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,
cars, and light and heavy duty truck fleets, has been selected by
Rusken Packaging to outfit its private fleet with the PowerFleet
LV-500 solar tracking solution and the PowerFleet LV-710 Freight
Camera.
The Alabama-based company will utilize PowerFleet’s LV-500 solar
tracking solution coupled with the LV-710 Freight Camera to help
maintain visibility of location and load status for its full fleet
of trailers with deliveries starting in June of 2020. PowerFleet’s
leading logistics solutions will better enable Rusken to eliminate
manual yard checks and improve operating efficiencies through its
powerful IQ analytics portal with robust utilization reporting.
“The past few months have proven that now, more than ever,
transparency and efficiency are the best defense against supply
chain vulnerabilities,” said Jeff Bowman, Corporate Logistics
Director of Rusken Packaging. “PowerFleet’s reliable, next
generation solutions give us the confidence that we are future
proofing our business and ensuring we’re always able to deliver the
best quality of service to our customers. We look forward to using
the cutting-edge PowerFleet technology to ensure optimal asset
utilization throughout our organization.”
The PowerFleet LV-500 is the industry’s first multi-powered
asset tracking solution, leveraging solar panels, supercapacitors
and long-lasting primary batteries for unmatched service life and
critical event visibility. The LV-500 combines advanced wireless
sensor technology, a cloud-based application, and analytics to
increase turns, utilization and profit.
This solution will be deployed in conjunction with the
PowerFleet LV-710, which combines a high-definition camera, image
recognition processor, door sensor and ‘cargo-area’ environmental
sensors for true freight visibility and condition. The pairing of
these two solutions will offer Rusken Packaging greater insight and
quality control through the supply chain with imagery,
environmental sensors, and real-time updates.
“Rusken’s strong growth over the last decade is testament to a
clear focus on their products, customers and staff,” explains
PowerFleet Chief Product Officer, Elizabeth Elkins. “We are
thrilled that PowerFleet’s technology is a cornerstone in Rusken’s
innovative approach to drive continuous visibility and top-quality
service in their customer focused regional transit model.”
About PowerFleet PowerFleet® 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.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains “forward-looking
statements” (within the meaning of Section 27A of the Securities
Act of 1933, as amended (the “Securities Act”), and Section 21E of
the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), which may include information concerning our beliefs,
plans, objectives, goals, expectations, strategies, anticipations,
assumptions, estimates, intentions, future events, future revenues
or performance, capital expenditures and other information that is
not historical information. Forward-looking statements involve
known and unknown risks, uncertainties and other factors, which may
be beyond our control, and which may cause our actual results,
performance or achievements to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this press release, the
words “seek,” “estimate,” “expect,” “anticipate,” “project,”
“plan,” “contemplate,” “plan,” “continue,” “intend,” “believe” and
variations of such words or similar expressions are intended to
identify forward-looking statements. All forward-looking statements
are based upon our current expectations and various assumptions. We
believe there is a reasonable basis for our expectations and
beliefs, but there can be no assurance that we will realize our
expectations or that our beliefs will prove to be correct. There
are a number of risks and uncertainties that could cause our actual
results to differ materially from the forward-looking statements
contained in this press release. Important factors that could cause
our actual results to differ materially from those expressed as
forward-looking statements herein include, but are not limited, to:
future economic and business conditions; the ability to recognize
the anticipated benefit of the acquisition of Pointer; the loss of
any of our key customers or reduction in the purchase of our
products by any such customers; the failure of the markets for our
products to continue to develop; the possibility that we may not be
able to integrate successfully the business, operations and
employees of I.D. Systems and Pointer; our inability to adequately
protect our intellectual property; our inability to manage growth;
the effects of competition from a wide variety of local, regional,
national and other providers of wireless solutions; changes in laws
and regulations or changes in generally accepted accounting
policies, rules and practices; changes in technology or products,
which may be more difficult or costly, or less effective, than
anticipated; risks and uncertainties related to the novel
coronavirus COVID-19 and the responses thereto (such as voluntary
and in some cases, mandatory quarantines as well as shut downs and
other restrictions on travel and commercial, social and other
activities) on our business, results of operations, access to
sources of liquidity and financial condition which depend on highly
uncertain and unpredictable future developments, including, but not
limited to, the duration and spread of the COVID-19 outbreak, its
severity, the actions to contain the virus or treat its impact, and
how quickly and to what extent normal economic and operating
conditions resume; and those risks and uncertainties detailed from
time to time in our filings with the Securities and Exchange
Commission, including our annual report on Form 10-K for the year
ended December 31, 2019. There may be other factors of which we are
currently unaware or which we currently deem immaterial that may
cause our actual results to differ materially from the
forward-looking statements. All forward-looking statements
attributable to us or persons acting on our behalf apply only as of
the date they are made and are expressly qualified in their
entirety by the cautionary statements included in this press
release. Except as may be required by law, we undertake no
obligation to publicly update or revise any forward-looking
statement to reflect events or circumstances occurring after the
date they were made or to reflect the occurrence of unanticipated
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 ContactSara
Shafferpowerfleet@n6a.com
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