ROSH HAAYIN, Israel and
COIMBATORE, India, Dec. 12,
2018 /PRNewswire/ -- Pointer Telocation Ltd. (Nasdaq:
PNTR) (TASE: PNTR) – a leading developer, manufacturer and
operator of Mobile Resource Management (MRM) and Pricol Limited
(NSE: PRICOLLTD; BSE: 540293), a leading manufacturer of automotive
components for the global automotive market announced today that
they intend to enter into a joint venture to provide
advanced telematics and IoT solutions in India and other countries in South
East Asia.
By way of background, under India's Ministry of Road Transport and
Highway's (MoRTH) AIS 140 standard for Intelligent Transport
Systems, Vehicle Tracking Systems will become a mandatory feature
for all public transport vehicles and commercial vehicles requiring
national permit beginning January
2019. This Joint Venture will further enable Pointer and
Pricol to be the leaders in the Indian telematics market.
Through the joint venture, Pointer and Pricol will provide a
variety of telematics solutions to the customers for both the OEM
and the aftermarket segments. Pricol will bring its robust
manufacturing capabilities as well as strong sales and distribution
network in OEM and aftermarket segment. Pointer will provide its
capabilities in design and development of telematics solutions, and
its strong sales network of telematics service providers, system
integrators and mobile operators. Pointer will control 51% interest
and Pricol will control 49% interest in this proposed joint
venture.
Mr. Vikram Mohan, Managing
Director, Pricol, commented, "With this partnership, we
will be the one stop provider for telematics solutions to our
customers. Pricol is one of the leading telematics hardware
supplier for OEMs in India with an
installed base of more than 100,000 vehicles. Pointer's cutting
edge technology, large R&D workforce, and global presence
combined with Pricol's manufacturing excellence will enable us to
be a leading player in the Asian market to provide state-of-the-art
telematics
solutions."
Mr. David Mahlab, Chief Executive
Officer of Pointer
Telocation, commented, "Through a strong
partner network Pointer has successfully deployed about 150,000
telematic units in the Indian market and over 3 million units
across the globe. This joint venture will help both companies
increase our foothold in both the OEM segment and the aftermarket
utilizing Pricol's capabilities and Pointer's success thus far such
as in the Nissan India Connected Car project."
About Pricol Limited
Pricol Limited is a leading manufacturer of automotive
components for the global automotive market, thrives on innovation,
cutting edge technology and superior products across two, three and
four wheelers, commercial vehicles, tractors and construction &
industrial segments across the global market. With over 40 years of
expertise in the automotive components business, the company's
performance is driven by over 30 patents, 13 manufacturing units
and 5 International business offices across the globe including
India, Indonesia, Brazil, USA,
Germany, Singapore, Thailand, Mexico, Czech
Republic and Japan.
For more information, please visit
http://www.pricol.com, the content of which does not form a
part of this press release.
About Pointer Telocation
For over 20 years, Pointer has rewritten the rules for the
Mobile Resource Management (MRM) market and is a pioneer in the
Connected Car segment. Pointer has in-depth knowledge of the needs
of this market and has developed a full suite of tools, technology
and services to respond to them. The vehicles of the future will be
intimately networked with the outside world, enhancing and
optimizing the in-car experience. Pointer's innovative and reliable
cloud-based software-as-a-service (SAAS) platform extracts and
captures an organization's critical mobility data points – from
office, drivers, routes, points-of-interest, logistic-network,
vehicles, trailers, containers and cargo. The SAAS platform
analyzes the raw data converting it into valuable information for
Pointer's customers providing them with actionable insights and
thus enabling the customers to improve their bottom line and
increase their profitability.
For more information, please visit http://www.pointer.com, the
content of which does not form a part of this press release.
Risks Regarding Forward Looking Statements
Certain statements made herein that use words such as
"estimate," "project," "intend," "expect," "'believe", "may",
"might", "predict", "potential", "anticipate", "plan"
or similar expressions are intended to identify
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
For example, when Pointer discusses the joint venture with Pricol,
if the terms of forming such joint venture are agreed by the
parties, the potential for its success, how the joint venture will
be operated and owned, Pointer is using forward-looking statements.
These forward-looking statements involve known and
unknown risks and uncertainties that could cause the
actual results, performance or achievements of the Pointer to be
materially different from those that may be expressed or
implied by such statements, including, among others, changes in
general economic and business conditions. For additional
information regarding these and other risks and uncertainties
associated with the Pointer's business, reference is made to
Pointer's reports filed from time to time with the U.S.
Securities and Exchange Commission. Pointer does not
undertake to revise or update any forward-looking
statements for any reason.
Pricol's Contact:
Media Relations:
Siddharth Manoharan
Mob:
+91-75400-41406
Email: siddharth.manoharan@pricol.co.in
Investor Relations:
Thamizhanban, Company Secretary
Tel: +91-98944-99865
E-mail: thamizhanban@pricol.co.in
Pointer's Contact:
Media Relations:
Yaniv
Dorani, CFO
Tel:
+972-3-5723111
E-mail: yanivd@pointer.com
Investor Relations:
Brett
Maas
Tel: +1-646-536-7331
E-mail: brett@haydenir.com
Dave Fore
Tel:
+1-206-395-2711
E-mail: dave@haydenir.com
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SOURCE Pointer Telocation Ltd. and Pricol Limited