet’s patented
technologies address the needs of organizations to monitor and
analyze their assets to increase efficiency and productivity,
reduce costs, and improve profitability. Our offerings are sold
under the global brands PowerFleet, Pointer, and Cellocator. For
more information, please visit www.powerfleet.com, the content of
which does not form a part of this press release.
About TropicalTropical Shipping is a
transportation company that provides cargo shipping services from
Canada and South Florida to the Bahamas and the Caribbean as well
as South and Central America, as well as providing inter-island
transportation services throughout the region. Established in 1963,
the Miami-based company owns a fleet of 17 vessels with carrying
capacity of 9,250 TEUs operating Port Terminals and warehouse
facilities in select seaside ports to meet freight-shipping needs
to and from The Caribbean and The Bahamas.
Today, Tropical operates ships from Canada and South Florida to
The Bahamas and Caribbean, as well as providing inter-island
transportation services throughout the region. Our customers
transport everything imaginable – and we handle it all, from small
packages to millions of tons of grocery products and building
materials.
Tropical Shipping’s relationship with our Caribbean and Bahamian
neighbors is deep and lasting, built on leadership, trust,
responsiveness and good corporate citizenship. Everything
Tropical Shipping does, every value we stand for, every course of
action we take, is intended to deliver the highest level of service
to our customers. From booking cargo and cargo tracking to
delivering cargo on time, we are focused on reliability and on
doing what we say.
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
PowerFleet’s 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 PowerFleet’s 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; potential contract values;
market forecasts; projections of earnings, revenues, synergies,
accretion or other financial information; emerging new products;
and plans, strategies and objectives of management for future
operations, including growing revenue, controlling operating costs,
increasing production volumes, and expanding business with core
customers. The risks and uncertainties referred to above include,
but are not limited to, future economic and business conditions,
the ability to recognize the anticipated benefits of the
acquisition, which may be affected by, among other things, the loss
of key customers or reduction in the purchase of products by any
such customers, the failure of the market for PowerFleet’s products
to continue to develop, the possibility that PowerFleet may not be
able to integrate successfully the business, operations and
employees of I.D. Systems and Pointer, the inability to protect
PowerFleet’s 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 PowerFleet’s, I.D. Systems’ and
Pointer’s filings with the Securities and Exchange Commission,
including I.D. Systems’ annual report on Form 10-K for the year
ended December 31, 2018, Pointer’s annual report on Form 20-F for
the year ended December 31, 2018 and PowerFleet’s registration
statement on Form S-4 filed with the Securities and Exchange
Commission on May 24, 2019, as amended on July 1, 2019 and July 23,
2019, could cause actual results to differ materially from those
expressed in any forward-looking statements made by, or on behalf
of, PowerFleet. Unless otherwise required by applicable law,
PowerFleet assumes no obligation to update the information
contained in this press release, and expressly disclaims any
obligation to do so, whether a result of new information, future
events, or otherwise.
PowerFleet Company Contact Ned Mavrommatis, CFO
NMavrommatis@powerfleet.com (201) 996-9000
PowerFleet Investor Contact Matt Glover Gateway
Investor Relations PWFL@gatewayIR.com (949) 574-3860
PowerFleet Media Contact North 6th Agency for
PowerFleet212-334-9753 ext.103powerfleet@n6a.com
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