Following the initial pilot order in October, leading
telematics provider makes significant order for SmartCam, a highly
innovative video telematics product which integrates advanced
software and AI functionality to serve the fastest growing segment
of the global telematics market
MONTVALE, N.J., Dec. 2, 2020 /PRNewswire/ -- MICT, Inc. (Nasdaq:
MICT), (the "Company"), announced today that its
majority-owned subsidiary, Micronet Ltd., ("Micronet') has won a
significant purchase order from one of the largest telematics
service providers in the world. This order, totaling circa
$300,000, follows the announcement
October 6, 2020 of a pilot test and
negotiation of a large-scale commercial supply contract with the
same customer, and is expected to lead to significant further
business in 2021 and beyond.
The customer, based in North
America, is estimated to have hundreds of thousands of
trucks in its network and is expanding into the provision of video
telematics services using Micronet's SmartCam.
"Today's order and the deepening of the relationship with one of
the world's largest telematics services providers gives us great
confidence in both the SmartCam product and the wider business as
we look to deliver considerably larger orders to the same customer
in 2021 and beyond. This key account, on the back of other major
contract wins, including with one of Europe's leading truck manufacturers, is
expected to have significant strategic value as we aim to become
the industry leader in the fastest growing segment of the global
telematics market," stated Darren
Mercer, CEO of MICT.
SmartCam is a world pioneering, all-in-one video telematics
device with an ability to integrate and analyze a wide range
of data received from multiple sensors. An open and powerful
Android platform, ruggedized, integrated, and ready-to-go smart
camera supporting complete telematics features designed for
in-vehicle use. SmartCam integrates driver facing cameras, road
facing cameras, vehicle mechanical and operating data, vehicle
location, and a powerful telematics on-board computer, enabling
local processing of AI and image processing algorithms. Micronet's
SmartCam provides a versatile, advanced, and affordable mobile
computing platform for a variety of fleet management and video
analytics solutions. The powerful computing platform, coupled with
the Android 9 operating system, allows fleet managers to run their
own applications or pick and choose a set of applications and
services from Micronet Marketplace.
About MICT, Inc.
MICT, Inc. (NasdaqCM: MICT) operates through its
subsidiaries, GFH Intermediate Holdings Ltd. ("GFHI") and
Micronet Ltd. ("Micronet"). GFHI's versatile proprietary trading
technology platform is designed to serve a large number of high
growth sectors in the global fintech space. Primary areas of focus
include online brokerage for equities trading and sales of
insurance products in several high-growth foreign markets
including Asia where GFHI owns a substantial propriety
database of users. Micronet operates in the growing commercial
Mobile Resource Management (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.
Forward-looking Statement
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, our
expectations about receiving orders for our products in the future,
statements regarding our business and operations, statements
regarding SmartCam, our expectations regarding the global logistics
and transportation telematics industry growth, and the belief
that a majority stake in Micronet will leverage our global platform
to grow the telematics business. 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,
2019 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.
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SOURCE MICT