I.D. Systems, Inc.
01.06.2011 15:00
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WOODCLIFF LAKE, N.J., 2011-06-01 15:00 CEST (GLOBE NEWSWIRE) --
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for
tracking, securing and managing high-value enterprise assets, has finalized an
agreement with Ford Motor Company (NYSE: F) to upgrade its wireless industrial
vehicle management systems currently deployed on fleets of material handling
equipment at Ford plants across North America. I.D. Systems has received
purchase orders under this agreement and will begin shipping product against
these orders in the second quarter of 2011.
I.D. Systems' wireless vehicle management system is designed to enhance the
safety, security, maintenance, and utilization of industrial equipment. The
system improves safety and security by restricting vehicle access to trained,
authorized operators and providing electronic safety checklists. The system
helps reduce maintenance expenses by automatically uploading vehicle data,
reporting checklist issues in real time, basing maintenance schedules on actual
vehicle usage rather than calendar time, and helping determine the optimal
economic time to replace equipment. In addition, the system can help improve
equipment utilization and reduce the total cost of fleet ownership by ensuring
equipment is in the proper place at the right time and streamlining work flow.
For Ford's system upgrade in North America, I.D. Systems will implement its
latest generation of hardware and software, which includes expanded on-vehicle
memory for data processing, enhanced functionality for vehicle control, and new
capabilities for managing and analyzing the performance of vehicle batteries
and battery-charging systems.
Ford Europe also recently expanded its deployments of I.D. Systems' wireless
industrial vehicle management technology.
'We are excited to bring our latest, most powerful vehicle management
capabilities, including state-of-the-art battery management, to Ford Motor
Company,' said Jeffrey Jagid, I.D. Systems' chairman and chief executive
officer. 'It is gratifying that Ford continues to derive significant value from
our solutions and has chosen to invest in a system upgrade across its North
American manufacturing operations.'
About I.D. Systems:
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the
United Kingdom, I.D. Systems is a leading provider of solutions for securing,
controlling, tracking, and managing high-value enterprise assets, including
vehicles, powered equipment, trailers, containers, and cargo. The Company's
patented technologies address the needs of organizations to monitor and analyze
their assets to improve safety, security, efficiency, and productivity. For
more information, visit www.id-systems.com.
'Safe Harbor' statement:
This press release contains forward looking statements within the meaning of
federal securities laws. Forward-looking statements include statements with
respect to I.D. Systems' 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 I.D. Systems' 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; market forecasts; projections of earnings, revenues,
synergies, accretion or other financial information; and plans, strategies and
objectives of management for future operations, including integration plans in
connection with acquisitions. The risks and uncertainties referred to above
include, but are not limited to, future economic and business conditions, the
loss of key customers or reduction in the purchase of products by any such
customers, the failure of the market for I.D. Systems' products to continue to
develop, the possibility that I.D. Systems may not be able to integrate
successfully the business, operations and employees of acquired businesses, the
inability to protect I.D. Systems' 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 I.D. Systems' filings with the Securities and Exchange
Commission, including its annual report on Form 10-K for the year ended
December 31, 2009. These risks could cause actual results to differ materially
from those expressed in any forward looking statements made by, or on behalf
of, I.D. Systems. I.D. Systems assumes no obligation to update the information
contained in this press release, and expressly disclaims any obligation to do
so, whether as a result of new information, future events or otherwise.
CONTACT: For Financial Press
Ned Mavrommatis
Chief Financial Officer
ned@id-systems.com
For Trade Press
Greg Smith
VP Marketing
gsmith@id-systems.com
Phone: 201-996-9000; Fax: 201-996-9144
News Source: NASDAQ OMX
01.06.2011 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: I.D. Systems, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US4494891033
WKN:
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DGAP-News: Ford to Upgrade I.D. Systems' Wireless Industrial Vehicle Management Technology Throughout North America
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