MICT’s Subsidiary Micronet Secures a Significant Follow-On Order with One of the World’s Largest Telematics Service Provi...
February 01 2021 - 7:30AM
MICT, Inc. (Nasdaq: MICT), (the "Company"), announced today
that its majority-owned subsidiary, Micronet Ltd., (“Micronet”) has
secured a significant follow-on purchase order of 5,000 SmartCam
units, valued at approximately $1.5 million, from one of the
world’s largest telematics service providers. The order follows a
pilot trial and an initial 1,000-unit order for Micronet’s highly
innovative video telematics SmartCam product, which integrates
advanced software and artificial-intelligence functionality to
serve one of the fastest growing segment of the global telematics
market.
The customer, which is based in North America,
is estimated to have several hundred thousand vehicles in its
network and, is currently expanding into the provision of video
telematics services through the use of Micronet’s SmartCam. This
deal is MICT’s largest order of its SmartCam product since launch
in August 2020 and is expected to lead to significant volumes of
additional orders in the coming months.
“This first and substantial follow-on order, so
soon after the launch and pilot of the innovative SmartCam product,
underlines its compelling attributes and the significant potential
scope of market demand. Today’s important milestone also justifies
the investment we have made in Micronet to date. The strong
relationship with this telematics provider, as well as with others
currently being negotiated, has the potential to provide
exponential growth in the market as transportation companies
recognize the value and utility of the SmartCam systems. In the
meantime, Micronet continues to execute on its strategic plans to
gain market share in the coming quarters and will share this
progress with shareholders as progress is made,” 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 StatementThis
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.
For further information, please contact:MICT,
Inc. info@mict-inc.com +1 (201) 225-0190
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