I.D. Systems Acquires PowerKey and Launches PowerKeyPLUS Product Line for Wireless Industrial Vehicle Management

Woodcliff Lake, New Jersey, UNITED STATES


HACKENSACK, N.J., April 24, 2008 (PRIME NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless asset management solutions, today announced that it has acquired PowerKey, the industrial vehicle monitoring products division of International Electronics, Inc., a manufacturer of access control and security equipment, for $500,000. Simultaneously, I.D. Systems has launched a new wireless product termed PowerKeyPLUS(tm) targeted at the entry-level segment of the industrial vehicle management market.

PowerKeyPLUS(tm) emphasizes vehicle access control, safety checklists and impact sensing -- the most popular functions for managing the inherent safety and maintenance issues associated with industrial vehicles. PowerKeyPLUS(tm) is a competitively priced standalone system suitable for any fleet size, small or large. In addition, PowerKeyPLUS(tm) serves as a platform for seamless expansion to I.D. Systems' industry-leading, full-featured Wireless Asset Net(r) fleet management technology.

"We will promote an aggressively priced, entry-level PowerKey brand product that can be easily upgraded to our full-featured Wireless Asset Net(r) solution, as customers' needs and wants evolve over time," said Peter Fausel, I.D. Systems' executive vice president of sales, marketing and customer support. "We believe this will make I.D. Systems a powerful 'one-stop shop' that can address the needs of virtually any industrial fleet."

"Our acquisition of PowerKey gives I.D. Systems instant access to a broader base of quality customers, provides us with more solution options for prospects in the entry-level segment of the industrial vehicle management market, and consolidates our market leadership," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "PowerKey has earned a respectable brand name in this industry and achieved success with dealers, distributors and fleet management providers. We anticipate that I.D. Systems will be able to capitalize on all of these assets."

PowerKey customers include Caterpillar, Owens Corning, Visteon, and Whirlpool, as well as a network of forklift dealers and fleet management service providers, which will be added to I.D. Systems' own base of customers and channel partners. Manufacturing, marketing and support of PowerKey products will be largely absorbed by I.D. Systems' existing operations, sales and customer service organizations, which will minimize overhead associated with PowerKey revenues.

About Wireless Industrial Vehicle Management

Wireless industrial vehicle management systems improve workplace safety and security by restricting vehicle access to trained, authorized operators, providing electronic vehicle safety inspection checklists, and sensing vehicle impacts. These systems also reduce fleet maintenance costs by automatically uploading vehicle data, reporting vehicle problems electronically, scheduling maintenance according to actual vehicle usage rather than by calendar or manual data entry, and helping determine the optimal economic time to replace equipment. In addition, wireless fleet management systems help improve productivity by establishing accountability for use of equipment, ensuring equipment is in the proper place at the right time, streamlining work flow through automated messaging, and providing management with unique metrics on -- and controls over -- equipment utilization.

About I.D. Systems

Based in Hackensack, New Jersey, with European business offices in Dusseldorf, Germany, I.D. Systems, Inc. is a leading provider of wireless solutions for managing and securing high-value enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The Company's patented Wireless Asset Net(r) system, which utilizes radio frequency identification, or RFID, technology, addresses the needs of organizations to control track, monitor and analyze their assets. For more information about I.D. Systems, visit www.id-systems.com.

"Safe Harbor" statement:

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and 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. All statements other than statements of historical fact are statements that could be forward-looking statements. These forward-looking statements are subject to risk and uncertainties, including, but not limited to, future economic and business conditions, the loss of any of the Company's key customers or reduction in the purchase of its products by any such customers, the failure of the market for the Company's products to continue to develop, the inability to protect the Company's intellectual property, the inability to manage the Company's growth, the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2006. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update the information contained in this press release.



        

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